VRTGX vs. VIOO

Last updated Jun 23, 2026

VRTGX (Vanguard Russell 2000 Growth Index Fund Institutional Shares) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both funds - VRTGX is a Small Cap Growth Equities fund managed by Vanguard, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Over the past 10 years, VRTGX returned 11.89%/yr vs 11.35%/yr for VIOO. Their correlation of 0.90 suggests significant overlap in exposure. VRTGX charges 0.08%/yr vs 0.07%/yr for VIOO.

Performance

VRTGX vs. VIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Growth Index Fund Institutional Shares (VRTGX) and Vanguard S&P Small-Cap 600 ETF (VIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRTGX achieves a 20.80% return, which is significantly higher than VIOO's 19.73% return. Both investments have delivered pretty close results over the past 10 years, with VRTGX having a 11.89% annualized return and VIOO not far behind at 11.35%.

VRTGX

• 1D: 2.59%
• 1M: 4.73%
• YTD: 20.80%
• 6M: 16.63%
• 1Y: 41.93%
• 3Y*: 18.49%
• 5Y*: 6.25%
• 10Y*: 11.89%

VIOO

• 1D: 0.05%
• 1M: 4.59%
• YTD: 19.73%
• 6M: 16.79%
• 1Y: 36.99%
• 3Y*: 16.33%
• 5Y*: 6.65%
• 10Y*: 11.35%

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

VRTGX vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRTGX Vanguard Russell 2000 Growth Index Fund Institutional Shares	20.80%	12.97%	15.26%	18.80%	-26.30%	2.82%	34.81%	28.84%	-9.21%	22.27%
VIOO Vanguard S&P Small-Cap 600 ETF	19.73%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between VRTGX and VIOO is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.90

The correlation between VRTGX and VIOO has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

VRTGX vs. VIOO — Risk / Return Rank

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

VRTGX

VRTGX Risk / Return Rank: 49
VRTGX Sharpe Ratio Rank: 48
VRTGX Sortino Ratio Rank: 44
VRTGX Omega Ratio Rank: 39
VRTGX Calmar Ratio Rank: 59
VRTGX Martin Ratio Rank: 53

VIOO

VIOO Risk / Return Rank: 71
VIOO Sharpe Ratio Rank: 66
VIOO Sortino Ratio Rank: 69
VIOO Omega Ratio Rank: 60
VIOO Calmar Ratio Rank: 83
VIOO Martin Ratio Rank: 77

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.

VRTGX vs. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 Growth Index Fund Institutional Shares (VRTGX) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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.

	VRTGX	VIOO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.09	-0.20
Sortino ratio: Return per unit of downside risk	2.57	3.00	-0.44
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.83	4.24	-1.41
Martin ratio: Return relative to average drawdown	10.14	14.31	-4.17

VRTGX vs. VIOO - Sharpe Ratio Comparison

The current VRTGX Sharpe Ratio is 1.89, which is comparable to the VIOO Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of VRTGX and VIOO, 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

VRTGX vs. VIOO - Drawdown Comparison

The maximum VRTGX drawdown since its inception was -41.97%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for VRTGX and VIOO.

Drawdown Indicators

	VRTGX	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-44.15%	+2.18%
Max Drawdown (1Y) Largest decline over 1 year	-14.80%	-8.77%	-6.03%
Max Drawdown (3Y) Largest decline over 3 years	-28.54%	-27.93%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-40.48%	-27.93%	-12.55%
Max Drawdown (10Y) Largest decline over 10 years	-41.97%	-44.15%	+2.18%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-10.41%	-7.31%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.59%	+1.54%

Volatility

VRTGX vs. VIOO - Volatility Comparison

Vanguard Russell 2000 Growth Index Fund Institutional Shares (VRTGX) has a higher volatility of 8.00% compared to Vanguard S&P Small-Cap 600 ETF (VIOO) at 4.93%. This indicates that VRTGX's price experiences larger fluctuations and is considered to be riskier than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRTGX	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	4.93%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	16.84%	12.10%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.20%	17.80%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.71%	21.40%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	23.01%	+1.58%

VRTGX vs. VIOO - Expense Ratio Comparison

VRTGX has a 0.08% expense ratio, which is higher than VIOO'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

VRTGX vs. VIOO - Dividend Comparison

VRTGX's dividend yield for the trailing twelve months is around 0.61%, less than VIOO's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOO Vanguard S&P Small-Cap 600 ETF	1.13%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%
VRTGX Vanguard Russell 2000 Growth Index Fund Institutional Shares	0.61%	0.57%	0.62%	0.85%	0.78%	0.54%	0.53%	0.90%	0.85%	0.75%	1.07%	0.84%

Frequently Asked Questions

Can I hold both VRTGX and VIOO in my portfolio?

VRTGX and VIOO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRTGX or VIOO?

VRTGX has higher volatility (8.00%) compared to VIOO (4.93%). In terms of maximum drawdown, VRTGX dropped -41.97% vs VIOO's -44.15%.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (2.09 vs 1.89), 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.