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VGSLX vs. VSMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VGSLX vs. VSMAX

Last updated Jun 9, 2026

VGSLX (Vanguard Real Estate Index Fund Admiral Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - VGSLX is a REIT fund managed by Vanguard, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, VGSLX returned 5.47%/yr vs 10.95%/yr for VSMAX. A 0.69 correlation means they provide meaningful diversification when combined. VGSLX charges 0.12%/yr vs 0.05%/yr for VSMAX.

Performance

VGSLX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VGSLX achieves a 10.59% return, which is significantly lower than VSMAX's 12.21% return. Over the past 10 years, VGSLX has underperformed VSMAX with an annualized return of 5.47%, while VSMAX has yielded a comparatively higher 10.95% annualized return.

VGSLX

1D
0.70%
1M
0.16%
YTD
10.59%
6M
10.73%
1Y
11.99%
3Y*
9.97%
5Y*
2.69%
10Y*
5.47%

VSMAX

1D
-2.40%
1M
0.01%
YTD
12.21%
6M
12.02%
1Y
25.46%
3Y*
15.97%
5Y*
6.74%
10Y*
10.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VGSLX vs. VSMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VGSLX
Vanguard Real Estate Index Fund Admiral Shares		10.59%3.18%3.67%13.13%-26.20%40.39%-4.75%28.90%-5.99%4.91%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		12.21%8.83%14.23%18.17%-17.61%17.74%19.06%27.36%-9.33%16.24%

Correlation

The correlation between VGSLX and VSMAX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2001

0.69

The correlation between VGSLX and VSMAX shifts across timeframes, from 0.55 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

VGSLX vs. VSMAX - Sectors Allocation Comparison

Sectors
VGSLX
VSMAX

Real Estate

83.1%
7.6%

Financial Services

14.7%
12.6%

Basic Materials

0.9%
4.8%

Communication Services

0.5%
3.1%

Technology

0.3%
17.2%

Energy

0.1%
4.7%

Industrials

0.0%
20.8%

Consumer Cyclical

-

11.3%

Consumer Defensive

-

3.4%

Healthcare

-

11.1%

Utilities

-

3.3%

Real Estate

VGSLX
83.1%
VSMAX
7.6%

Financial Services

VGSLX
14.7%
VSMAX
12.6%

Basic Materials

VGSLX
0.9%
VSMAX
4.8%

Communication Services

VGSLX
0.5%
VSMAX
3.1%

Technology

VGSLX
0.3%
VSMAX
17.2%

Energy

VGSLX
0.1%
VSMAX
4.7%

Industrials

VGSLX
0.0%
VSMAX
20.8%

Consumer Cyclical

VGSLX

-

VSMAX
11.3%

Consumer Defensive

VGSLX

-

VSMAX
3.4%

Healthcare

VGSLX

-

VSMAX
11.1%

Utilities

VGSLX

-

VSMAX
3.3%

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Vanguard Real Estate Index Fund Admiral Shares

Vanguard Small-Cap Index Fund Admiral Shares

Often compared with VGSLX:
VGSLX vs. FSRNXVGSLX vs. VTSAXVGSLX vs. VGSIXVGSLX vs. VGRLXVGSLX vs. VFIAXVGSLX vs. VGSNXVGSLX vs. FRESX
Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM

Return for Risk

VGSLX vs. VSMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGSLX
VGSLX Risk / Return Rank: 1616
Overall Rank
VGSLX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
VGSLX Sortino Ratio Rank: 1313
Sortino Ratio Rank
VGSLX Omega Ratio Rank: 1313
Omega Ratio Rank
VGSLX Calmar Ratio Rank: 2020
Calmar Ratio Rank
VGSLX Martin Ratio Rank: 2020
Martin Ratio Rank
VSMAX
VSMAX Risk / Return Rank: 4545
Overall Rank
VSMAX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 3535
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 3232
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 5757
Martin Ratio Rank
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.

VGSLX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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.

VGSLXVSMAXDifference
Sharpe ratioReturn per unit of total volatility
0.95
1.64

-0.69

Sortino ratioReturn per unit of downside risk
1.37
2.35

-0.98

Omega ratioGain probability vs. loss probability

1.17

1.29

-0.11

Calmar ratioReturn relative to maximum drawdown

1.52

3.01

-1.49

Martin ratioReturn relative to average drawdown

4.77

11.09

-6.32

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSLX vs. VSMAX - Sharpe Ratio Comparison

The current VGSLX Sharpe Ratio is 0.95, which is lower than the VSMAX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of VGSLX and VSMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VGSLXVSMAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.95

1.64

-0.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.14

0.33

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

0.51

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.39

-0.07

Drawdowns

VGSLX vs. VSMAX - Drawdown Comparison

The maximum VGSLX drawdown since its inception was -73.05%, which is greater than VSMAX's maximum drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VGSLX and VSMAX.

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Drawdown Indicators

VGSLXVSMAXDifference

Max Drawdown

Largest peak-to-trough decline

-73.05%

-59.68%

-13.37%

Max Drawdown (1Y)

Largest decline over 1 year

-8.33%

-8.97%

+0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-17.41%

-25.25%

+7.84%

Max Drawdown (5Y)

Largest decline over 5 years

-34.41%

-28.14%

-6.27%

Max Drawdown (10Y)

Largest decline over 10 years

-42.34%

-41.82%

-0.52%

Current Drawdown

Current decline from peak

-1.24%

-2.40%

+1.16%

Average Drawdown

Average peak-to-trough decline

-12.57%

-9.69%

-2.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.64%

2.43%

+0.21%

Volatility

VGSLX vs. VSMAX - Volatility Comparison

The current volatility for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) is 4.00%, while Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a volatility of 4.84%. This indicates that VGSLX experiences smaller price fluctuations and is considered to be less risky than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VGSLXVSMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

4.84%

-0.84%

Volatility (6M)

Calculated over the trailing 6-month period

9.44%

11.97%

-2.53%

Volatility (1Y)

Calculated over the trailing 1-year period

13.30%

16.45%

-3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.88%

20.73%

-1.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.85%

21.57%

-0.72%

VGSLX vs. VSMAX - Expense Ratio Comparison

VGSLX has a 0.12% expense ratio, which is higher than VSMAX's 0.05% 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

VGSLX vs. VSMAX - Dividend Comparison

VGSLX's dividend yield for the trailing twelve months is around 3.60%, more than VSMAX's 1.21% yield.

PositionTTM20252024202320222021202020192018201720162015
VGSLX
Vanguard Real Estate Index Fund Admiral Shares		3.60%3.92%3.85%3.91%3.91%2.56%3.92%3.39%4.73%4.23%4.82%3.92%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		1.21%1.33%1.30%1.56%1.54%1.24%1.14%1.39%1.67%1.35%1.49%1.48%

Frequently Asked Questions

VGSLX and VSMAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VSMAX has higher volatility (4.84%) compared to VGSLX (4.00%). In terms of maximum drawdown, VGSLX dropped -73.05% vs VSMAX's -59.68%.

VSMAX currently has the higher Sharpe Ratio (1.64 vs 0.95), 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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