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VSCIX vs. VINIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSCIX vs. VINIX

Last updated Aug 2, 2026
Documentation

VSCIX (Vanguard Small-Cap Index Fund Institutional Shares) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - VSCIX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VSCIX returned 10.95%/yr vs 15.06%/yr for VINIX. Their correlation of 0.86 means they have usually moved in the same direction. VSCIX charges 0.03%/yr vs 0.04%/yr for VINIX.

Performance

VSCIX vs. VINIX - 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 Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VSCIX achieves a 15.46% return, which is significantly higher than VINIX's 9.34% return. Over the past 10 years, VSCIX has underperformed VINIX with an annualized return of 10.95%, while VINIX has yielded a comparatively higher 15.06% annualized return.

VSCIX

1D
0.91%
1M
-1.56%
6M
10.36%
YTD
15.46%
1Y
26.15%
3Y*
13.95%
5Y*
7.49%
10Y*
10.95%
ALL TIME*
9.25%

VINIX

1D
1.66%
1M
-0.56%
6M
7.78%
YTD
9.34%
1Y
20.61%
3Y*
19.42%
5Y*
12.81%
10Y*
15.06%
ALL TIME*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VINIX

Vanguard Institutional Index Fund Institutional Shares
$0.00$0.00$0.00

VSCIX

Vanguard Small-Cap Index Fund Institutional Shares
$0.00$0.00$0.00

VSCIX vs. VINIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		15.46%8.85%12.96%19.52%-17.60%17.74%19.07%27.40%-9.33%16.25%
VINIX
Vanguard Institutional Index Fund Institutional Shares		9.34%17.85%26.28%25.77%-18.15%28.67%18.40%31.46%-4.42%21.79%

Correlation

The correlation between VSCIX and VINIX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.79

Correlation (3Y)
Balances recent behavior with more history.

0.80

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.85

Correlation (10Y)
Provides a long-term view across more market conditions.

0.85

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

0.86

The correlation between VSCIX and VINIX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

VSCIX vs. VINIX - Sectors Allocation Comparison

Sectors
VSCIX
VINIX

Industrials

19.9%
8.5%

Technology

17.9%
38.6%

Healthcare

12.5%
8.9%

Financial Services

12.4%
11.4%

Consumer Cyclical

11.6%
9.5%

Real Estate

7.9%
1.8%

Basic Materials

4.4%
1.7%

Energy

3.9%
3.0%

Consumer Defensive

3.3%
4.5%

Utilities

3.3%
2.2%

Communication Services

2.9%
9.9%

Industrials

VSCIX
19.9%
VINIX
8.5%

Technology

VSCIX
17.9%
VINIX
38.6%

Healthcare

VSCIX
12.5%
VINIX
8.9%

Financial Services

VSCIX
12.4%
VINIX
11.4%

Consumer Cyclical

VSCIX
11.6%
VINIX
9.5%

Real Estate

VSCIX
7.9%
VINIX
1.8%

Basic Materials

VSCIX
4.4%
VINIX
1.7%

Energy

VSCIX
3.9%
VINIX
3.0%

Consumer Defensive

VSCIX
3.3%
VINIX
4.5%

Utilities

VSCIX
3.3%
VINIX
2.2%

Communication Services

VSCIX
2.9%
VINIX
9.9%

Compare stocks, funds, or ETFs

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Vanguard Small-Cap Index Fund Institutional Shares

Vanguard Institutional Index Fund Institutional Shares

Often compared with VSCIX:
VSCIX vs. VMCIXVSCIX vs. VBVSCIX vs. VOOVSCIX vs. VIEIXVSCIX vs. AVFIXVSCIX vs. IWMVSCIX vs. VWUAX
Often compared with VINIX:
VINIX vs. VOOVINIX vs. VIGIXVINIX vs. JLGMXVINIX vs. VITSXVINIX vs. VTIVINIX vs. VSIAXVINIX vs. TBCIX

Return for Risk

VSCIX vs. VINIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VSCIX
VSCIX Risk / Return Rank: 6666
Overall Rank
VSCIX Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VSCIX Sortino Ratio Rank: 6060
Sortino Ratio Rank
VSCIX Omega Ratio Rank: 5353
Omega Ratio Rank
VSCIX Calmar Ratio Rank: 7979
Calmar Ratio Rank
VSCIX Martin Ratio Rank: 8080
Martin Ratio Rank
VINIX
VINIX Risk / Return Rank: 6363
Overall Rank
VINIX Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
VINIX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VINIX Omega Ratio Rank: 5858
Omega Ratio Rank
VINIX Calmar Ratio Rank: 6565
Calmar Ratio Rank
VINIX Martin Ratio Rank: 7676
Martin Ratio Rank
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.

VSCIX vs. VINIX - 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 Institutional Index Fund Institutional Shares (VINIX). 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.

VSCIXVINIXDifference
Sharpe ratioReturn per unit of total volatility
1.40
1.43

-0.03

Sortino ratioReturn per unit of downside risk
2.05
1.99

+0.06

Omega ratioGain probability vs. loss probability

1.25

1.26

-0.01

Calmar ratioReturn relative to maximum drawdown

2.56

2.06

+0.50

Martin ratioReturn relative to average drawdown

9.41

8.85

+0.56

VSCIX vs. VINIX - Sharpe Ratio Comparison

The current VSCIX Sharpe Ratio is 1.40, which is comparable to the VINIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of VSCIX and VINIX, 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. VINIX - Drawdown Comparison

The maximum VSCIX drawdown since its inception was -59.66%, which is greater than VINIX's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSCIX and VINIX.

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Drawdown Indicators

VSCIXVINIXDifference

Max Drawdown

Largest peak-to-trough decline

-59.66%

-55.19%

-4.47%

Max Drawdown (1Y)

Largest decline over 1 year

-8.97%

-8.90%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-25.25%

-18.75%

-6.50%

Max Drawdown (5Y)

Largest decline over 5 years

-28.13%

-24.51%

-3.62%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

-33.79%

-8.02%

Current Drawdown

Current decline from peak

-2.35%

-2.11%

-0.24%

Average Drawdown

Average peak-to-trough decline

-10.08%

-8.50%

-1.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

2.07%

+0.38%

Volatility

VSCIX vs. VINIX - Volatility Comparison

Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) and Vanguard Institutional Index Fund Institutional Shares (VINIX) have volatilities of 3.31% and 3.44%, 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.

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Volatility by Period

VSCIXVINIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

3.44%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

11.97%

10.09%

+1.88%

Volatility (1Y)

Calculated over the trailing 1-year period

16.47%

12.86%

+3.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.67%

17.01%

+3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.52%

18.06%

+3.46%

VSCIX vs. VINIX - Expense Ratio Comparison

VSCIX has a 0.03% expense ratio, which is lower than VINIX's 0.04% 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. VINIX - Dividend Comparison

VSCIX's dividend yield for the trailing twelve months is around 1.22%, less than VINIX's 2.50% yield.

PositionTTM20252024202320222021202020192018201720162015
VINIX
Vanguard Institutional Index Fund Institutional Shares		2.50%2.10%3.64%2.65%3.38%4.77%3.06%2.85%2.43%1.82%2.36%2.45%
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		1.22%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

VSCIX and VINIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VINIX has higher volatility (3.44%) compared to VSCIX (3.31%). In terms of maximum drawdown, VSCIX dropped -59.66% vs VINIX's -55.19%.

VINIX currently has the higher Sharpe Ratio (1.43 vs 1.40), 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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