VFSNX vs. VFSAX

Last updated Jun 24, 2026

VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) and VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) are both Foreign Small & Mid Cap Equities funds from Vanguard. Over the past 5 years, VFSNX returned 6.18%/yr vs 6.12%/yr for VFSAX. With a 1.00 correlation, they move nearly in lockstep. VFSNX charges 0.11%/yr vs 0.16%/yr for VFSAX.

Performance

VFSNX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VFSNX having a 10.48% return and VFSAX slightly lower at 10.43%.

VFSNX

• 1D: 0.05%
• 1M: -0.51%
• YTD: 10.48%
• 6M: 10.39%
• 1Y: 25.71%
• 3Y*: 17.02%
• 5Y*: 6.18%
• 10Y*: 8.71%

VFSAX

• 1D: 0.05%
• 1M: -0.50%
• YTD: 10.43%
• 6M: 10.34%
• 1Y: 25.62%
• 3Y*: 16.96%
• 5Y*: 6.12%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VFSNX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	10.48%	29.97%	2.63%	15.18%	-21.26%	12.74%	11.92%	12.33%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	10.43%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%

Correlation

The correlation between VFSNX and VFSAX 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 7, 2019	1.00

The correlation between VFSNX and VFSAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

VFSNX vs. VFSAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VFSNX

VFSNX Risk / Return Rank: 45
VFSNX Sharpe Ratio Rank: 49
VFSNX Sortino Ratio Rank: 45
VFSNX Omega Ratio Rank: 49
VFSNX Calmar Ratio Rank: 41
VFSNX Martin Ratio Rank: 43

VFSAX

VFSAX Risk / Return Rank: 45
VFSAX Sharpe Ratio Rank: 48
VFSAX Sortino Ratio Rank: 45
VFSAX Omega Ratio Rank: 48
VFSAX Calmar Ratio Rank: 41
VFSAX Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VFSNX vs. VFSAX - 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 Institutional Shares (VFSNX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VFSNX	VFSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.89	0.00
Sortino ratio: Return per unit of downside risk	2.61	2.60	+0.01
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	2.32	2.31	+0.01
Martin ratio: Return relative to average drawdown	8.65	8.62	+0.03

VFSNX vs. VFSAX - Sharpe Ratio Comparison

The current VFSNX Sharpe Ratio is 1.90, which is comparable to the VFSAX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VFSNX and VFSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VFSNX vs. VFSAX - Drawdown Comparison

The maximum VFSNX drawdown since its inception was -43.65%, which is greater than VFSAX's maximum drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for VFSNX and VFSAX.

Drawdown Indicators

	VFSNX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-39.86%	-3.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-11.48%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.70%	-14.73%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-33.75%	-33.81%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	—	—
Current Drawdown Current decline from peak	-2.22%	-2.22%	0.00%
Average Drawdown Average peak-to-trough decline	-9.47%	-9.21%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.07%	0.00%

Volatility

VFSNX vs. VFSAX - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) have volatilities of 5.38% and 5.38%, 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.

Volatility by Period

	VFSNX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	5.38%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	12.08%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	14.03%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	15.15%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	17.05%	-1.28%

VFSNX vs. VFSAX - Expense Ratio Comparison

VFSNX has a 0.11% expense ratio, which is lower than VFSAX's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFSNX vs. VFSAX - Dividend Comparison

VFSNX's dividend yield for the trailing twelve months is around 3.14%, more than VFSAX's 3.09% 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	3.09%	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	3.14%	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

Can I hold both VFSNX and VFSAX in my portfolio?

With a correlation of 1.00, VFSNX and VFSAX 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.

Which is riskier, VFSNX or VFSAX?

VFSAX has higher volatility (5.38%) compared to VFSNX (5.38%). In terms of maximum drawdown, VFSNX dropped -43.65% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

VFSNX currently has the higher Sharpe Ratio (1.90 vs 1.89), 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.