VSIAX vs. UBVLX

Last updated Jun 4, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and UBVLX (Undiscovered Managers Behavioral Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, VSIAX returned 10.56%/yr vs 9.97%/yr for UBVLX. With a 0.96 correlation, they move nearly in lockstep. VSIAX charges 0.07%/yr vs 0.90%/yr for UBVLX.

Performance

VSIAX vs. UBVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Undiscovered Managers Behavioral Value Fund (UBVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIAX achieves a 12.06% return, which is significantly higher than UBVLX's 6.94% return. Over the past 10 years, VSIAX has outperformed UBVLX with an annualized return of 10.56%, while UBVLX has yielded a comparatively lower 9.97% annualized return.

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%

UBVLX

• 1D: -0.63%
• 1M: 0.53%
• YTD: 6.94%
• 6M: 8.85%
• 1Y: 15.86%
• 3Y*: 12.63%
• 5Y*: 7.21%
• 10Y*: 9.97%

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

VSIAX vs. UBVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UBVLX Undiscovered Managers Behavioral Value Fund	6.94%	1.79%	13.11%	14.69%	-1.16%	34.25%	3.52%	23.27%	-15.23%	13.43%

Correlation

The correlation between VSIAX and UBVLX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.96

The correlation between VSIAX and UBVLX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

VSIAX vs. UBVLX — Risk / Return Rank

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

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

UBVLX

UBVLX Risk / Return Rank: 12
UBVLX Sharpe Ratio Rank: 11
UBVLX Sortino Ratio Rank: 12
UBVLX Omega Ratio Rank: 11
UBVLX Calmar Ratio Rank: 14
UBVLX Martin Ratio Rank: 12

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.

VSIAX vs. UBVLX - 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 Undiscovered Managers Behavioral Value Fund (UBVLX). 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.

	VSIAX	UBVLX	Difference
Sharpe ratio Return per unit of total volatility	1.84	0.90	+0.94
Sortino ratio Return per unit of downside risk	2.70	1.47	+1.24
Omega ratio Gain probability vs. loss probability	1.32	1.17	+0.15
Calmar ratio Return relative to maximum drawdown	3.16	1.36	+1.79
Martin ratio Return relative to average drawdown	11.18	3.80	+7.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSIAX vs. UBVLX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.84, which is higher than the UBVLX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of VSIAX and UBVLX, 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

	VSIAX	UBVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	0.90	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.36	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.41	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.47	+0.12

Drawdowns

VSIAX vs. UBVLX - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, smaller than the maximum UBVLX drawdown of -67.24%. Use the drawdown chart below to compare losses from any high point for VSIAX and UBVLX.

Drawdown Indicators

	VSIAX	UBVLX	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-67.24%	+21.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-10.32%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-21.46%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-21.46%	-2.63%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-52.08%	+6.69%
Current Drawdown Current decline from peak	0.00%	-2.61%	+2.61%
Average Drawdown Average peak-to-trough decline	-5.50%	-9.27%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.71%	-1.21%

Volatility

VSIAX vs. UBVLX - Volatility Comparison

The current volatility for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) is 4.09%, while Undiscovered Managers Behavioral Value Fund (UBVLX) has a volatility of 4.31%. This indicates that VSIAX experiences smaller price fluctuations and is considered to be less risky than UBVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIAX	UBVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.31%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	10.76%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	16.72%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	20.34%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	24.61%	-2.15%

VSIAX vs. UBVLX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than UBVLX's 0.90% expense ratio.

Dividends

VSIAX vs. UBVLX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.75%, less than UBVLX's 8.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UBVLX Undiscovered Managers Behavioral Value Fund	8.80%	9.41%	7.39%	8.35%	8.96%	3.44%	0.99%	4.98%	11.62%	4.67%	3.24%	3.80%
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 VSIAX and UBVLX in my portfolio?

With a correlation of 0.93, VSIAX and UBVLX 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, VSIAX or UBVLX?

UBVLX has higher volatility (4.31%) compared to VSIAX (4.09%). In terms of maximum drawdown, VSIAX dropped -45.39% vs UBVLX's -67.24%.

Which has better risk-adjusted returns?

VSIAX currently has the higher Sharpe Ratio (1.84 vs 0.90), 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.