VFSAX vs. VFSNX
VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) and VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) are both Foreign Small & Mid Cap Equities funds from Vanguard. Over the past 5 years, VFSAX returned 5.77%/yr vs 5.82%/yr for VFSNX. With a 1.00 correlation, they move nearly in lockstep. VFSAX charges 0.16%/yr vs 0.11%/yr for VFSNX.
Performance
VFSAX vs. VFSNX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VFSAX having a 10.71% return and VFSNX slightly higher at 10.74%.
VFSAX
- 1D
- -0.91%
- 1M
- -0.05%
- YTD
- 10.71%
- 6M
- 13.39%
- 1Y
- 26.48%
- 3Y*
- 16.76%
- 5Y*
- 5.77%
- 10Y*
- —
VFSNX
- 1D
- -0.91%
- 1M
- -0.06%
- YTD
- 10.74%
- 6M
- 13.41%
- 1Y
- 26.54%
- 3Y*
- 16.82%
- 5Y*
- 5.82%
- 10Y*
- 8.11%
VFSAX vs. VFSNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares | 10.71% | 29.89% | 2.58% | 15.13% | -21.30% | 12.68% | 11.90% | 13.47% |
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares | 10.74% | 29.97% | 2.63% | 15.18% | -21.26% | 12.74% | 11.92% | 13.53% |
Correlation
The correlation between VFSAX and VFSNX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 1.00 |
The correlation between VFSAX and VFSNX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VFSAX vs. VFSNX — Risk / Return Rank
VFSAX
VFSNX
VFSAX vs. VFSNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| VFSAX | VFSNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.40 | -0.01 |
| Martin ratioReturn relative to average drawdown | 9.20 | 9.24 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VFSAX | VFSNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 2.06 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 0.39 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.59 | -0.04 |
Drawdowns
VFSAX vs. VFSNX - Drawdown Comparison
The maximum VFSAX drawdown since its inception was -39.86%, smaller than the maximum VFSNX drawdown of -43.65%. Use the drawdown chart below to compare losses from any high point for VFSAX and VFSNX.
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Drawdown Indicators
| VFSAX | VFSNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.86% | -43.65% | +3.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.48% | -11.47% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -14.73% | -14.70% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -33.81% | -33.75% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.65% | — |
Current DrawdownCurrent decline from peak | -1.98% | -1.99% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -9.49% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 2.98% | 0.00% |
Volatility
VFSAX vs. VFSNX - Volatility Comparison
Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) have volatilities of 4.42% and 4.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VFSAX | VFSNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 4.40% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.21% | 11.22% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.40% | 13.40% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.04% | 15.03% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.03% | 15.76% | +1.27% |
VFSAX vs. VFSNX - Expense Ratio Comparison
VFSAX has a 0.16% expense ratio, which is higher than VFSNX's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VFSAX vs. VFSNX - Dividend Comparison
VFSAX's dividend yield for the trailing twelve months is around 2.99%, less than VFSNX's 3.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares | 2.99% | 3.31% | 3.36% | 3.06% | 2.22% | 2.67% | 1.85% | 3.19% | 0.00% | 0.00% | 0.00% | 0.00% |
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares | 3.03% | 3.36% | 3.41% | 3.11% | 2.26% | 2.70% | 1.90% | 3.25% | 2.81% | 2.85% | 2.93% | 2.69% |
Frequently Asked Questions
With a correlation of 1.00, VFSAX and VFSNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VFSAX has higher volatility (4.42%) compared to VFSNX (4.40%). In terms of maximum drawdown, VFSAX dropped -39.86% vs VFSNX's -43.65%.
VFSNX currently has the higher Sharpe Ratio (2.06 vs 2.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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