VSGAX vs. VFIAX

Last updated Jun 24, 2026

VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VSGAX is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VSGAX returned 12.20%/yr vs 15.76%/yr for VFIAX. Their correlation of 0.86 suggests significant overlap in exposure. VSGAX charges 0.07%/yr vs 0.04%/yr for VFIAX.

Performance

VSGAX vs. VFIAX - 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 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSGAX achieves a 18.73% return, which is significantly higher than VFIAX's 9.77% return. Over the past 10 years, VSGAX has underperformed VFIAX with an annualized return of 12.20%, while VFIAX has yielded a comparatively higher 15.76% annualized return.

VSGAX

• 1D: 0.31%
• 1M: 3.10%
• YTD: 18.73%
• 6M: 15.71%
• 1Y: 32.48%
• 3Y*: 18.20%
• 5Y*: 5.11%
• 10Y*: 12.20%

VFIAX

• 1D: -0.36%
• 1M: 0.10%
• YTD: 9.77%
• 6M: 8.77%
• 1Y: 25.48%
• 3Y*: 21.36%
• 5Y*: 13.57%
• 10Y*: 15.76%

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

VSGAX vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	18.73%	8.44%	14.94%	23.04%	-28.39%	5.70%	35.26%	32.76%	-5.69%	21.92%
VFIAX Vanguard 500 Index Fund Admiral Shares	9.77%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	31.46%	-4.45%	21.78%

Correlation

The correlation between VSGAX and VFIAX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
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 Sep 27, 2011	0.86

The correlation between VSGAX and VFIAX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

VSGAX vs. VFIAX - Sectors Allocation Comparison

Sectors	VSGAX	VFIAX
Technology	27.2%	39.1%
Industrials	24.6%	7.6%
Healthcare	14.4%	8.3%
Consumer Cyclical	7.9%	9.8%
Financial Services	5.4%	10.9%
Energy	4.4%	3.2%
Real Estate	3.5%	1.8%
Communication Services	3.0%	10.5%
Consumer Defensive	2.7%	4.5%
Basic Materials	2.7%	1.7%
Utilities	1.3%	2.5%

Return for Risk

VSGAX vs. VFIAX — Risk / Return Rank

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

VSGAX

VSGAX Risk / Return Rank: 46
VSGAX Sharpe Ratio Rank: 38
VSGAX Sortino Ratio Rank: 35
VSGAX Omega Ratio Rank: 32
VSGAX Calmar Ratio Rank: 64
VSGAX Martin Ratio Rank: 58

VFIAX

VFIAX Risk / Return Rank: 65
VFIAX Sharpe Ratio Rank: 63
VFIAX Sortino Ratio Rank: 57
VFIAX Omega Ratio Rank: 59
VFIAX Calmar Ratio Rank: 68
VFIAX Martin Ratio Rank: 78

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.

VSGAX vs. VFIAX - 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 500 Index Fund Admiral Shares (VFIAX). 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.

	VSGAX	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.15	-0.50
Sortino ratio: Return per unit of downside risk	2.29	2.91	-0.62
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	2.94	3.01	-0.07
Martin ratio: Return relative to average drawdown	11.00	13.60	-2.60

VSGAX vs. VFIAX - Sharpe Ratio Comparison

The current VSGAX Sharpe Ratio is 1.65, which is comparable to the VFIAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VSGAX and VFIAX, 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

VSGAX vs. VFIAX - Drawdown Comparison

The maximum VSGAX drawdown since its inception was -38.70%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VSGAX and VFIAX.

Drawdown Indicators

	VSGAX	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-55.20%	+16.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-8.90%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-18.75%	-8.72%
Max Drawdown (5Y) Largest decline over 5 years	-38.36%	-24.53%	-13.83%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-33.83%	-4.87%
Current Drawdown Current decline from peak	0.00%	-1.72%	+1.72%
Average Drawdown Average peak-to-trough decline	-8.53%	-9.38%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	1.97%	+1.07%

Volatility

VSGAX vs. VFIAX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a higher volatility of 6.93% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 4.67%. This indicates that VSGAX's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSGAX	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	4.67%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	9.84%	+5.96%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	12.50%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.70%	16.99%	+6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	18.11%	+4.97%

VSGAX vs. VFIAX - Expense Ratio Comparison

VSGAX has a 0.07% expense ratio, which is higher than VFIAX'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

VSGAX vs. VFIAX - Dividend Comparison

VSGAX's dividend yield for the trailing twelve months is around 0.44%, less than VFIAX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFIAX Vanguard 500 Index Fund Admiral Shares	1.03%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	0.44%	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

Can I hold both VSGAX and VFIAX in my portfolio?

VSGAX and VFIAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSGAX or VFIAX?

VSGAX has higher volatility (6.93%) compared to VFIAX (4.67%). In terms of maximum drawdown, VSGAX dropped -38.70% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

VFIAX currently has the higher Sharpe Ratio (2.15 vs 1.65), 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.