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VIOG vs. ESML
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOG vs. ESML

Last updated Aug 4, 2026
Documentation

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both Small Cap Growth Equities funds - VIOG tracks the S&P SmallCap 600 Growth Index while ESML tracks the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past 5 years, VIOG returned 7.08%/yr vs 8.21%/yr for ESML. Their 0.96 correlation means they have historically moved very closely together. VIOG charges 0.15%/yr vs 0.17%/yr for ESML.

Performance

VIOG vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIOG achieves a 24.91% return, which is significantly higher than ESML's 19.19% return.

VIOG

1D
1.77%
1M
0.05%
6M
17.89%
YTD
24.91%
1Y
34.56%
3Y*
15.08%
5Y*
7.08%
10Y*
11.09%
ALL TIME*
12.94%

ESML

1D
1.57%
1M
-0.56%
6M
12.05%
YTD
19.19%
1Y
33.37%
3Y*
15.64%
5Y*
8.21%
10Y*
—
ALL TIME*
10.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ESML

iShares ESG Aware MSCI USA Small-Cap ETF
$4.32M$5.41M$11.05M

VIOG

Vanguard S&P Small-Cap 600 Growth ETF
$3.70M$4.45M$4.82M

VIOG vs. ESML - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VIOG
Vanguard S&P Small-Cap 600 Growth ETF		24.91%5.40%9.23%16.92%-21.14%22.49%19.68%21.16%-7.84%
ESML
iShares ESG Aware MSCI USA Small-Cap ETF		19.19%10.62%12.01%17.27%-17.28%19.28%19.56%29.12%-10.72%

Correlation

The correlation between VIOG and ESML is 0.95, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.95

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2018

0.96

The correlation between VIOG and ESML has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

VIOG vs. ESML - Sectors Allocation Comparison

Sectors
VIOG
ESML

Industrials

19.5%
17.7%

Technology

17.6%
21.1%

Healthcare

16.9%
13.8%

Financial Services

13.7%
13.6%

Consumer Cyclical

11.0%
10.8%

Real Estate

6.8%
6.5%

Energy

3.8%
4.4%

Consumer Defensive

3.4%
3.4%

Basic Materials

3.1%
3.6%

Communication Services

2.4%
2.4%

Utilities

1.6%
2.6%

Industrials

VIOG
19.5%
ESML
17.7%

Technology

VIOG
17.6%
ESML
21.1%

Healthcare

VIOG
16.9%
ESML
13.8%

Financial Services

VIOG
13.7%
ESML
13.6%

Consumer Cyclical

VIOG
11.0%
ESML
10.8%

Real Estate

VIOG
6.8%
ESML
6.5%

Energy

VIOG
3.8%
ESML
4.4%

Consumer Defensive

VIOG
3.4%
ESML
3.4%

Basic Materials

VIOG
3.1%
ESML
3.6%

Communication Services

VIOG
2.4%
ESML
2.4%

Utilities

VIOG
1.6%
ESML
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P Small-Cap 600 Growth ETF

iShares ESG Aware MSCI USA Small-Cap ETF

Often compared with VIOG:
VIOG vs. VBKVIOG vs. VIOOVIOG vs. VIOVVIOG vs. VTWGVIOG vs. SLYGVIOG vs. XSMOVIOG vs. VOO
Often compared with ESML:
ESML vs. ISCGESML vs. XJRESML vs. FNDAESML vs. CWSESML vs. AVUVESML vs. VOOESML vs. VBK

Return for Risk

VIOG vs. ESML — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VIOG
VIOG Risk / Return Rank: 8484
Overall Rank
VIOG Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
VIOG Sortino Ratio Rank: 8585
Sortino Ratio Rank
VIOG Omega Ratio Rank: 7878
Omega Ratio Rank
VIOG Calmar Ratio Rank: 8989
Calmar Ratio Rank
VIOG Martin Ratio Rank: 8686
Martin Ratio Rank
ESML
ESML Risk / Return Rank: 8383
Overall Rank
ESML Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ESML Sortino Ratio Rank: 8383
Sortino Ratio Rank
ESML Omega Ratio Rank: 7878
Omega Ratio Rank
ESML Calmar Ratio Rank: 8888
Calmar Ratio Rank
ESML Martin Ratio Rank: 8686
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VIOG vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

VIOGESMLDifference
Sharpe ratioReturn per unit of total volatility
1.95
1.96

-0.02

Sortino ratioReturn per unit of downside risk
2.88
2.84

+0.05

Omega ratioGain probability vs. loss probability

1.34

1.34

0.00

Calmar ratioReturn relative to maximum drawdown

3.84

3.71

+0.13

Martin ratioReturn relative to average drawdown

12.84

12.97

-0.13

VIOG vs. ESML - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.95, which is comparable to the ESML Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VIOG and ESML, 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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Drawdowns

VIOG vs. ESML - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, roughly equal to the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for VIOG and ESML.

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Drawdown Indicators

VIOGESMLDifference

Max Drawdown

Largest peak-to-trough decline

-41.73%

-41.97%

+0.24%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-9.04%

+0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-27.35%

-26.68%

-0.67%

Max Drawdown (5Y)

Largest decline over 5 years

-29.15%

-28.61%

-0.54%

Max Drawdown (10Y)

Largest decline over 10 years

-41.73%

—

—

Current Drawdown

Current decline from peak

-1.58%

-2.44%

+0.86%

Average Drawdown

Average peak-to-trough decline

-7.56%

-8.83%

+1.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

2.58%

+0.12%

Volatility

VIOG vs. ESML - Volatility Comparison

Vanguard S&P Small-Cap 600 Growth ETF (VIOG) has a higher volatility of 4.44% compared to iShares ESG Aware MSCI USA Small-Cap ETF (ESML) at 4.11%. This indicates that VIOG's price experiences larger fluctuations and is considered to be riskier than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIOGESMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

4.11%

+0.33%

Volatility (6M)

Calculated over the trailing 6-month period

13.00%

12.38%

+0.62%

Volatility (1Y)

Calculated over the trailing 1-year period

17.87%

17.13%

+0.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.48%

21.21%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.84%

23.29%

-0.45%

VIOG vs. ESML - Expense Ratio Comparison

VIOG has a 0.15% expense ratio, which is lower than ESML's 0.17% 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

VIOG vs. ESML - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.75%, less than ESML's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
ESML
iShares ESG Aware MSCI USA Small-Cap ETF		0.91%1.08%1.22%1.31%1.46%0.94%0.99%1.10%1.07%0.00%0.00%0.00%
VIOG
Vanguard S&P Small-Cap 600 Growth ETF		0.75%1.04%1.03%1.15%1.17%0.69%0.68%1.09%0.76%0.87%0.92%1.04%

Frequently Asked Questions

With a correlation of 0.95, VIOG and ESML 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.

VIOG has higher volatility (4.44%) compared to ESML (4.11%). In terms of maximum drawdown, VIOG dropped -41.73% vs ESML's -41.97%.

On 5-year performance, ESML leads with 8.21% vs 7.08% for VIOG. On fees, VIOG is cheaper at 0.15% per year. On volatility, ESML has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESML has performed better with a 8.21% return vs 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIOG is cheaper with a 0.15% expense ratio, compared with 0.17% for ESML.

ESML has the higher dividend yield at 0.91%, compared with 0.75% for VIOG.

VIOG tracks S&P SmallCap 600 Growth Index, while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VIOG and 0.17% for ESML.

ESML currently has the higher Sharpe Ratio (1.96 vs 1.95), 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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