VISVX vs. VSIIX

Last updated Jun 24, 2026

VISVX (Vanguard Small Cap Value Index Fund) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both Small Cap Value Equities funds from Vanguard. Over the past 10 years, VISVX returned 10.83%/yr vs 11.04%/yr for VSIIX. With a 1.00 correlation, they move nearly in lockstep. VISVX charges 0.19%/yr vs 0.06%/yr for VSIIX.

Performance

VISVX vs. VSIIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VISVX having a 13.38% return and VSIIX slightly higher at 13.42%. Both investments have delivered pretty close results over the past 10 years, with VISVX having a 10.83% annualized return and VSIIX not far ahead at 11.04%.

VISVX

• 1D: 0.19%
• 1M: 2.69%
• YTD: 13.38%
• 6M: 11.86%
• 1Y: 26.29%
• 3Y*: 16.56%
• 5Y*: 8.60%
• 10Y*: 10.83%

VSIIX

• 1D: 0.19%
• 1M: 2.68%
• YTD: 13.42%
• 6M: 11.91%
• 1Y: 26.44%
• 3Y*: 16.95%
• 5Y*: 8.88%
• 10Y*: 11.04%

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

VISVX vs. VSIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VISVX Vanguard Small Cap Value Index Fund	13.38%	8.27%	11.21%	16.92%	-9.43%	27.97%	5.68%	22.61%	-12.35%	11.67%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	13.42%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%

Correlation

The correlation between VISVX and VSIIX 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	1.00
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 Dec 7, 1999	1.00

The correlation between VISVX and VSIIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

VISVX vs. VSIIX — Risk / Return Rank

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

VISVX

VISVX Risk / Return Rank: 53
VISVX Sharpe Ratio Rank: 45
VISVX Sortino Ratio Rank: 47
VISVX Omega Ratio Rank: 40
VISVX Calmar Ratio Rank: 72
VISVX Martin Ratio Rank: 59

VSIIX

VSIIX Risk / Return Rank: 53
VSIIX Sharpe Ratio Rank: 45
VSIIX Sortino Ratio Rank: 48
VSIIX Omega Ratio Rank: 40
VSIIX Calmar Ratio Rank: 73
VSIIX Martin Ratio Rank: 59

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.

VISVX vs. VSIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small Cap Value Index Fund (VISVX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX). 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	VSIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.82	-0.01
Sortino ratio: Return per unit of downside risk	2.66	2.67	-0.01
Omega ratio: Gain probability vs. loss probability	1.31	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.13	3.15	-0.02
Martin ratio: Return relative to average drawdown	11.10	11.18	-0.08

VISVX vs. VSIIX - Sharpe Ratio Comparison

The current VISVX Sharpe Ratio is 1.81, which is comparable to the VSIIX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VISVX and VSIIX, 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. VSIIX - Drawdown Comparison

The maximum VISVX drawdown since its inception was -62.15%, roughly equal to the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for VISVX and VSIIX.

Drawdown Indicators

	VISVX	VSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.15%	-62.05%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.87%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-24.60%	-24.09%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-24.09%	-0.51%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-45.38%	-0.01%
Current Drawdown Current decline from peak	-1.02%	-1.02%	0.00%
Average Drawdown Average peak-to-trough decline	-9.01%	-8.50%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.49%	+0.01%

Volatility

VISVX vs. VSIIX - Volatility Comparison

Vanguard Small Cap Value Index Fund (VISVX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) have volatilities of 4.02% and 4.01%, 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.

Volatility by Period

	VISVX	VSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.01%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.65%	10.66%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	15.35%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	19.73%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	21.84%	0.00%

VISVX vs. VSIIX - Expense Ratio Comparison

VISVX has a 0.19% expense ratio, which is higher than VSIIX's 0.06% 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

VISVX vs. VSIIX - Dividend Comparison

VISVX's dividend yield for the trailing twelve months is around 1.62%, less than VSIIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VISVX Vanguard Small Cap Value Index Fund	1.62%	1.28%	1.86%	1.98%	1.90%	1.63%	1.58%	1.95%	2.20%	1.68%	1.42%	1.85%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	1.74%	1.96%	1.99%	2.10%	2.04%	1.76%	1.69%	2.07%	2.36%	1.80%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VISVX and VSIIX in my portfolio?

With a correlation of 1.00, VISVX and VSIIX 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, VISVX or VSIIX?

VISVX has higher volatility (4.02%) compared to VSIIX (4.01%). In terms of maximum drawdown, VISVX dropped -62.15% vs VSIIX's -62.05%.

Which has better risk-adjusted returns?

VSIIX currently has the higher Sharpe Ratio (1.82 vs 1.81), 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.