VSGIX vs. VFIAX

Last updated Aug 2, 2026

VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VSGIX is a Small Cap Growth Equities fund managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VSGIX returned 10.77%/yr vs 14.96%/yr for VFIAX. Their correlation of 0.87 means they have usually moved in the same direction. VSGIX charges 0.06%/yr vs 0.04%/yr for VFIAX.

Performance

VSGIX vs. VFIAX - 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 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, VSGIX achieves a 13.37% return, which is significantly higher than VFIAX's 9.33% return. Over the past 10 years, VSGIX has underperformed VFIAX with an annualized return of 10.77%, while VFIAX has yielded a comparatively higher 14.96% annualized return.

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%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VFIAX Vanguard 500 Index Fund Admiral Shares	$0.00	$0.00	$0.00
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	$0.00	$0.00	$0.00

VSGIX vs. VFIAX - 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%
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 VSGIX 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 Nov 13, 2000	0.87

The correlation between VSGIX and VFIAX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

VSGIX vs. VFIAX - Sectors Allocation Comparison

Sectors	VSGIX	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%

Return for Risk

VSGIX vs. VFIAX — 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

VFIAX

VFIAX Risk / Return Rank: 63
VFIAX Sharpe Ratio Rank: 61
VFIAX Sortino Ratio Rank: 57
VFIAX Omega Ratio Rank: 58
VFIAX Calmar Ratio Rank: 65
VFIAX Martin Ratio Rank: 76

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. VFIAX - 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 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.

	VSGIX	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.43	-0.45
Sortino ratio: Return per unit of downside risk	1.46	1.99	-0.53
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.77	2.06	-0.28
Martin ratio: Return relative to average drawdown	6.04	8.84	-2.80

VSGIX vs. VFIAX - Sharpe Ratio Comparison

The current VSGIX 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 VSGIX 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

VSGIX vs. VFIAX - Drawdown Comparison

The maximum VSGIX drawdown since its inception was -58.66%, which is greater than VFIAX's maximum drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VSGIX and VFIAX.

Drawdown Indicators

	VSGIX	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.66%	-55.20%	-3.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-8.90%	-2.48%
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	-6.65%	-2.11%	-4.54%
Average Drawdown Average peak-to-trough decline	-11.29%	-9.35%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.07%	+1.28%

Volatility

VSGIX vs. VFIAX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) has a higher volatility of 5.23% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 3.44%. This indicates that VSGIX'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

	VSGIX	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	3.44%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	16.14%	10.09%	+6.05%
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	12.86%	+7.85%
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	23.03%	18.07%	+4.96%

VSGIX vs. VFIAX - Expense Ratio Comparison

VSGIX has a 0.06% 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

VSGIX vs. VFIAX - Dividend Comparison

VSGIX's dividend yield for the trailing twelve months is around 0.45%, less than VFIAX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 VFIAX in my portfolio?

VSGIX 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, VSGIX or VFIAX?

VSGIX has higher volatility (5.23%) compared to VFIAX (3.44%). In terms of maximum drawdown, VSGIX dropped -58.66% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

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.