VISVX vs. VESMX

Last updated Aug 1, 2026

VISVX (Vanguard Small Cap Value Index Fund) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, VISVX returned 9.51%/yr vs 8.22%/yr for VESMX. Their correlation of 0.94 means they have usually moved in the same direction. VISVX charges 0.19%/yr vs 1.20%/yr for VESMX.

Performance

VISVX vs. VESMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small Cap Value Index Fund (VISVX) and VELA Small Cap Fund (VESMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VISVX achieves a 16.80% return, which is significantly higher than VESMX's 9.23% return.

VISVX

• 1D: 0.00%
• 1M: 0.74%
• 6M: 10.88%
• YTD: 16.80%
• 1Y: 27.73%
• 3Y*: 14.01%
• 5Y*: 9.51%
• 10Y*: 10.43%
• ALL TIME*: 9.07%

VESMX

• 1D: -0.45%
• 1M: 1.36%
• 6M: 4.98%
• YTD: 9.23%
• 1Y: 22.00%
• 3Y*: 10.08%
• 5Y*: 8.22%
• 10Y*: —
• ALL TIME*: 14.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VESMX VELA Small Cap Fund	$0.00	$0.00	$0.00
VISVX Vanguard Small Cap Value Index Fund	$0.00	$0.00	$0.00

VISVX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VISVX Vanguard Small Cap Value Index Fund	16.80%	8.27%	11.21%	16.92%	-9.43%	27.97%	25.54%
VESMX VELA Small Cap Fund	9.23%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between VISVX and VESMX is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020	0.94

The correlation between VISVX and VESMX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

VISVX vs. VESMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VISVX

VISVX Risk / Return Rank: 76
VISVX Sharpe Ratio Rank: 73
VISVX Sortino Ratio Rank: 74
VISVX Omega Ratio Rank: 68
VISVX Calmar Ratio Rank: 84
VISVX Martin Ratio Rank: 84

VESMX

VESMX Risk / Return Rank: 41
VESMX Sharpe Ratio Rank: 40
VESMX Sortino Ratio Rank: 44
VESMX Omega Ratio Rank: 36
VESMX Calmar Ratio Rank: 47
VESMX Martin Ratio Rank: 38

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.

VISVX vs. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small Cap Value Index Fund (VISVX) and VELA Small Cap Fund (VESMX). 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.

	VISVX	VESMX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.22	+0.44
Sortino ratio: Return per unit of downside risk	2.47	1.86	+0.62
Omega ratio: Gain probability vs. loss probability	1.29	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	2.79	1.83	+0.96
Martin ratio: Return relative to average drawdown	10.23	5.65	+4.58

VISVX vs. VESMX - Sharpe Ratio Comparison

The current VISVX Sharpe Ratio is 1.66, which is higher than the VESMX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of VISVX and VESMX, 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

VISVX vs. VESMX - Drawdown Comparison

The maximum VISVX drawdown since its inception was -62.15%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for VISVX and VESMX.

Drawdown Indicators

	VISVX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.15%	-20.35%	-41.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-9.48%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-24.60%	-20.35%	-4.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-20.35%	-4.25%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	—	—
Current Drawdown Current decline from peak	-1.23%	-1.63%	+0.40%
Average Drawdown Average peak-to-trough decline	-8.98%	-4.48%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	3.11%	-0.68%

Volatility

VISVX vs. VESMX - Volatility Comparison

The current volatility for Vanguard Small Cap Value Index Fund (VISVX) is 3.33%, while VELA Small Cap Fund (VESMX) has a volatility of 4.06%. This indicates that VISVX experiences smaller price fluctuations and is considered to be less risky than VESMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VISVX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	4.06%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	10.19%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	14.28%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.57%	17.24%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	18.10%	+3.65%

VISVX vs. VESMX - Expense Ratio Comparison

VISVX has a 0.19% expense ratio, which is lower than VESMX's 1.20% expense ratio.

Dividends

VISVX vs. VESMX - Dividend Comparison

VISVX's dividend yield for the trailing twelve months is around 1.64%, more than VESMX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VESMX VELA Small Cap Fund	0.92%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
VISVX Vanguard Small Cap Value Index Fund	1.64%	1.28%	1.86%	1.98%	1.90%	1.63%	1.58%	1.95%	2.20%	1.68%	1.42%	1.85%

Frequently Asked Questions

Can I hold both VISVX and VESMX in my portfolio?

VISVX and VESMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VISVX or VESMX?

VESMX has higher volatility (4.06%) compared to VISVX (3.33%). In terms of maximum drawdown, VISVX dropped -62.15% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

VISVX currently has the higher Sharpe Ratio (1.66 vs 1.22), 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.