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VSCIX vs. VIEIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSCIX vs. VIEIX

Last updated Jun 23, 2026

VSCIX (Vanguard Small-Cap Index Fund Institutional Shares) and VIEIX (Vanguard Extended Market Index Fund Institutional Shares) are both mutual funds - VSCIX is a Small Cap Blend Equities fund managed by Vanguard, while VIEIX is a Mid Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VSCIX returned 11.48%/yr vs 12.34%/yr for VIEIX. With a 0.98 correlation, they move nearly in lockstep. VSCIX charges 0.04%/yr vs 0.05%/yr for VIEIX.

Performance

VSCIX vs. VIEIX - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with VSCIX having a 15.44% return and VIEIX slightly higher at 15.70%. Over the past 10 years, VSCIX has underperformed VIEIX with an annualized return of 11.48%, while VIEIX has yielded a comparatively higher 12.34% annualized return.

VSCIX

1D
1.27%
1M
2.62%
YTD
15.44%
6M
12.71%
1Y
29.90%
3Y*
16.30%
5Y*
7.88%
10Y*
11.48%

VIEIX

1D
1.66%
1M
4.42%
YTD
15.70%
6M
12.70%
1Y
30.64%
3Y*
19.14%
5Y*
6.96%
10Y*
12.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VSCIX vs. VIEIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		15.44%8.85%12.96%19.52%-17.60%17.74%19.07%27.40%-9.33%16.25%
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		15.70%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%

Correlation

The correlation between VSCIX and VIEIX is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Jul 7, 1997

0.98

The correlation between VSCIX and VIEIX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

VSCIX vs. VIEIX - Sectors Allocation Comparison

Sectors
VSCIX
VIEIX

Industrials

20.7%
19.3%

Technology

18.8%
22.8%

Financial Services

11.9%
14.0%

Healthcare

11.0%
12.9%

Consumer Cyclical

10.3%
9.2%

Real Estate

7.1%
5.8%

Energy

4.7%
4.4%

Basic Materials

4.7%
4.2%

Consumer Defensive

3.4%
2.5%

Utilities

3.1%
1.9%

Communication Services

2.7%
3.2%

Industrials

VSCIX
20.7%
VIEIX
19.3%

Technology

VSCIX
18.8%
VIEIX
22.8%

Financial Services

VSCIX
11.9%
VIEIX
14.0%

Healthcare

VSCIX
11.0%
VIEIX
12.9%

Consumer Cyclical

VSCIX
10.3%
VIEIX
9.2%

Real Estate

VSCIX
7.1%
VIEIX
5.8%

Energy

VSCIX
4.7%
VIEIX
4.4%

Basic Materials

VSCIX
4.7%
VIEIX
4.2%

Consumer Defensive

VSCIX
3.4%
VIEIX
2.5%

Utilities

VSCIX
3.1%
VIEIX
1.9%

Communication Services

VSCIX
2.7%
VIEIX
3.2%

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Vanguard Small-Cap Index Fund Institutional Shares

Vanguard Extended Market Index Fund Institutional Shares

Often compared with VSCIX:
VSCIX vs. VMCIXVSCIX vs. VINIXVSCIX vs. VBVSCIX vs. VOOVSCIX vs. IWMVSCIX vs. AVFIXVSCIX vs. VWUAX
Often compared with VIEIX:
VIEIX vs. FSMAXVIEIX vs. VOOVIEIX vs. VMCIXVIEIX vs. VEXAXVIEIX vs. VEXRXVIEIX vs. SPYVIEIX vs. AVUV

Return for Risk

VSCIX vs. VIEIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VSCIX
VSCIX Risk / Return Rank: 5555
Overall Rank
VSCIX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VSCIX Sortino Ratio Rank: 4343
Sortino Ratio Rank
VSCIX Omega Ratio Rank: 4040
Omega Ratio Rank
VSCIX Calmar Ratio Rank: 7878
Calmar Ratio Rank
VSCIX Martin Ratio Rank: 6868
Martin Ratio Rank
VIEIX
VIEIX Risk / Return Rank: 4747
Overall Rank
VIEIX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 3838
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3535
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 5555
Martin Ratio Rank
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.

VSCIX vs. VIEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) and Vanguard Extended Market Index Fund Institutional Shares (VIEIX). 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.

VSCIXVIEIXDifference
Sharpe ratioReturn per unit of total volatility
1.81
1.71

+0.10

Sortino ratioReturn per unit of downside risk
2.57
2.39

+0.18

Omega ratioGain probability vs. loss probability

1.31

1.29

+0.02

Calmar ratioReturn relative to maximum drawdown

3.36

2.98

+0.38

Martin ratioReturn relative to average drawdown

12.35

10.46

+1.89

VSCIX vs. VIEIX - Sharpe Ratio Comparison

The current VSCIX Sharpe Ratio is 1.81, which is comparable to the VIEIX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VSCIX and VIEIX, 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

VSCIX vs. VIEIX - Drawdown Comparison

The maximum VSCIX drawdown since its inception was -59.66%, roughly equal to the maximum VIEIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for VSCIX and VIEIX.

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Drawdown Indicators

VSCIXVIEIXDifference

Max Drawdown

Largest peak-to-trough decline

-59.66%

-58.03%

-1.63%

Max Drawdown (1Y)

Largest decline over 1 year

-8.97%

-10.25%

+1.28%

Max Drawdown (3Y)

Largest decline over 3 years

-25.25%

-26.84%

+1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-28.13%

-36.32%

+8.19%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

-41.62%

-0.19%

Current Drawdown

Current decline from peak

-0.57%

-0.12%

-0.45%

Average Drawdown

Average peak-to-trough decline

-10.11%

-13.81%

+3.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.43%

2.91%

-0.48%

Volatility

VSCIX vs. VIEIX - Volatility Comparison

The current volatility for Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) is 5.30%, while Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a volatility of 6.38%. This indicates that VSCIX experiences smaller price fluctuations and is considered to be less risky than VIEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSCIXVIEIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

6.38%

-1.08%

Volatility (6M)

Calculated over the trailing 6-month period

12.24%

13.33%

-1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

16.65%

17.81%

-1.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.77%

22.45%

-1.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.60%

22.41%

-0.81%

VSCIX vs. VIEIX - Expense Ratio Comparison

VSCIX has a 0.04% expense ratio, which is lower than VIEIX's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VSCIX vs. VIEIX - Dividend Comparison

VSCIX's dividend yield for the trailing twelve months is around 1.19%, more than VIEIX's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		1.00%1.14%1.10%1.26%1.16%1.14%1.08%1.31%1.67%1.27%1.45%1.37%
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		1.19%1.34%1.31%1.55%1.55%1.25%1.15%1.40%1.68%1.36%1.50%1.49%

Frequently Asked Questions

With a correlation of 0.98, VSCIX and VIEIX 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.

VIEIX has higher volatility (6.38%) compared to VSCIX (5.30%). In terms of maximum drawdown, VSCIX dropped -59.66% vs VIEIX's -58.03%.

VSCIX currently has the higher Sharpe Ratio (1.81 vs 1.71), 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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