VIOV vs. VSIAX

Last updated Jun 23, 2026

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 10.69%/yr vs 10.71%/yr for VSIAX. Their correlation of 0.94 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, VIOV achieves a 17.84% return, which is significantly higher than VSIAX's 13.21% return. Both investments have delivered pretty close results over the past 10 years, with VIOV having a 10.69% annualized return and VSIAX not far ahead at 10.71%.

VIOV

• 1D: -0.11%
• 1M: 3.21%
• YTD: 17.84%
• 6M: 15.63%
• 1Y: 39.61%
• 3Y*: 15.67%
• 5Y*: 6.67%
• 10Y*: 10.69%

VSIAX

• 1D: 0.71%
• 1M: 2.49%
• YTD: 13.21%
• 6M: 11.20%
• 1Y: 27.56%
• 3Y*: 15.69%
• 5Y*: 9.38%
• 10Y*: 10.71%

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

VIOV vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	17.84%	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	13.21%	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 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	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	19.5%	17.5%
Consumer Cyclical	15.4%	12.5%
Technology	13.5%	12.1%
Industrials	11.6%	17.4%
Real Estate	8.6%	10.5%
Healthcare	7.3%	8.3%
Energy	7.0%	4.3%
Basic Materials	6.7%	6.0%
Communication Services	4.4%	2.8%
Consumer Defensive	3.9%	4.0%
Utilities	2.1%	4.6%

Return for Risk

VIOV vs. VSIAX — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 72
VIOV Sharpe Ratio Rank: 69
VIOV Sortino Ratio Rank: 71
VIOV Omega Ratio Rank: 63
VIOV Calmar Ratio Rank: 83
VIOV Martin Ratio Rank: 76

VSIAX

VSIAX Risk / Return Rank: 53
VSIAX Sharpe Ratio Rank: 45
VSIAX Sortino Ratio Rank: 47
VSIAX Omega Ratio Rank: 40
VSIAX Calmar Ratio Rank: 72
VSIAX Martin Ratio Rank: 60

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. 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.

	VIOV	VSIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.82	+0.34
Sortino ratio: Return per unit of downside risk	3.07	2.67	+0.40
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	4.27	3.15	+1.12
Martin ratio: Return relative to average drawdown	13.99	11.17	+2.82

VIOV vs. VSIAX - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.16, which is comparable to the VSIAX Sharpe Ratio of 1.82. 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.

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.

Drawdown Indicators

	VIOV	VSIAX	Difference
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	-1.32%	-1.21%	-0.11%
Average Drawdown Average peak-to-trough decline	-7.36%	-5.48%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.49%	+0.35%

Volatility

VIOV vs. VSIAX - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a higher volatility of 4.73% compared to Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) at 4.32%. 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.

Volatility by Period

	VIOV	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	4.32%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	10.66%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.48%	15.33%	+3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	19.76%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.91%	22.47%	+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 1.56%, less than VSIAX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.56%	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	1.73%	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

Can I hold both VIOV and VSIAX in my portfolio?

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.

Which is riskier, VIOV or VSIAX?

VIOV has higher volatility (4.73%) compared to VSIAX (4.32%). In terms of maximum drawdown, VIOV dropped -47.36% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (2.16 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.