VSIAX vs. VBR

Last updated Jun 23, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and VBR (Vanguard Small-Cap Value ETF) are both Small Cap Value Equities funds from Vanguard tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, VSIAX returned 10.71%/yr vs 11.02%/yr for VBR. With a 0.99 correlation, they move nearly in lockstep. VSIAX charges 0.07%/yr vs 0.05%/yr for VBR.

Performance

VSIAX vs. VBR - 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 Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VSIAX having a 13.21% return and VBR slightly higher at 13.42%. Both investments have delivered pretty close results over the past 10 years, with VSIAX having a 10.71% annualized return and VBR not far ahead at 11.02%.

VSIAX

• 1D: 0.71%
• 1M: 2.49%
• YTD: 13.21%
• 6M: 11.20%
• 1Y: 27.56%
• 3Y*: 15.69%
• 5Y*: 9.38%
• 10Y*: 10.71%

VBR

• 1D: 0.18%
• 1M: 2.65%
• YTD: 13.42%
• 6M: 11.41%
• 1Y: 27.72%
• 3Y*: 16.95%
• 5Y*: 8.85%
• 10Y*: 11.02%

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

VSIAX vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	13.21%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%
VBR Vanguard Small-Cap Value ETF	13.42%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between VSIAX and VBR is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.99

The correlation between VSIAX and VBR has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VSIAX vs. VBR - Sectors Allocation Comparison

Sectors	VSIAX	VBR
Financial Services	17.5%	17.5%
Industrials	17.4%	17.4%
Consumer Cyclical	12.5%	12.5%
Technology	12.1%	12.1%
Real Estate	10.5%	10.5%
Healthcare	8.3%	8.3%
Basic Materials	6.0%	6.0%
Utilities	4.6%	4.6%
Energy	4.3%	4.3%
Consumer Defensive	4.0%	4.0%
Communication Services	2.8%	2.8%

Return for Risk

VSIAX vs. VBR — Risk / Return Rank

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

VSIAX

VSIAX Risk / Return Rank: 53
VSIAX Sharpe Ratio Rank: 45
VSIAX Sortino Ratio Rank: 47
VSIAX Omega Ratio Rank: 40
VSIAX Calmar Ratio Rank: 72
VSIAX Martin Ratio Rank: 60

VBR

VBR Risk / Return Rank: 59
VBR Sharpe Ratio Rank: 56
VBR Sortino Ratio Rank: 58
VBR Omega Ratio Rank: 52
VBR Calmar Ratio Rank: 65
VBR Martin Ratio Rank: 63

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. VBR - 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 Vanguard Small-Cap Value ETF (VBR). 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	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.82	0.00
Sortino ratio: Return per unit of downside risk	2.67	2.67	+0.01
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.15	3.14	0.00
Martin ratio: Return relative to average drawdown	11.17	11.11	+0.05

VSIAX vs. VBR - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.82, which is comparable to the VBR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VSIAX and VBR, 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

VSIAX vs. VBR - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for VSIAX and VBR.

Drawdown Indicators

	VSIAX	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-61.98%	+16.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.85%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-24.19%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-24.19%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-45.28%	-0.11%
Current Drawdown Current decline from peak	-1.21%	-1.03%	-0.18%
Average Drawdown Average peak-to-trough decline	-5.48%	-8.25%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.50%	-0.01%

Volatility

VSIAX vs. VBR - Volatility Comparison

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) has a higher volatility of 4.32% compared to Vanguard Small-Cap Value ETF (VBR) at 3.97%. This indicates that VSIAX's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIAX	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.97%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	10.66%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	15.33%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	19.73%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	21.75%	+0.72%

VSIAX vs. VBR - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is higher than VBR's 0.05% 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

VSIAX vs. VBR - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.73%, which matches VBR's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBR Vanguard Small-Cap Value ETF	1.73%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%
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

Can I hold both VSIAX and VBR in my portfolio?

With a correlation of 1.00, VSIAX and VBR 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 VBR?

VSIAX has higher volatility (4.32%) compared to VBR (3.97%). In terms of maximum drawdown, VSIAX dropped -45.39% vs VBR's -61.98%.

Which has better risk-adjusted returns?

VSIAX currently has the higher Sharpe Ratio (1.82 vs 1.82), 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.