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VSCIX vs. VSMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSCIX vs. VSMAX

Last updated Jun 24, 2026

VSCIX (Vanguard Small-Cap Index Fund Institutional Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds from Vanguard. Over the past 10 years, VSCIX returned 11.79%/yr vs 11.78%/yr for VSMAX. With a 1.00 correlation, they move nearly in lockstep. VSCIX charges 0.04%/yr vs 0.05%/yr for VSMAX.

Performance

VSCIX vs. VSMAX - 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 Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VSCIX at 15.72% and VSMAX at 15.72%. Both investments have delivered pretty close results over the past 10 years, with VSCIX having a 11.79% annualized return and VSMAX not far behind at 11.78%.

VSCIX

1D
0.25%
1M
2.87%
YTD
15.72%
6M
13.57%
1Y
29.06%
3Y*
17.54%
5Y*
7.38%
10Y*
11.79%

VSMAX

1D
0.25%
1M
2.87%
YTD
15.72%
6M
13.57%
1Y
29.05%
3Y*
17.53%
5Y*
7.37%
10Y*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VSCIX vs. VSMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		15.72%8.85%12.96%19.52%-17.60%17.74%19.07%27.40%-9.33%16.25%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		15.72%8.83%14.23%18.17%-17.61%17.74%19.06%27.36%-9.33%16.24%

Correlation

The correlation between VSCIX and VSMAX 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 Nov 13, 2000

1.00

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

VSCIX vs. VSMAX - Sectors Allocation Comparison

Sectors
VSCIX
VSMAX

Industrials

20.7%
20.7%

Technology

18.8%
18.8%

Financial Services

11.9%
11.9%

Healthcare

11.0%
11.0%

Consumer Cyclical

10.3%
10.3%

Real Estate

7.1%
7.1%

Energy

4.7%
4.7%

Basic Materials

4.7%
4.7%

Consumer Defensive

3.4%
3.4%

Utilities

3.1%
3.1%

Communication Services

2.7%
2.7%

Industrials

VSCIX
20.7%
VSMAX
20.7%

Technology

VSCIX
18.8%
VSMAX
18.8%

Financial Services

VSCIX
11.9%
VSMAX
11.9%

Healthcare

VSCIX
11.0%
VSMAX
11.0%

Consumer Cyclical

VSCIX
10.3%
VSMAX
10.3%

Real Estate

VSCIX
7.1%
VSMAX
7.1%

Energy

VSCIX
4.7%
VSMAX
4.7%

Basic Materials

VSCIX
4.7%
VSMAX
4.7%

Consumer Defensive

VSCIX
3.4%
VSMAX
3.4%

Utilities

VSCIX
3.1%
VSMAX
3.1%

Communication Services

VSCIX
2.7%
VSMAX
2.7%

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Vanguard Small-Cap Index Fund Institutional Shares

Vanguard Small-Cap Index Fund Admiral Shares

Often compared with VSCIX:
VSCIX vs. VMCIXVSCIX vs. VINIXVSCIX vs. VBVSCIX vs. VOOVSCIX vs. VIEIXVSCIX vs. IWMVSCIX vs. AVFIX
Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM

Return for Risk

VSCIX vs. VSMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VSCIX
VSCIX Risk / Return Rank: 5656
Overall Rank
VSCIX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VSCIX Sortino Ratio Rank: 4545
Sortino Ratio Rank
VSCIX Omega Ratio Rank: 4040
Omega Ratio Rank
VSCIX Calmar Ratio Rank: 7979
Calmar Ratio Rank
VSCIX Martin Ratio Rank: 6969
Martin Ratio Rank
VSMAX
VSMAX Risk / Return Rank: 5555
Overall Rank
VSMAX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 4545
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 4040
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 7979
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 6969
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. VSMAX - 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 Small-Cap Index Fund Admiral Shares (VSMAX). 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.

VSCIXVSMAXDifference
Sharpe ratioReturn per unit of total volatility
1.82
1.82

0.00

Sortino ratioReturn per unit of downside risk
2.59
2.59

0.00

Omega ratioGain probability vs. loss probability

1.31

1.31

0.00

Calmar ratioReturn relative to maximum drawdown

3.38

3.38

0.00

Martin ratioReturn relative to average drawdown

12.45

12.44

+0.01

VSCIX vs. VSMAX - Sharpe Ratio Comparison

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

The maximum VSCIX drawdown since its inception was -59.66%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VSCIX and VSMAX.

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Drawdown Indicators

VSCIXVSMAXDifference

Max Drawdown

Largest peak-to-trough decline

-59.66%

-59.68%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-8.97%

-8.97%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-25.25%

-25.25%

0.00%

Max Drawdown (5Y)

Largest decline over 5 years

-28.13%

-28.14%

+0.01%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

-41.82%

+0.01%

Current Drawdown

Current decline from peak

-0.33%

-0.33%

0.00%

Average Drawdown

Average peak-to-trough decline

-10.11%

-9.68%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.43%

2.43%

0.00%

Volatility

VSCIX vs. VSMAX - Volatility Comparison

Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) have volatilities of 4.97% and 4.96%, 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

VSCIXVSMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

4.96%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

12.22%

12.22%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

16.68%

16.68%

0.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.76%

20.75%

+0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.60%

21.59%

+0.01%

VSCIX vs. VSMAX - Expense Ratio Comparison

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

VSCIX's dividend yield for the trailing twelve months is around 1.18%, which matches VSMAX's 1.17% yield.

PositionTTM20252024202320222021202020192018201720162015
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		1.18%1.34%1.31%1.55%1.55%1.25%1.15%1.40%1.68%1.36%1.50%1.49%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		1.17%1.33%1.30%1.56%1.54%1.24%1.14%1.39%1.67%1.35%1.49%1.48%

Frequently Asked Questions

With a correlation of 1.00, VSCIX and VSMAX 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.

VSCIX has higher volatility (4.97%) compared to VSMAX (4.96%). In terms of maximum drawdown, VSCIX dropped -59.66% vs VSMAX's -59.68%.

VSCIX currently has the higher Sharpe Ratio (1.82 vs 1.82), 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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