VIOO vs. VSMSX
VIOO (Vanguard S&P Small-Cap 600 ETF) and VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) are both Small Cap Blend Equities funds from Vanguard. Over the past 10 years, VIOO returned 10.67%/yr vs 10.81%/yr for VSMSX. With a 0.99 correlation, they move nearly in lockstep. VIOO charges 0.10%/yr vs 0.08%/yr for VSMSX.
Performance
VIOO vs. VSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, VIOO achieves a 15.34% return, which is significantly lower than VSMSX's 16.33% return. Both investments have delivered pretty close results over the past 10 years, with VIOO having a 10.67% annualized return and VSMSX not far ahead at 10.81%.
VIOO
- 1D
- -0.88%
- 1M
- 1.64%
- YTD
- 15.34%
- 6M
- 14.20%
- 1Y
- 31.68%
- 3Y*
- 14.40%
- 5Y*
- 5.66%
- 10Y*
- 10.67%
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%
VIOO vs. VSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIOO Vanguard S&P Small-Cap 600 ETF | 15.34% | 6.04% | 8.48% | 16.16% | -16.26% | 26.79% | 11.47% | 22.68% | -8.65% | 13.16% |
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 VIOO and VSMSX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.99 |
The correlation between VIOO and VSMSX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VIOO vs. VSMSX — Risk / Return Rank
VIOO
VSMSX
VIOO vs. VSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) 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.
| VIOO | VSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.34 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 4.03 | -0.40 |
| Martin ratioReturn relative to average drawdown | 12.14 | 13.48 | -1.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIOO | VSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 2.00 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.28 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.47 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.56 | +0.02 |
Drawdowns
VIOO vs. VSMSX - Drawdown Comparison
The maximum VIOO drawdown since its inception was -44.15%, roughly equal to the maximum VSMSX drawdown of -44.42%. Use the drawdown chart below to compare losses from any high point for VIOO and VSMSX.
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Drawdown Indicators
| VIOO | VSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.15% | -44.42% | +0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.77% | -8.69% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -27.93% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -27.93% | 0.00% |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | -44.42% | +0.27% |
Current DrawdownCurrent decline from peak | -0.89% | -0.03% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -7.41% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.59% | +0.03% |
Volatility
VIOO vs. VSMSX - Volatility Comparison
Vanguard S&P Small-Cap 600 ETF (VIOO) and Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) have volatilities of 4.40% and 4.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIOO | VSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 4.48% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 11.71% | 11.70% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.59% | 17.55% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.40% | 21.47% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.99% | 23.21% | -0.22% |
VIOO vs. VSMSX - Expense Ratio Comparison
VIOO has a 0.10% 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
VIOO vs. VSMSX - Dividend Comparison
VIOO's dividend yield for the trailing twelve months is around 1.18%, less than VSMSX's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIOO Vanguard S&P Small-Cap 600 ETF | 1.18% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
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
With a correlation of 1.00, VIOO and VSMSX 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.
VSMSX has higher volatility (4.48%) compared to VIOO (4.40%). In terms of maximum drawdown, VIOO dropped -44.15% vs VSMSX's -44.42%.
VSMSX currently has the higher Sharpe Ratio (2.00 vs 1.82), 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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