VSCIX vs. VINIX

Last updated Jun 23, 2026

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 managed by Vanguard, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VSCIX returned 11.48%/yr vs 15.64%/yr for VINIX. Their correlation of 0.86 suggests significant overlap in exposure. VSCIX charges 0.04%/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.

Returns By Period

In the year-to-date period, VSCIX achieves a 15.44% return, which is significantly higher than VINIX's 10.18% return. Over the past 10 years, VSCIX has underperformed VINIX with an annualized return of 11.48%, while VINIX has yielded a comparatively higher 15.64% 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%

VINIX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.18%
• 6M: 9.68%
• 1Y: 27.16%
• 3Y*: 21.37%
• 5Y*: 14.22%
• 10Y*: 15.64%

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

VSCIX vs. VINIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VINIX Vanguard Institutional Index Fund Institutional Shares	10.18%	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 share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	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	20.7%	8.3%
Technology	18.8%	35.7%
Financial Services	11.9%	11.6%
Healthcare	11.0%	8.5%
Consumer Cyclical	10.3%	10.2%
Real Estate	7.1%	1.9%
Energy	4.7%	3.5%
Basic Materials	4.7%	1.8%
Consumer Defensive	3.4%	4.9%
Utilities	3.1%	2.4%
Communication Services	2.7%	11.3%

Return for Risk

VSCIX vs. VINIX — Risk / Return Rank

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

VSCIX

VSCIX Risk / Return Rank: 55
VSCIX Sharpe Ratio Rank: 45
VSCIX Sortino Ratio Rank: 43
VSCIX Omega Ratio Rank: 40
VSCIX Calmar Ratio Rank: 78
VSCIX Martin Ratio Rank: 68

VINIX

VINIX Risk / Return Rank: 66
VINIX Sharpe Ratio Rank: 64
VINIX Sortino Ratio Rank: 58
VINIX Omega Ratio Rank: 61
VINIX Calmar Ratio Rank: 68
VINIX Martin Ratio Rank: 79

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. 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.

	VSCIX	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.17	-0.36
Sortino ratio: Return per unit of downside risk	2.57	2.93	-0.36
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	3.36	3.04	+0.32
Martin ratio: Return relative to average drawdown	12.35	13.73	-1.38

VSCIX vs. VINIX - Sharpe Ratio Comparison

The current VSCIX Sharpe Ratio is 1.81, which is comparable to the VINIX Sharpe Ratio of 2.17. 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.

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.

Drawdown Indicators

	VSCIX	VINIX	Difference
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	-0.57%	-1.36%	+0.79%
Average Drawdown Average peak-to-trough decline	-10.11%	-8.52%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.96%	+0.47%

Volatility

VSCIX vs. VINIX - Volatility Comparison

Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) has a higher volatility of 5.30% compared to Vanguard Institutional Index Fund Institutional Shares (VINIX) at 4.77%. This indicates that VSCIX's price experiences larger fluctuations and is considered to be riskier than VINIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSCIX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	4.77%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	9.91%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.65%	12.47%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	16.99%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	18.10%	+3.50%

VSCIX vs. VINIX - Expense Ratio Comparison

VSCIX has a 0.04% expense ratio, which is higher than VINIX's 0.04% 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

VSCIX vs. VINIX - Dividend Comparison

VSCIX's dividend yield for the trailing twelve months is around 1.19%, less than VINIX's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VINIX Vanguard Institutional Index Fund Institutional Shares	2.43%	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	1.19%	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

Can I hold both VSCIX and VINIX in my portfolio?

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.

Which is riskier, VSCIX or VINIX?

VSCIX has higher volatility (5.30%) compared to VINIX (4.77%). In terms of maximum drawdown, VSCIX dropped -59.66% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (2.17 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.