VGSLX vs. VSMSX
VGSLX (Vanguard Real Estate Index Fund Admiral Shares) and VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) are both mutual funds - VGSLX is a REIT fund managed by Vanguard, while VSMSX is a Small Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VGSLX returned 5.20%/yr vs 10.81%/yr for VSMSX. A 0.61 correlation means they provide meaningful diversification when combined. VGSLX charges 0.12%/yr vs 0.08%/yr for VSMSX.
Performance
VGSLX vs. VSMSX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VGSLX achieves a 7.97% return, which is significantly lower than VSMSX's 16.33% return. Over the past 10 years, VGSLX has underperformed VSMSX with an annualized return of 5.20%, while VSMSX has yielded a comparatively higher 10.81% annualized return.
VGSLX
- 1D
- 0.46%
- 1M
- -0.95%
- YTD
- 7.97%
- 6M
- 6.88%
- 1Y
- 10.13%
- 3Y*
- 9.19%
- 5Y*
- 2.20%
- 10Y*
- 5.20%
VSMSX
- 1D
- 0.88%
- 1M
- 2.59%
- YTD
- 16.33%
- 6M
- 15.18%
- 1Y
- 32.75%
- 3Y*
- 14.78%
- 5Y*
- 5.90%
- 10Y*
- 10.81%
VGSLX vs. VSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSLX Vanguard Real Estate Index Fund Admiral Shares | 7.97% | 3.18% | 3.67% | 13.13% | -26.20% | 40.39% | -4.75% | 28.90% | -5.99% | 4.91% |
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 16.33% | 6.04% | 7.20% | 17.57% | -16.19% | 26.72% | 11.46% | 22.73% | -8.51% | 13.39% |
Correlation
The correlation between VGSLX and VSMSX is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.61 |
The correlation between VGSLX and VSMSX has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VGSLX vs. VSMSX — Risk / Return Rank
VGSLX
VSMSX
VGSLX vs. VSMSX - 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 S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX). 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.
| VGSLX | VSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.34 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 4.03 | -2.84 |
| Martin ratioReturn relative to average drawdown | 3.75 | 13.48 | -9.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VGSLX | VSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 2.00 | -1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.28 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | 0.47 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.56 | -0.24 |
Drawdowns
VGSLX vs. VSMSX - Drawdown Comparison
The maximum VGSLX drawdown since its inception was -73.05%, which is greater than VSMSX's maximum drawdown of -44.42%. Use the drawdown chart below to compare losses from any high point for VGSLX and VSMSX.
Loading charts...
Drawdown Indicators
| VGSLX | VSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.05% | -44.42% | -28.63% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -8.69% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -27.93% | +10.52% |
Max Drawdown (5Y)Largest decline over 5 years | -34.41% | -27.93% | -6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -42.34% | -44.42% | +2.08% |
Current DrawdownCurrent decline from peak | -3.58% | -0.03% | -3.55% |
Average DrawdownAverage peak-to-trough decline | -12.58% | -7.41% | -5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.59% | +0.04% |
Volatility
VGSLX vs. VSMSX - Volatility Comparison
The current volatility for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) is 3.79%, while Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) has a volatility of 4.48%. This indicates that VGSLX experiences smaller price fluctuations and is considered to be less risky than VSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VGSLX | VSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 4.48% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 11.70% | -2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 17.55% | -4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 21.47% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.85% | 23.21% | -2.36% |
VGSLX vs. VSMSX - Expense Ratio Comparison
VGSLX has a 0.12% expense ratio, which is higher than VSMSX's 0.08% 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. VSMSX - Dividend Comparison
VGSLX's dividend yield for the trailing twelve months is around 3.69%, more than VSMSX's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGSLX Vanguard Real Estate Index Fund Admiral Shares | 3.69% | 3.92% | 3.85% | 3.91% | 3.91% | 2.56% | 3.92% | 3.39% | 4.73% | 4.23% | 4.82% | 3.92% |
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 1.20% | 1.39% | 1.49% | 1.47% | 1.52% | 1.17% | 1.10% | 1.38% | 1.39% | 1.11% | 1.00% | 1.33% |
Frequently Asked Questions
VGSLX and VSMSX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSMSX has higher volatility (4.48%) compared to VGSLX (3.79%). In terms of maximum drawdown, VGSLX dropped -73.05% vs VSMSX's -44.42%.
VSMSX currently has the higher Sharpe Ratio (2.00 vs 0.75), 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.
Find the right allocation for VGSLX and VSMSX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer