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VIOO vs. SMMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOO vs. SMMV

Last updated Aug 2, 2026
Documentation

VIOO (Vanguard S&P Small-Cap 600 ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both Small Cap Blend Equities funds - VIOO tracks the S&P SmallCap 600 Index while SMMV tracks the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, VIOO returned 7.42%/yr vs 6.29%/yr for SMMV. Their correlation of 0.84 means they have usually moved in the same direction. VIOO charges 0.07%/yr vs 0.20%/yr for SMMV.

Performance

VIOO vs. SMMV - Performance Comparison

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

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Returns By Period

In the year-to-date period, VIOO achieves a 21.54% return, which is significantly higher than SMMV's 9.33% return.

VIOO

1D
-0.01%
1M
-0.56%
6M
15.04%
YTD
21.54%
1Y
35.81%
3Y*
13.37%
5Y*
7.42%
10Y*
10.87%
ALL TIME*
12.46%

SMMV

1D
-0.06%
1M
0.56%
6M
7.36%
YTD
9.33%
1Y
16.10%
3Y*
12.24%
5Y*
6.29%
10Y*
—
ALL TIME*
8.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
$337.38K$347.17K$431.55K

VIOO

Vanguard S&P Small-Cap 600 ETF
$8.61M$8.65M$9.93M

VIOO vs. SMMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIOO
Vanguard S&P Small-Cap 600 ETF		21.54%6.04%8.48%16.16%-16.26%26.79%11.47%22.68%-8.65%13.16%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		9.33%6.42%18.29%5.63%-10.00%16.64%-2.88%24.21%1.15%14.31%

Correlation

The correlation between VIOO and SMMV is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.71

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

0.84

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

0.88

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2016

0.85

The correlation between VIOO and SMMV shifts across timeframes, from 0.71 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

VIOO vs. SMMV - Sectors Allocation Comparison

Sectors
VIOO
SMMV

Financial Services

17.1%
9.2%

Industrials

15.6%
13.6%

Technology

15.6%
13.7%

Consumer Cyclical

13.2%
5.3%

Healthcare

12.2%
18.7%

Real Estate

7.6%
12.5%

Energy

4.9%
5.2%

Basic Materials

4.7%
1.6%

Consumer Defensive

4.2%
7.6%

Communication Services

3.2%
5.1%

Utilities

1.8%
7.5%

Financial Services

VIOO
17.1%
SMMV
9.2%

Industrials

VIOO
15.6%
SMMV
13.6%

Technology

VIOO
15.6%
SMMV
13.7%

Consumer Cyclical

VIOO
13.2%
SMMV
5.3%

Healthcare

VIOO
12.2%
SMMV
18.7%

Real Estate

VIOO
7.6%
SMMV
12.5%

Energy

VIOO
4.9%
SMMV
5.2%

Basic Materials

VIOO
4.7%
SMMV
1.6%

Consumer Defensive

VIOO
4.2%
SMMV
7.6%

Communication Services

VIOO
3.2%
SMMV
5.1%

Utilities

VIOO
1.8%
SMMV
7.5%

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 ETF

iShares MSCI USA Small-Cap Min Vol Factor ETF

Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG
Often compared with SMMV:
SMMV vs. SMLFSMMV vs. SMLVSMMV vs. USMVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IWMSMMV vs. IVV

Return for Risk

VIOO vs. SMMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VIOO
VIOO Risk / Return Rank: 8686
Overall Rank
VIOO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 8686
Sortino Ratio Rank
VIOO Omega Ratio Rank: 8181
Omega Ratio Rank
VIOO Calmar Ratio Rank: 9090
Calmar Ratio Rank
VIOO Martin Ratio Rank: 8888
Martin Ratio Rank
SMMV
SMMV Risk / Return Rank: 6666
Overall Rank
SMMV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 7575
Sortino Ratio Rank
SMMV Omega Ratio Rank: 6868
Omega Ratio Rank
SMMV Calmar Ratio Rank: 6363
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5656
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.

VIOO vs. SMMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) and iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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.

VIOOSMMVDifference
Sharpe ratioReturn per unit of total volatility
1.95
1.58

+0.36

Sortino ratioReturn per unit of downside risk
2.85
2.42

+0.43

Omega ratioGain probability vs. loss probability

1.34

1.28

+0.06

Calmar ratioReturn relative to maximum drawdown

3.85

2.19

+1.66

Martin ratioReturn relative to average drawdown

13.20

6.75

+6.45

VIOO vs. SMMV - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 1.95, which is comparable to the SMMV Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of VIOO and SMMV, 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

VIOO vs. SMMV - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, which is greater than SMMV's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for VIOO and SMMV.

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Drawdown Indicators

VIOOSMMVDifference

Max Drawdown

Largest peak-to-trough decline

-44.15%

-38.77%

-5.38%

Max Drawdown (1Y)

Largest decline over 1 year

-8.77%

-7.02%

-1.75%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-13.68%

-14.25%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

-18.00%

-9.93%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

—

—

Current Drawdown

Current decline from peak

-1.95%

-1.07%

-0.88%

Average Drawdown

Average peak-to-trough decline

-7.27%

-5.04%

-2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

2.28%

+0.28%

Volatility

VIOO vs. SMMV - Volatility Comparison

Vanguard S&P Small-Cap 600 ETF (VIOO) has a higher volatility of 3.46% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.85%. This indicates that VIOO's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIOOSMMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

2.85%

+0.61%

Volatility (6M)

Calculated over the trailing 6-month period

11.66%

6.98%

+4.68%

Volatility (1Y)

Calculated over the trailing 1-year period

17.41%

9.75%

+7.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.25%

13.44%

+7.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.94%

15.62%

+7.32%

VIOO vs. SMMV - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is lower than SMMV's 0.20% 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

VIOO vs. SMMV - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.12%, less than SMMV's 1.66% yield.

PositionTTM20252024202320222021202020192018201720162015
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.66%1.77%1.76%2.30%1.67%1.08%1.39%1.64%1.72%1.63%0.79%0.00%
VIOO
Vanguard S&P Small-Cap 600 ETF		1.12%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%

Frequently Asked Questions

VIOO and SMMV have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VIOO has higher volatility (3.46%) compared to SMMV (2.85%). In terms of maximum drawdown, VIOO dropped -44.15% vs SMMV's -38.77%.

On 5-year performance, VIOO leads with 7.42% vs 6.29% for SMMV. On fees, VIOO is cheaper at 0.07% per year. On volatility, SMMV has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, VIOO has performed better with a 7.42% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIOO is cheaper with a 0.07% expense ratio, compared with 0.20% for SMMV.

SMMV has the higher dividend yield at 1.66%, compared with 1.12% for VIOO.

VIOO tracks S&P SmallCap 600 Index, while SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VIOO and 0.20% for SMMV.

VIOO currently has the higher Sharpe Ratio (1.95 vs 1.58), 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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