VIEIX vs. EISMX

Last updated Jul 15, 2026

VIEIX (Vanguard Extended Market Index Fund Institutional Shares) and EISMX (Eaton Vance Atlanta Capital SMID-Cap Fund) are both mutual funds - VIEIX is a Mid Cap Blend Equities fund tracking the Spliced Extended Market Index, while EISMX is a Mid Cap Growth Equities fund managed by Eaton Vance. Over the past 10 years, VIEIX returned 11.88%/yr vs 9.90%/yr for EISMX. Their correlation of 0.91 suggests significant overlap in exposure. VIEIX charges 0.04%/yr vs 0.88%/yr for EISMX.

Performance

VIEIX vs. EISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIEIX achieves a 14.98% return, which is significantly higher than EISMX's 1.65% return. Over the past 10 years, VIEIX has outperformed EISMX with an annualized return of 11.88%, while EISMX has yielded a comparatively lower 9.90% annualized return.

VIEIX

• 1D: -0.92%
• 1M: 0.48%
• 6M: 9.66%
• YTD: 14.98%
• 1Y: 22.42%
• 3Y*: 17.44%
• 5Y*: 6.84%
• 10Y*: 11.88%

EISMX

• 1D: 0.38%
• 1M: 3.59%
• 6M: -2.73%
• YTD: 1.65%
• 1Y: -4.65%
• 3Y*: 6.37%
• 5Y*: 4.65%
• 10Y*: 9.90%

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

VIEIX vs. EISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIEIX Vanguard Extended Market Index Fund Institutional Shares	14.98%	11.42%	15.49%	26.97%	-26.46%	12.46%	32.24%	28.05%	-9.36%	18.12%
EISMX Eaton Vance Atlanta Capital SMID-Cap Fund	1.65%	-5.66%	17.64%	14.01%	-8.77%	22.02%	11.31%	34.37%	-5.55%	24.71%

Correlation

The correlation between VIEIX and EISMX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Apr 30, 2002	0.91

Over the past year, the correlation between VIEIX and EISMX has dropped to 0.69 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.

Return for Risk

VIEIX vs. EISMX — Risk / Return Rank

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

VIEIX

VIEIX Risk / Return Rank: 42
VIEIX Sharpe Ratio Rank: 36
VIEIX Sortino Ratio Rank: 36
VIEIX Omega Ratio Rank: 33
VIEIX Calmar Ratio Rank: 56
VIEIX Martin Ratio Rank: 48

EISMX

EISMX Risk / Return Rank: 2
EISMX Sharpe Ratio Rank: 2
EISMX Sortino Ratio Rank: 2
EISMX Omega Ratio Rank: 2
EISMX Calmar Ratio Rank: 2
EISMX Martin Ratio Rank: 2

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.

VIEIX vs. EISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX). 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.

	VIEIX	EISMX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-0.28	+1.60
Sortino ratio: Return per unit of downside risk	1.91	-0.31	+2.22
Omega ratio: Gain probability vs. loss probability	1.23	0.97	+0.26
Calmar ratio: Return relative to maximum drawdown	2.29	-0.30	+2.59
Martin ratio: Return relative to average drawdown	8.00	-0.55	+8.55

VIEIX vs. EISMX - Sharpe Ratio Comparison

The current VIEIX Sharpe Ratio is 1.32, which is higher than the EISMX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of VIEIX and EISMX, 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

VIEIX vs. EISMX - Drawdown Comparison

The maximum VIEIX drawdown since its inception was -58.03%, which is greater than EISMX's maximum drawdown of -45.32%. Use the drawdown chart below to compare losses from any high point for VIEIX and EISMX.

Drawdown Indicators

	VIEIX	EISMX	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-45.32%	-12.71%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-14.66%	+4.41%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-19.39%	-7.45%
Max Drawdown (5Y) Largest decline over 5 years	-36.32%	-19.81%	-16.51%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-39.95%	-1.67%
Current Drawdown Current decline from peak	-2.89%	-9.64%	+6.75%
Average Drawdown Average peak-to-trough decline	-13.79%	-5.85%	-7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	8.03%	-5.10%

Volatility

VIEIX vs. EISMX - Volatility Comparison

Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a higher volatility of 4.95% compared to Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX) at 4.39%. This indicates that VIEIX's price experiences larger fluctuations and is considered to be riskier than EISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIEIX	EISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	4.39%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	11.62%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.82%	15.73%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	17.15%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	18.82%	+3.52%

VIEIX vs. EISMX - Expense Ratio Comparison

VIEIX has a 0.04% expense ratio, which is lower than EISMX's 0.88% expense ratio.

Dividends

VIEIX vs. EISMX - Dividend Comparison

VIEIX's dividend yield for the trailing twelve months is around 1.02%, less than EISMX's 6.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EISMX Eaton Vance Atlanta Capital SMID-Cap Fund	6.32%	6.43%	7.26%	2.78%	10.37%	10.49%	9.80%	6.52%	7.20%	3.30%	3.58%	6.70%
VIEIX Vanguard Extended Market Index Fund Institutional Shares	1.02%	1.14%	1.10%	1.26%	1.16%	1.14%	1.08%	1.31%	1.67%	1.27%	1.45%	1.37%

Frequently Asked Questions

Can I hold both VIEIX and EISMX in my portfolio?

VIEIX and EISMX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIEIX or EISMX?

VIEIX has higher volatility (4.95%) compared to EISMX (4.39%). In terms of maximum drawdown, VIEIX dropped -58.03% vs EISMX's -45.32%.

Which has better risk-adjusted returns?

VIEIX currently has the higher Sharpe Ratio (1.32 vs -0.28), 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.