VSGAX vs. VSMAX

Last updated Aug 2, 2026

VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) and VSMAX (Vanguard Small-Cap 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 VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, VSGAX returned 10.76%/yr vs 10.94%/yr for VSMAX. Their 0.96 correlation means they have historically moved very closely together. VSGAX charges 0.07%/yr vs 0.05%/yr for VSMAX.

Performance

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

Returns By Period

In the year-to-date period, VSGAX achieves a 13.34% return, which is significantly lower than VSMAX's 15.44% return. Both investments have delivered pretty close results over the past 10 years, with VSGAX having a 10.76% annualized return and VSMAX not far ahead at 10.94%.

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%

VSMAX

• 1D: 0.91%
• 1M: -1.57%
• 6M: 10.35%
• YTD: 15.44%
• 1Y: 26.12%
• 3Y*: 13.94%
• 5Y*: 7.48%
• 10Y*: 10.94%
• ALL TIME*: 8.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	$0.00	$0.00	$0.00
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	$0.00	$0.00	$0.00

VSGAX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	15.44%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between VSGAX and VSMAX is 0.94, 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.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.96

The correlation between VSGAX and VSMAX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

VSGAX vs. VSMAX - Sectors Allocation Comparison

Sectors	VSGAX	VSMAX
Technology	27.1%	17.9%
Industrials	23.4%	19.9%
Healthcare	17.9%	12.5%
Consumer Cyclical	8.9%	11.6%
Financial Services	5.7%	12.4%
Real Estate	3.7%	7.9%
Communication Services	3.6%	2.9%
Energy	3.4%	3.9%
Basic Materials	3.1%	4.4%
Consumer Defensive	2.0%	3.3%
Utilities	1.1%	3.3%

Return for Risk

VSGAX vs. VSMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSGAX

VSGAX Risk / Return Rank: 37
VSGAX Sharpe Ratio Rank: 31
VSGAX Sortino Ratio Rank: 32
VSGAX Omega Ratio Rank: 29
VSGAX Calmar Ratio Rank: 48
VSGAX Martin Ratio Rank: 43

VSMAX

VSMAX Risk / Return Rank: 66
VSMAX Sharpe Ratio Rank: 58
VSMAX Sortino Ratio Rank: 60
VSMAX Omega Ratio Rank: 53
VSMAX Calmar Ratio Rank: 79
VSMAX Martin Ratio Rank: 80

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. VSMAX - 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 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.

	VSGAX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.40	-0.42
Sortino ratio: Return per unit of downside risk	1.46	2.05	-0.58
Omega ratio: Gain probability vs. loss probability	1.17	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.77	2.56	-0.79
Martin ratio: Return relative to average drawdown	6.03	9.40	-3.36

VSGAX vs. VSMAX - Sharpe Ratio Comparison

The current VSGAX Sharpe Ratio is 0.97, which is lower than the VSMAX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of VSGAX 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.

Drawdowns

VSGAX vs. VSMAX - Drawdown Comparison

The maximum VSGAX drawdown since its inception was -38.70%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VSGAX and VSMAX.

Drawdown Indicators

	VSGAX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.70%	-59.68%	+20.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-8.97%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-25.25%	-2.22%
Max Drawdown (5Y) Largest decline over 5 years	-38.36%	-28.14%	-10.22%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-41.82%	+3.12%
Current Drawdown Current decline from peak	-6.66%	-2.36%	-4.30%
Average Drawdown Average peak-to-trough decline	-8.49%	-9.64%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.45%	+0.90%

Volatility

VSGAX vs. VSMAX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a higher volatility of 5.24% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 3.32%. This indicates that VSGAX's price experiences larger fluctuations and is considered to be riskier than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSGAX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	3.32%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	11.98%	+4.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	16.47%	+4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.74%	20.67%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.05%	21.51%	+1.54%

VSGAX vs. VSMAX - Expense Ratio Comparison

VSGAX has a 0.07% expense ratio, which is higher than VSMAX'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. VSMAX - Dividend Comparison

VSGAX's dividend yield for the trailing twelve months is around 0.44%, less than VSMAX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.21%	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

Can I hold both VSGAX and VSMAX in my portfolio?

With a correlation of 0.94, VSGAX 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.

Which is riskier, VSGAX or VSMAX?

VSGAX has higher volatility (5.24%) compared to VSMAX (3.32%). In terms of maximum drawdown, VSGAX dropped -38.70% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

VSMAX currently has the higher Sharpe Ratio (1.40 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.