VSGIX vs. VB

Last updated Aug 2, 2026

VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) and VB (Vanguard Small-Cap ETF) are both funds - VSGIX is a Small Cap Growth Equities fund managed by Vanguard, while VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, VSGIX returned 10.77%/yr vs 11.08%/yr for VB. Their 0.96 correlation means they have historically moved very closely together. VSGIX charges 0.06%/yr vs 0.03%/yr for VB.

Performance

VSGIX vs. VB - Performance Comparison

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

Returns By Period

In the year-to-date period, VSGIX achieves a 13.37% return, which is significantly lower than VB's 15.19% return. Both investments have delivered pretty close results over the past 10 years, with VSGIX having a 10.77% annualized return and VB not far ahead at 11.08%.

VSGIX

• 1D: 2.22%
• 1M: -4.69%
• 6M: 9.37%
• YTD: 13.37%
• 1Y: 23.57%
• 3Y*: 13.22%
• 5Y*: 4.18%
• 10Y*: 10.77%
• ALL TIME*: 9.29%

VB

• 1D: -0.22%
• 1M: -1.73%
• 6M: 10.09%
• YTD: 15.19%
• 1Y: 25.91%
• 3Y*: 14.02%
• 5Y*: 7.45%
• 10Y*: 11.08%
• ALL TIME*: 9.88%

*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)
VB Vanguard Small-Cap ETF	$121.48M	$119.40M	$165.11M
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	$0.00	$0.00	$0.00

VSGIX vs. VB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	13.37%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	32.77%	-5.70%	21.94%
VB Vanguard Small-Cap ETF	15.19%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%

Correlation

The correlation between VSGIX and VB 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 Jan 30, 2004	0.96

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

VSGIX vs. VB - Sectors Allocation Comparison

Sectors	VSGIX	VB
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

VSGIX vs. VB — Risk / Return Rank

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

VSGIX

VSGIX Risk / Return Rank: 36
VSGIX Sharpe Ratio Rank: 31
VSGIX Sortino Ratio Rank: 31
VSGIX Omega Ratio Rank: 29
VSGIX Calmar Ratio Rank: 48
VSGIX Martin Ratio Rank: 43

VB

VB Risk / Return Rank: 69
VB Sharpe Ratio Rank: 63
VB Sortino Ratio Rank: 65
VB Omega Ratio Rank: 60
VB Calmar Ratio Rank: 76
VB Martin Ratio Rank: 78

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.

VSGIX vs. VB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) and Vanguard Small-Cap ETF (VB). 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.

	VSGIX	VB	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.46	-0.48
Sortino ratio: Return per unit of downside risk	1.46	2.13	-0.66
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	1.77	2.67	-0.89
Martin ratio: Return relative to average drawdown	6.04	9.73	-3.70

VSGIX vs. VB - Sharpe Ratio Comparison

The current VSGIX Sharpe Ratio is 0.97, which is lower than the VB Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VSGIX and VB, 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

VSGIX vs. VB - Drawdown Comparison

The maximum VSGIX drawdown since its inception was -58.66%, roughly equal to the maximum VB drawdown of -59.56%. Use the drawdown chart below to compare losses from any high point for VSGIX and VB.

Drawdown Indicators

	VSGIX	VB	Difference
Max Drawdown Largest peak-to-trough decline	-58.66%	-59.56%	+0.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-8.98%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-25.36%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-38.36%	-28.15%	-10.21%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-42.05%	+3.35%
Current Drawdown Current decline from peak	-6.65%	-2.63%	-4.02%
Average Drawdown Average peak-to-trough decline	-11.29%	-8.39%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.46%	+0.89%

Volatility

VSGIX vs. VB - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) has a higher volatility of 5.23% compared to Vanguard Small-Cap ETF (VB) at 3.36%. This indicates that VSGIX's price experiences larger fluctuations and is considered to be riskier than VB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSGIX	VB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	3.36%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	16.14%	12.01%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	16.47%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.74%	20.69%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.03%	21.37%	+1.66%

VSGIX vs. VB - Expense Ratio Comparison

VSGIX has a 0.06% expense ratio, which is higher than VB's 0.03% 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

VSGIX vs. VB - Dividend Comparison

VSGIX's dividend yield for the trailing twelve months is around 0.45%, less than VB's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VB Vanguard Small-Cap ETF	1.22%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	0.45%	0.55%	0.55%	0.68%	0.56%	0.37%	0.45%	0.58%	0.80%	0.82%	1.09%	0.98%

Frequently Asked Questions

Can I hold both VSGIX and VB in my portfolio?

With a correlation of 0.94, VSGIX and VB 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, VSGIX or VB?

VSGIX has higher volatility (5.23%) compared to VB (3.36%). In terms of maximum drawdown, VSGIX dropped -58.66% vs VB's -59.56%.

Which has better risk-adjusted returns?

VB currently has the higher Sharpe Ratio (1.46 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.