VSCPX vs. VWEAX

Last updated Jun 5, 2026

VSCPX (Vanguard Small-Cap Index Fund Institutional Plus Shares) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both mutual funds - VSCPX is a Small Cap Blend Equities fund managed by Vanguard, while VWEAX is a High Yield Bonds fund managed by Vanguard. Over the past 10 years, VSCPX returned 11.31%/yr vs 5.24%/yr for VWEAX. At a 0.38 correlation, their price movements are largely independent. VSCPX charges 0.03%/yr vs 0.13%/yr for VWEAX.

Performance

VSCPX vs. VWEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSCPX achieves a 14.17% return, which is significantly higher than VWEAX's 1.01% return. Over the past 10 years, VSCPX has outperformed VWEAX with an annualized return of 11.31%, while VWEAX has yielded a comparatively lower 5.24% annualized return.

VSCPX

• 1D: -0.68%
• 1M: 2.34%
• YTD: 14.17%
• 6M: 13.55%
• 1Y: 28.92%
• 3Y*: 17.06%
• 5Y*: 7.13%
• 10Y*: 11.31%

VWEAX

• 1D: -0.18%
• 1M: 0.36%
• YTD: 1.01%
• 6M: 1.72%
• 1Y: 6.73%
• 3Y*: 8.21%
• 5Y*: 4.15%
• 10Y*: 5.24%

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

VSCPX vs. VWEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	14.17%	8.86%	12.98%	19.52%	-17.59%	17.75%	19.09%	27.40%	-9.31%	16.27%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	1.01%	9.49%	6.42%	11.79%	-8.95%	3.04%	5.41%	15.92%	-2.80%	7.17%

Correlation

The correlation between VSCPX and VWEAX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 14, 2010	0.38

The correlation between VSCPX and VWEAX shifts across timeframes, from 0.38 (all time) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VSCPX vs. VWEAX — Risk / Return Rank

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

VSCPX

VSCPX Risk / Return Rank: 48
VSCPX Sharpe Ratio Rank: 38
VSCPX Sortino Ratio Rank: 37
VSCPX Omega Ratio Rank: 34
VSCPX Calmar Ratio Rank: 70
VSCPX Martin Ratio Rank: 60

VWEAX

VWEAX Risk / Return Rank: 67
VWEAX Sharpe Ratio Rank: 52
VWEAX Sortino Ratio Rank: 76
VWEAX Omega Ratio Rank: 80
VWEAX Calmar Ratio Rank: 52
VWEAX Martin Ratio Rank: 74

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.

VSCPX vs. VWEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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.

	VSCPX	VWEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.13	-0.35
Sortino ratio: Return per unit of downside risk	2.55	3.69	-1.14
Omega ratio: Gain probability vs. loss probability	1.31	1.53	-0.22
Calmar ratio: Return relative to maximum drawdown	3.23	2.76	+0.47
Martin ratio: Return relative to average drawdown	11.91	14.07	-2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSCPX vs. VWEAX - Sharpe Ratio Comparison

The current VSCPX Sharpe Ratio is 1.78, which is comparable to the VWEAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of VSCPX and VWEAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VSCPX	VWEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.13	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.85	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	1.00	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.23	-0.70

Drawdowns

VSCPX vs. VWEAX - Drawdown Comparison

The maximum VSCPX drawdown since its inception was -41.81%, which is greater than VWEAX's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for VSCPX and VWEAX.

Drawdown Indicators

	VSCPX	VWEAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.81%	-30.05%	-11.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-2.52%	-6.45%
Max Drawdown (3Y) Largest decline over 3 years	-25.25%	-3.32%	-21.93%
Max Drawdown (5Y) Largest decline over 5 years	-28.13%	-13.77%	-14.36%
Max Drawdown (10Y) Largest decline over 10 years	-41.81%	-19.68%	-22.13%
Current Drawdown Current decline from peak	-0.68%	-0.18%	-0.50%
Average Drawdown Average peak-to-trough decline	-6.49%	-2.12%	-4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	0.49%	+1.93%

Volatility

VSCPX vs. VWEAX - Volatility Comparison

Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX) has a higher volatility of 4.44% compared to Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) at 0.98%. This indicates that VSCPX's price experiences larger fluctuations and is considered to be riskier than VWEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSCPX	VWEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	0.98%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	2.56%	+9.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.29%	3.26%	+13.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	4.91%	+15.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	5.28%	+16.29%

VSCPX vs. VWEAX - Expense Ratio Comparison

VSCPX has a 0.03% expense ratio, which is lower than VWEAX's 0.13% 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

VSCPX vs. VWEAX - Dividend Comparison

VSCPX's dividend yield for the trailing twelve months is around 1.21%, less than VWEAX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	1.21%	1.35%	1.32%	1.56%	1.56%	1.26%	1.16%	1.41%	1.69%	1.37%	1.52%	1.51%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	6.37%	6.25%	6.20%	5.79%	5.21%	3.49%	4.71%	5.33%	6.07%	5.39%	5.51%	6.53%

Frequently Asked Questions

Can I hold both VSCPX and VWEAX in my portfolio?

VSCPX and VWEAX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSCPX or VWEAX?

VSCPX has higher volatility (4.44%) compared to VWEAX (0.98%). In terms of maximum drawdown, VSCPX dropped -41.81% vs VWEAX's -30.05%.

Which has better risk-adjusted returns?

VWEAX currently has the higher Sharpe Ratio (2.13 vs 1.78), 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.