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VSGAX vs. VBR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSGAX vs. VBR

Last updated Aug 5, 2026
Documentation

VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) and VBR (Vanguard Small-Cap Value ETF) are both funds - VSGAX is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, VSGAX returned 10.92%/yr vs 10.82%/yr for VBR. Their correlation of 0.87 means they have usually moved in the same direction. VSGAX charges 0.07%/yr vs 0.05%/yr for VBR.

Performance

VSGAX vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VSGAX achieves a 15.11% return, which is significantly lower than VBR's 19.84% return. Both investments have delivered pretty close results over the past 10 years, with VSGAX having a 10.92% annualized return and VBR not far behind at 10.82%.

VSGAX

1D
1.86%
1M
-3.21%
6M
10.49%
YTD
15.11%
1Y
23.34%
3Y*
15.06%
5Y*
4.55%
10Y*
10.92%
ALL TIME*
12.05%

VBR

1D
1.41%
1M
3.29%
6M
12.49%
YTD
19.84%
1Y
29.30%
3Y*
15.90%
5Y*
10.29%
10Y*
10.82%
ALL TIME*
9.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VBR

Vanguard Small-Cap Value ETF
$58.20M$56.01M$67.88M

VSGAX

Vanguard Small-Cap Growth Index Fund Admiral Shares
$0.00$0.00$0.00

VSGAX vs. VBR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSGAX
Vanguard Small-Cap Growth Index Fund Admiral Shares		15.11%8.44%14.94%23.04%-28.39%5.70%35.26%32.76%-5.69%21.92%
VBR
Vanguard Small-Cap Value ETF		19.84%9.09%12.40%16.00%-9.38%28.08%5.90%22.78%-12.28%11.81%

Correlation

The correlation between VSGAX and VBR is 0.76, 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.

0.76

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

0.85

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

0.86

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

0.84

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.87

The correlation between VSGAX and VBR shifts across timeframes, from 0.76 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

VSGAX vs. VBR - Sectors Allocation Comparison

Sectors
VSGAX
VBR

Technology

27.1%
10.9%

Industrials

23.4%
17.3%

Healthcare

17.9%
8.4%

Consumer Cyclical

8.9%
13.6%

Financial Services

5.7%
17.5%

Real Estate

3.7%
11.1%

Communication Services

3.6%
2.4%

Energy

3.4%
4.3%

Basic Materials

3.1%
5.3%

Consumer Defensive

2.0%
4.2%

Utilities

1.1%
4.9%

Technology

VSGAX
27.1%
VBR
10.9%

Industrials

VSGAX
23.4%
VBR
17.3%

Healthcare

VSGAX
17.9%
VBR
8.4%

Consumer Cyclical

VSGAX
8.9%
VBR
13.6%

Financial Services

VSGAX
5.7%
VBR
17.5%

Real Estate

VSGAX
3.7%
VBR
11.1%

Communication Services

VSGAX
3.6%
VBR
2.4%

Energy

VSGAX
3.4%
VBR
4.3%

Basic Materials

VSGAX
3.1%
VBR
5.3%

Consumer Defensive

VSGAX
2.0%
VBR
4.2%

Utilities

VSGAX
1.1%
VBR
4.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Small-Cap Growth Index Fund Admiral Shares

Vanguard Small-Cap Value ETF

Often compared with VSGAX:
VSGAX vs. VSMAXVSGAX vs. VSIAXVSGAX vs. VIGAXVSGAX vs. VFIAXVSGAX vs. VEXRXVSGAX vs. VTSAXVSGAX vs. VOO
Often compared with VBR:
VBR vs. AVUVVBR vs. VBVBR vs. VOOVBR vs. VBKVBR vs. VTIVBR vs. VIOVVBR vs. VSIAX

Return for Risk

VSGAX vs. VBR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VSGAX
VSGAX Risk / Return Rank: 4343
Overall Rank
VSGAX Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
VSGAX Sortino Ratio Rank: 3636
Sortino Ratio Rank
VSGAX Omega Ratio Rank: 3232
Omega Ratio Rank
VSGAX Calmar Ratio Rank: 6060
Calmar Ratio Rank
VSGAX Martin Ratio Rank: 5151
Martin Ratio Rank
VBR
VBR Risk / Return Rank: 8080
Overall Rank
VBR Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
VBR Sortino Ratio Rank: 8181
Sortino Ratio Rank
VBR Omega Ratio Rank: 7676
Omega Ratio Rank
VBR Calmar Ratio Rank: 8282
Calmar Ratio Rank
VBR Martin Ratio Rank: 8282
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.

VSGAX vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) and Vanguard Small-Cap Value ETF (VBR). 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.

VSGAXVBRDifference
Sharpe ratioReturn per unit of total volatility
1.24
1.98

-0.75

Sortino ratioReturn per unit of downside risk
1.80
2.91

-1.11

Omega ratioGain probability vs. loss probability

1.21

1.35

-0.14

Calmar ratioReturn relative to maximum drawdown

2.25

3.32

-1.07

Martin ratioReturn relative to average drawdown

7.56

12.15

-4.59

VSGAX vs. VBR - Sharpe Ratio Comparison

The current VSGAX Sharpe Ratio is 1.24, which is lower than the VBR Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VSGAX and VBR, 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

VSGAX vs. VBR - Drawdown Comparison

The maximum VSGAX drawdown since its inception was -38.70%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for VSGAX and VBR.

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Drawdown Indicators

VSGAXVBRDifference

Max Drawdown

Largest peak-to-trough decline

-38.70%

-61.98%

+23.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.37%

-8.85%

-2.52%

Max Drawdown (3Y)

Largest decline over 3 years

-27.47%

-24.19%

-3.28%

Max Drawdown (5Y)

Largest decline over 5 years

-38.36%

-24.19%

-14.17%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

-45.28%

+6.58%

Current Drawdown

Current decline from peak

-5.20%

0.00%

-5.20%

Average Drawdown

Average peak-to-trough decline

-8.49%

-8.21%

-0.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.38%

2.42%

+0.96%

Volatility

VSGAX vs. VBR - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a higher volatility of 5.54% compared to Vanguard Small-Cap Value ETF (VBR) at 3.81%. This indicates that VSGAX's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSGAXVBRDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.54%

3.81%

+1.73%

Volatility (6M)

Calculated over the trailing 6-month period

16.08%

10.33%

+5.75%

Volatility (1Y)

Calculated over the trailing 1-year period

20.70%

14.89%

+5.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.76%

19.57%

+4.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.06%

21.67%

+1.39%

VSGAX vs. VBR - Expense Ratio Comparison

VSGAX has a 0.07% expense ratio, which is higher than VBR's 0.05% 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

VSGAX vs. VBR - Dividend Comparison

VSGAX's dividend yield for the trailing twelve months is around 0.43%, less than VBR's 1.72% yield.

PositionTTM20252024202320222021202020192018201720162015
VBR
Vanguard Small-Cap Value ETF		1.72%1.95%1.98%2.12%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%
VSGAX
Vanguard Small-Cap Growth Index Fund Admiral Shares		0.43%0.54%0.54%0.67%0.55%0.36%0.44%0.57%0.79%0.81%1.08%0.98%

Frequently Asked Questions

VSGAX and VBR have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VSGAX has higher volatility (5.54%) compared to VBR (3.81%). In terms of maximum drawdown, VSGAX dropped -38.70% vs VBR's -61.98%.

VBR currently has the higher Sharpe Ratio (1.98 vs 1.24), 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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