VIOV vs. SMIG

Last updated Jun 4, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) are both Small Cap Value Equities funds. VIOV is passively managed, while SMIG is actively managed. Over the past 3 years, VIOV returned 14.29%/yr vs 13.09%/yr for SMIG. Their correlation of 0.88 suggests significant overlap in exposure. VIOV charges 0.10%/yr vs 0.60%/yr for SMIG.

Performance

VIOV vs. SMIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOV achieves a 15.28% return, which is significantly higher than SMIG's 10.18% return.

VIOV

• 1D: -1.28%
• 1M: 2.26%
• YTD: 15.28%
• 6M: 14.76%
• 1Y: 37.06%
• 3Y*: 14.29%
• 5Y*: 5.75%
• 10Y*: 10.23%

SMIG

• 1D: -0.28%
• 1M: 1.31%
• YTD: 10.18%
• 6M: 11.46%
• 1Y: 11.81%
• 3Y*: 13.09%
• 5Y*: —
• 10Y*: —

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

VIOV vs. SMIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.28%	6.63%	7.44%	15.36%	-11.37%	5.05%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	10.18%	0.78%	17.63%	13.62%	-11.83%	5.51%

Correlation

The correlation between VIOV and SMIG is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.88

The correlation between VIOV and SMIG has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

VIOV vs. SMIG - Sectors Allocation Comparison

Sectors	VIOV	SMIG
Financial Services	19.8%	14.2%
Consumer Cyclical	15.4%	17.2%
Industrials	12.7%	13.9%
Technology	10.6%	19.8%
Energy	9.1%	12.8%
Real Estate	8.8%	6.9%
Healthcare	7.5%	10.1%
Basic Materials	6.3%	7.9%
Consumer Defensive	3.8%	2.4%
Communication Services	3.4%	2.2%
Utilities	1.9%	5.4%

Return for Risk

VIOV vs. SMIG — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 64
VIOV Sharpe Ratio Rank: 59
VIOV Sortino Ratio Rank: 61
VIOV Omega Ratio Rank: 55
VIOV Calmar Ratio Rank: 77
VIOV Martin Ratio Rank: 69

SMIG

SMIG Risk / Return Rank: 27
SMIG Sharpe Ratio Rank: 27
SMIG Sortino Ratio Rank: 28
SMIG Omega Ratio Rank: 26
SMIG Calmar Ratio Rank: 29
SMIG Martin Ratio Rank: 27

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.

VIOV vs. SMIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). 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.

	VIOV	SMIG	Difference
Sharpe ratio Return per unit of total volatility	2.03	0.99	+1.04
Sortino ratio Return per unit of downside risk	2.92	1.53	+1.39
Omega ratio Gain probability vs. loss probability	1.35	1.18	+0.17
Calmar ratio Return relative to maximum drawdown	3.99	1.39	+2.60
Martin ratio Return relative to average drawdown	13.00	3.62	+9.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOV vs. SMIG - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.03, which is higher than the SMIG Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of VIOV and SMIG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VIOV	SMIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	0.99	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.43	+0.10

Drawdowns

VIOV vs. SMIG - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, which is greater than SMIG's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for VIOV and SMIG.

Drawdown Indicators

	VIOV	SMIG	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-19.65%	-27.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.52%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-19.23%	-9.21%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	—	—
Current Drawdown Current decline from peak	-1.28%	-1.79%	+0.51%
Average Drawdown Average peak-to-trough decline	-7.38%	-6.55%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.27%	-0.41%

Volatility

VIOV vs. SMIG - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a higher volatility of 4.54% compared to Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) at 3.65%. This indicates that VIOV's price experiences larger fluctuations and is considered to be riskier than SMIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOV	SMIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	3.65%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	8.43%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	11.98%	+6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	16.20%	+5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	16.20%	+7.69%

VIOV vs. SMIG - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than SMIG's 0.60% expense ratio.

Dividends

VIOV vs. SMIG - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.59%, less than SMIG's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.75%	1.82%	1.75%	1.91%	2.00%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and SMIG in my portfolio?

VIOV and SMIG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOV or SMIG?

VIOV has higher volatility (4.54%) compared to SMIG (3.65%). In terms of maximum drawdown, VIOV dropped -47.36% vs SMIG's -19.65%.

Which ETF is better, VIOV or SMIG?

On 3-year performance, VIOV leads with 14.29% vs 13.09% for SMIG. On fees, VIOV is cheaper at 0.10% per year. On volatility, SMIG has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or SMIG?

Over the 3-year period, VIOV has performed better with a 14.29% return vs 13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or SMIG?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.60% for SMIG.

Which ETF pays a higher dividend yield, VIOV or SMIG?

SMIG has the higher dividend yield at 1.75%, compared with 1.59% for VIOV.

What is the main difference between VIOV and SMIG?

They also come from different issuers: Vanguard and Bahl & Gaynor. Their fees differ too: 0.10% for VIOV and 0.60% for SMIG.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (2.03 vs 0.99), 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.