VSGIX vs. VSIAX

Last updated Jun 4, 2026

VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both mutual funds - VSGIX is a Small Cap Growth Equities fund managed by Vanguard, while VSIAX is a Small Cap Value Equities fund managed by Vanguard. Over the past 10 years, VSGIX returned 11.86%/yr vs 10.56%/yr for VSIAX. Their correlation of 0.88 suggests significant overlap in exposure. VSGIX charges 0.06%/yr vs 0.07%/yr for VSIAX.

Performance

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

Returns By Period

In the year-to-date period, VSGIX achieves a 18.74% return, which is significantly higher than VSIAX's 12.06% return. Over the past 10 years, VSGIX has outperformed VSIAX with an annualized return of 11.86%, while VSIAX has yielded a comparatively lower 10.56% annualized return.

VSGIX

• 1D: 0.72%
• 1M: 6.06%
• YTD: 18.74%
• 6M: 18.16%
• 1Y: 34.12%
• 3Y*: 18.14%
• 5Y*: 6.12%
• 10Y*: 11.86%

VSIAX

• 1D: 0.86%
• 1M: 2.83%
• YTD: 12.06%
• 6M: 12.39%
• 1Y: 26.25%
• 3Y*: 16.60%
• 5Y*: 8.06%
• 10Y*: 10.56%

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

VSGIX vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	18.74%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	32.77%	-5.70%	21.94%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	12.06%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%

Correlation

The correlation between VSGIX and VSIAX 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.88

The correlation between VSGIX and VSIAX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

VSGIX vs. VSIAX - Sectors Allocation Comparison

Sectors	VSGIX	VSIAX
Technology	25.9%	10.6%
Industrials	24.7%	18.1%
Healthcare	15.3%	7.9%
Consumer Cyclical	9.6%	12.4%
Financial Services	5.6%	17.6%
Energy	4.8%	5.2%
Real Estate	3.9%	10.1%
Communication Services	3.5%	2.5%
Basic Materials	3.2%	6.3%
Consumer Defensive	2.4%	4.0%
Utilities	1.2%	4.8%

Return for Risk

VSGIX vs. VSIAX — Risk / Return Rank

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

VSGIX

VSGIX Risk / Return Rank: 48
VSGIX Sharpe Ratio Rank: 41
VSGIX Sortino Ratio Rank: 38
VSGIX Omega Ratio Rank: 35
VSGIX Calmar Ratio Rank: 68
VSGIX Martin Ratio Rank: 61

VSIAX

VSIAX Risk / Return Rank: 48
VSIAX Sharpe Ratio Rank: 40
VSIAX Sortino Ratio Rank: 41
VSIAX Omega Ratio Rank: 36
VSIAX Calmar Ratio Rank: 67
VSIAX Martin Ratio Rank: 56

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.

VSGIX vs. VSIAX - 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 Value Index Fund Admiral Shares (VSIAX). 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.

	VSGIX	VSIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.84	+0.01
Sortino ratio: Return per unit of downside risk	2.56	2.70	-0.14
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	3.17	3.16	+0.02
Martin ratio: Return relative to average drawdown	12.10	11.18	+0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSGIX vs. VSIAX - Sharpe Ratio Comparison

The current VSGIX Sharpe Ratio is 1.86, which is comparable to the VSIAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of VSGIX and VSIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VSGIX	VSIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.84	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.41	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.47	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.59	-0.18

Drawdowns

VSGIX vs. VSIAX - Drawdown Comparison

The maximum VSGIX drawdown since its inception was -58.66%, which is greater than VSIAX's maximum drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for VSGIX and VSIAX.

Drawdown Indicators

	VSGIX	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.66%	-45.39%	-13.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-8.87%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-24.09%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-38.36%	-24.09%	-14.27%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-45.39%	+6.69%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.34%	-5.50%	-5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.50%	+0.48%

Volatility

VSGIX vs. VSIAX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) has a higher volatility of 5.28% compared to Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) at 4.09%. This indicates that VSGIX's price experiences larger fluctuations and is considered to be riskier than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSGIX	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	4.09%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	10.43%	+4.42%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	15.19%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	19.77%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.98%	22.46%	+0.52%

VSGIX vs. VSIAX - Expense Ratio Comparison

VSGIX has a 0.06% expense ratio, which is lower than VSIAX's 0.07% expense ratio. Despite the difference, 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. VSIAX - Dividend Comparison

VSGIX's dividend yield for the trailing twelve months is around 0.45%, less than VSIAX's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.75%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VSGIX and VSIAX in my portfolio?

VSGIX and VSIAX 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 VSIAX?

VSGIX has higher volatility (5.28%) compared to VSIAX (4.09%). In terms of maximum drawdown, VSGIX dropped -58.66% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

VSGIX currently has the higher Sharpe Ratio (1.86 vs 1.84), 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.