VSIAX vs. ARSMX
VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and ARSMX (AMG River Road Small-Mid Cap Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, VSIAX returned 11.03%/yr vs 9.82%/yr for ARSMX. Their correlation of 0.93 suggests significant overlap in exposure. VSIAX charges 0.07%/yr vs 1.27%/yr for ARSMX.
Performance
VSIAX vs. ARSMX - Performance Comparison
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Returns By Period
In the year-to-date period, VSIAX achieves a 13.43% return, which is significantly higher than ARSMX's 2.31% return. Over the past 10 years, VSIAX has outperformed ARSMX with an annualized return of 11.03%, while ARSMX has yielded a comparatively lower 9.82% annualized return.
VSIAX
- 1D
- 0.20%
- 1M
- 2.69%
- YTD
- 13.43%
- 6M
- 11.91%
- 1Y
- 26.42%
- 3Y*
- 16.94%
- 5Y*
- 8.87%
- 10Y*
- 11.03%
ARSMX
- 1D
- -0.41%
- 1M
- 1.99%
- YTD
- 2.31%
- 6M
- 0.93%
- 1Y
- 1.88%
- 3Y*
- 9.21%
- 5Y*
- 4.70%
- 10Y*
- 9.82%
VSIAX vs. ARSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares | 13.43% | 9.09% | 11.34% | 17.06% | -9.31% | 28.10% | 5.80% | 22.76% | -12.24% | 11.80% |
ARSMX AMG River Road Small-Mid Cap Value Fund | 2.31% | -0.83% | 12.42% | 14.48% | -8.62% | 23.41% | 1.71% | 34.82% | -6.44% | 15.26% |
Correlation
The correlation between VSIAX and ARSMX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011 | 0.93 |
The correlation between VSIAX and ARSMX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
VSIAX vs. ARSMX — Risk / Return Rank
VSIAX
ARSMX
VSIAX vs. ARSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). 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.
| VSIAX | ARSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.05 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 0.31 | +2.84 |
| Martin ratioReturn relative to average drawdown | 11.17 | 0.71 | +10.46 |
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Drawdowns
VSIAX vs. ARSMX - Drawdown Comparison
The maximum VSIAX drawdown since its inception was -45.39%, smaller than the maximum ARSMX drawdown of -51.75%. Use the drawdown chart below to compare losses from any high point for VSIAX and ARSMX.
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Drawdown Indicators
| VSIAX | ARSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.39% | -51.75% | +6.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.87% | -10.37% | +1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -19.34% | -4.75% |
Max Drawdown (5Y)Largest decline over 5 years | -24.09% | -19.34% | -4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -45.39% | -42.96% | -2.43% |
Current DrawdownCurrent decline from peak | -1.02% | -5.36% | +4.34% |
Average DrawdownAverage peak-to-trough decline | -5.48% | -8.10% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 4.48% | -1.98% |
Volatility
VSIAX vs. ARSMX - Volatility Comparison
Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) has a higher volatility of 4.02% compared to AMG River Road Small-Mid Cap Value Fund (ARSMX) at 3.05%. This indicates that VSIAX's price experiences larger fluctuations and is considered to be riskier than ARSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSIAX | ARSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 3.05% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.66% | 10.27% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.36% | 14.45% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.73% | 17.76% | +1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.47% | 19.58% | +2.89% |
VSIAX vs. ARSMX - Expense Ratio Comparison
VSIAX has a 0.07% expense ratio, which is lower than ARSMX's 1.27% expense ratio.
Dividends
VSIAX vs. ARSMX - Dividend Comparison
VSIAX's dividend yield for the trailing twelve months is around 1.73%, while ARSMX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARSMX AMG River Road Small-Mid Cap Value Fund | 0.00% | 0.00% | 9.27% | 3.89% | 4.85% | 5.86% | 0.00% | 3.60% | 8.60% | 15.66% | 8.03% | 17.82% |
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares | 1.73% | 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
VSIAX and ARSMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSIAX has higher volatility (4.02%) compared to ARSMX (3.05%). In terms of maximum drawdown, VSIAX dropped -45.39% vs ARSMX's -51.75%.
VSIAX currently has the higher Sharpe Ratio (1.82 vs 0.22), 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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