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VIOV vs. VSIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOV vs. VSIAX

Last updated Aug 2, 2026
Documentation

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both Small Cap Value Equities funds from Vanguard - VIOV tracks the S&P SmallCap 600 Value Index while VSIAX tracks the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, VIOV returned 10.33%/yr vs 10.63%/yr for VSIAX. Their correlation of 0.94 means they have usually moved in the same direction. VIOV charges 0.10%/yr vs 0.07%/yr for VSIAX.

Performance

VIOV vs. VSIAX - 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 Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIOV achieves a 20.41% return, which is significantly higher than VSIAX's 16.88% return. Both investments have delivered pretty close results over the past 10 years, with VIOV having a 10.33% annualized return and VSIAX not far ahead at 10.63%.

VIOV

1D
0.17%
1M
0.49%
6M
12.83%
YTD
20.41%
1Y
39.50%
3Y*
12.68%
5Y*
8.14%
10Y*
10.33%
ALL TIME*
11.84%

VSIAX

1D
0.01%
1M
0.76%
6M
10.97%
YTD
16.88%
1Y
27.89%
3Y*
14.38%
5Y*
9.78%
10Y*
10.63%
ALL TIME*
12.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VIOV

Vanguard S&P Small-Cap 600 Value ETF
$4.48M$4.51M$5.05M

VSIAX

Vanguard Small-Cap Value Index Fund Admiral Shares
$0.00$0.00$0.00

VIOV vs. VSIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIOV
Vanguard S&P Small-Cap 600 Value ETF		20.41%6.63%7.44%15.36%-11.37%30.67%2.81%24.44%-12.85%11.54%
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		16.88%9.09%11.34%17.06%-9.31%28.10%5.80%22.76%-12.24%11.80%

Correlation

The correlation between VIOV and VSIAX 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 (10Y)
Provides a long-term view across more market conditions.

0.96

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.94

The correlation between VIOV and VSIAX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

VIOV vs. VSIAX - Sectors Allocation Comparison

Sectors
VIOV
VSIAX

Financial Services

20.3%
17.5%

Consumer Cyclical

15.3%
13.6%

Technology

13.5%
10.9%

Industrials

12.2%
17.3%

Real Estate

8.5%
11.1%

Healthcare

7.5%
8.4%

Basic Materials

6.1%
5.3%

Energy

6.0%
4.3%

Consumer Defensive

5.0%
4.2%

Communication Services

3.8%
2.4%

Utilities

2.0%
4.9%

Financial Services

VIOV
20.3%
VSIAX
17.5%

Consumer Cyclical

VIOV
15.3%
VSIAX
13.6%

Technology

VIOV
13.5%
VSIAX
10.9%

Industrials

VIOV
12.2%
VSIAX
17.3%

Real Estate

VIOV
8.5%
VSIAX
11.1%

Healthcare

VIOV
7.5%
VSIAX
8.4%

Basic Materials

VIOV
6.1%
VSIAX
5.3%

Energy

VIOV
6.0%
VSIAX
4.3%

Consumer Defensive

VIOV
5.0%
VSIAX
4.2%

Communication Services

VIOV
3.8%
VSIAX
2.4%

Utilities

VIOV
2.0%
VSIAX
4.9%

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 Value ETF

Vanguard Small-Cap Value Index Fund Admiral Shares

Often compared with VIOV:
VIOV vs. AVUVVIOV vs. VBRVIOV vs. VIOOVIOV vs. IJSVIOV vs. VIOGVIOV vs. SLYVVIOV vs. VTWV
Often compared with VSIAX:
VSIAX vs. VBRVSIAX vs. VSGAXVSIAX vs. VINIXVSIAX vs. VSIIXVSIAX vs. VOOVSIAX vs. SWSSXVSIAX vs. VSMVX

Return for Risk

VIOV vs. VSIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VIOV
VIOV Risk / Return Rank: 8888
Overall Rank
VIOV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
VIOV Sortino Ratio Rank: 8989
Sortino Ratio Rank
VIOV Omega Ratio Rank: 8585
Omega Ratio Rank
VIOV Calmar Ratio Rank: 9191
Calmar Ratio Rank
VIOV Martin Ratio Rank: 8989
Martin Ratio Rank
VSIAX
VSIAX Risk / Return Rank: 7777
Overall Rank
VSIAX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
VSIAX Sortino Ratio Rank: 7575
Sortino Ratio Rank
VSIAX Omega Ratio Rank: 6969
Omega Ratio Rank
VSIAX Calmar Ratio Rank: 8484
Calmar Ratio Rank
VSIAX Martin Ratio Rank: 8484
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.

VIOV vs. VSIAX - 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 Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). 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.

VIOVVSIAXDifference
Sharpe ratioReturn per unit of total volatility
2.10
1.67

+0.43

Sortino ratioReturn per unit of downside risk
3.04
2.49

+0.55

Omega ratioGain probability vs. loss probability

1.36

1.29

+0.07

Calmar ratioReturn relative to maximum drawdown

4.00

2.81

+1.18

Martin ratioReturn relative to average drawdown

13.68

10.31

+3.37

VIOV vs. VSIAX - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.10, which is comparable to the VSIAX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of VIOV and VSIAX, 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

VIOV vs. VSIAX - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, roughly equal to the maximum VSIAX drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for VIOV and VSIAX.

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Drawdown Indicators

VIOVVSIAXDifference

Max Drawdown

Largest peak-to-trough decline

-47.36%

-45.39%

-1.97%

Max Drawdown (1Y)

Largest decline over 1 year

-9.33%

-8.87%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-28.44%

-24.09%

-4.35%

Max Drawdown (5Y)

Largest decline over 5 years

-28.44%

-24.09%

-4.35%

Max Drawdown (10Y)

Largest decline over 10 years

-47.36%

-45.39%

-1.97%

Current Drawdown

Current decline from peak

-1.44%

-1.21%

-0.23%

Average Drawdown

Average peak-to-trough decline

-7.31%

-5.44%

-1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.72%

2.42%

+0.30%

Volatility

VIOV vs. VSIAX - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a higher volatility of 3.57% compared to Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) at 3.33%. This indicates that VIOV's price experiences larger fluctuations and is considered to be riskier than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIOVVSIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.57%

3.33%

+0.24%

Volatility (6M)

Calculated over the trailing 6-month period

11.07%

10.26%

+0.81%

Volatility (1Y)

Calculated over the trailing 1-year period

17.78%

14.95%

+2.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.67%

19.57%

+2.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.82%

22.38%

+1.44%

VIOV vs. VSIAX - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is higher than VSIAX's 0.07% 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

VIOV vs. VSIAX - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.68%, less than VSIAX's 1.75% yield.

PositionTTM20252024202320222021202020192018201720162015
VIOV
Vanguard S&P Small-Cap 600 Value ETF		1.68%1.69%1.78%2.18%1.81%1.59%1.42%1.60%1.76%1.43%1.17%1.32%
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		1.75%1.95%1.98%2.10%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%

Frequently Asked Questions

With a correlation of 0.95, VIOV and VSIAX 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.

VIOV has higher volatility (3.57%) compared to VSIAX (3.33%). In terms of maximum drawdown, VIOV dropped -47.36% vs VSIAX's -45.39%.

VIOV currently has the higher Sharpe Ratio (2.10 vs 1.67), 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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