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VSGAX vs. VFIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSGAX vs. VFIAX

Last updated Aug 2, 2026
Documentation

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 10.76%/yr vs 14.96%/yr for VFIAX. Their correlation of 0.86 means they have usually moved in the same direction. 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.

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Returns By Period

In the year-to-date period, VSGAX achieves a 13.34% return, which is significantly higher than VFIAX's 9.33% return. Over the past 10 years, VSGAX has underperformed VFIAX with an annualized return of 10.76%, while VFIAX has yielded a comparatively higher 14.96% annualized return.

VSGAX

1D
2.22%
1M
-4.69%
6M
9.35%
YTD
13.34%
1Y
23.55%
3Y*
13.20%
5Y*
4.17%
10Y*
10.76%
ALL TIME*
11.94%

VFIAX

1D
1.66%
1M
-0.56%
6M
7.77%
YTD
9.33%
1Y
20.60%
3Y*
19.00%
5Y*
12.65%
10Y*
14.96%
ALL TIME*
8.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VFIAX

Vanguard 500 Index Fund Admiral Shares
$0.00$0.00$0.00

VSGAX

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

VSGAX vs. VFIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSGAX
Vanguard Small-Cap Growth Index Fund Admiral Shares		13.34%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		9.33%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, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.82

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

0.83

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

0.85

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

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

27.1%
38.6%

Industrials

23.4%
8.5%

Healthcare

17.9%
8.9%

Consumer Cyclical

8.9%
9.5%

Financial Services

5.7%
11.4%

Real Estate

3.7%
1.8%

Communication Services

3.6%
9.9%

Energy

3.4%
3.0%

Basic Materials

3.1%
1.7%

Consumer Defensive

2.0%
4.5%

Utilities

1.1%
2.2%

Technology

VSGAX
27.1%
VFIAX
38.6%

Industrials

VSGAX
23.4%
VFIAX
8.5%

Healthcare

VSGAX
17.9%
VFIAX
8.9%

Consumer Cyclical

VSGAX
8.9%
VFIAX
9.5%

Financial Services

VSGAX
5.7%
VFIAX
11.4%

Real Estate

VSGAX
3.7%
VFIAX
1.8%

Communication Services

VSGAX
3.6%
VFIAX
9.9%

Energy

VSGAX
3.4%
VFIAX
3.0%

Basic Materials

VSGAX
3.1%
VFIAX
1.7%

Consumer Defensive

VSGAX
2.0%
VFIAX
4.5%

Utilities

VSGAX
1.1%
VFIAX
2.2%

Compare stocks, funds, or ETFs

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Vanguard Small-Cap Growth Index Fund Admiral Shares

Vanguard 500 Index Fund Admiral Shares

Often compared with VSGAX:
VSGAX vs. VSMAXVSGAX vs. VSIAXVSGAX vs. VIGAXVSGAX vs. VEXRXVSGAX vs. VTSAXVSGAX vs. VOOVSGAX vs. VIMAX
Often compared with VFIAX:
VFIAX vs. VOOVFIAX vs. VTIVFIAX vs. SPYVFIAX vs. VITAXVFIAX vs. VVIAXVFIAX vs. VFIFXVFIAX vs. VBIAX

Return for Risk

VSGAX vs. VFIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VSGAX
VSGAX Risk / Return Rank: 3737
Overall Rank
VSGAX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
VSGAX Sortino Ratio Rank: 3232
Sortino Ratio Rank
VSGAX Omega Ratio Rank: 2929
Omega Ratio Rank
VSGAX Calmar Ratio Rank: 4848
Calmar Ratio Rank
VSGAX Martin Ratio Rank: 4343
Martin Ratio Rank
VFIAX
VFIAX Risk / Return Rank: 6363
Overall Rank
VFIAX Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
VFIAX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VFIAX Omega Ratio Rank: 5858
Omega Ratio Rank
VFIAX Calmar Ratio Rank: 6565
Calmar Ratio Rank
VFIAX Martin Ratio Rank: 7676
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. 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.

VSGAXVFIAXDifference
Sharpe ratioReturn per unit of total volatility
0.97
1.43

-0.45

Sortino ratioReturn per unit of downside risk
1.46
1.99

-0.53

Omega ratioGain probability vs. loss probability

1.17

1.26

-0.08

Calmar ratioReturn relative to maximum drawdown

1.77

2.06

-0.29

Martin ratioReturn relative to average drawdown

6.03

8.84

-2.81

VSGAX vs. VFIAX - Sharpe Ratio Comparison

The current VSGAX Sharpe Ratio is 0.97, which is lower than the VFIAX Sharpe Ratio of 1.43. 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.

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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.

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Drawdown Indicators

VSGAXVFIAXDifference

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

-6.66%

-2.11%

-4.55%

Average Drawdown

Average peak-to-trough decline

-8.49%

-9.35%

+0.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

2.07%

+1.28%

Volatility

VSGAX vs. VFIAX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a higher volatility of 5.24% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 3.44%. 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.

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Volatility by Period

VSGAXVFIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.24%

3.44%

+1.80%

Volatility (6M)

Calculated over the trailing 6-month period

16.13%

10.09%

+6.04%

Volatility (1Y)

Calculated over the trailing 1-year period

20.70%

12.86%

+7.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.74%

17.01%

+6.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.05%

18.07%

+4.98%

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 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
VFIAX
Vanguard 500 Index Fund Admiral Shares		1.07%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

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.

VSGAX has higher volatility (5.24%) compared to VFIAX (3.44%). In terms of maximum drawdown, VSGAX dropped -38.70% vs VFIAX's -55.20%.

VFIAX currently has the higher Sharpe Ratio (1.43 vs 0.97), 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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