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VSIAX vs. VIOV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSIAX vs. VIOV

Last updated Aug 4, 2026
Documentation

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and VIOV (Vanguard S&P Small-Cap 600 Value ETF) are both Small Cap Value Equities funds from Vanguard - VSIAX tracks the CRSP US Small Cap Value Index while VIOV tracks the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, VSIAX returned 10.74%/yr vs 10.31%/yr for VIOV. Their correlation of 0.93 means they have usually moved in the same direction. VSIAX charges 0.07%/yr vs 0.10%/yr for VIOV.

Performance

VSIAX vs. VIOV - 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 S&P Small-Cap 600 Value ETF (VIOV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VSIAX achieves a 16.66% return, which is significantly lower than VIOV's 22.35% return. Both investments have delivered pretty close results over the past 10 years, with VSIAX having a 10.74% annualized return and VIOV not far behind at 10.31%.

VSIAX

1D
-0.19%
1M
0.56%
6M
9.84%
YTD
16.66%
1Y
27.64%
3Y*
14.39%
5Y*
9.74%
10Y*
10.74%
ALL TIME*
12.38%

VIOV

1D
1.61%
1M
2.10%
6M
13.55%
YTD
22.35%
1Y
41.74%
3Y*
13.82%
5Y*
8.93%
10Y*
10.31%
ALL TIME*
11.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VIOV

Vanguard S&P Small-Cap 600 Value ETF
$4.17M$4.42M$5.04M

VSIAX

Vanguard Small-Cap Value Index Fund Admiral Shares
$0.00$0.00$0.00

VSIAX vs. VIOV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		16.66%9.09%11.34%17.06%-9.31%28.10%5.80%22.76%-12.24%11.80%
VIOV
Vanguard S&P Small-Cap 600 Value ETF		22.35%6.63%7.44%15.36%-11.37%30.67%2.81%24.44%-12.85%11.54%

Correlation

The correlation between VSIAX and VIOV is 0.94, 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.

0.94

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.96

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.93

The correlation between VSIAX and VIOV has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

VSIAX vs. VIOV - Sectors Allocation Comparison

Sectors
VSIAX
VIOV

Financial Services

17.5%
20.3%

Industrials

17.3%
12.2%

Consumer Cyclical

13.6%
15.3%

Real Estate

11.1%
8.5%

Technology

10.9%
13.5%

Healthcare

8.4%
7.5%

Basic Materials

5.3%
6.1%

Utilities

4.9%
2.0%

Energy

4.3%
6.0%

Consumer Defensive

4.2%
5.0%

Communication Services

2.4%
3.8%

Financial Services

VSIAX
17.5%
VIOV
20.3%

Industrials

VSIAX
17.3%
VIOV
12.2%

Consumer Cyclical

VSIAX
13.6%
VIOV
15.3%

Real Estate

VSIAX
11.1%
VIOV
8.5%

Technology

VSIAX
10.9%
VIOV
13.5%

Healthcare

VSIAX
8.4%
VIOV
7.5%

Basic Materials

VSIAX
5.3%
VIOV
6.1%

Utilities

VSIAX
4.9%
VIOV
2.0%

Energy

VSIAX
4.3%
VIOV
6.0%

Consumer Defensive

VSIAX
4.2%
VIOV
5.0%

Communication Services

VSIAX
2.4%
VIOV
3.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Small-Cap Value Index Fund Admiral Shares

Vanguard S&P Small-Cap 600 Value ETF

Often compared with VSIAX:
VSIAX vs. VBRVSIAX vs. VSGAXVSIAX vs. VINIXVSIAX vs. VSIIXVSIAX vs. VOOVSIAX vs. SWSSXVSIAX vs. VSMVX
Often compared with VIOV:
VIOV vs. AVUVVIOV vs. VBRVIOV vs. VIOOVIOV vs. IJSVIOV vs. VIOGVIOV vs. SLYVVIOV vs. VTWV

Return for Risk

VSIAX vs. VIOV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VSIAX
VSIAX Risk / Return Rank: 7676
Overall Rank
VSIAX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
VSIAX Sortino Ratio Rank: 7474
Sortino Ratio Rank
VSIAX Omega Ratio Rank: 6666
Omega Ratio Rank
VSIAX Calmar Ratio Rank: 8484
Calmar Ratio Rank
VSIAX Martin Ratio Rank: 8383
Martin Ratio Rank
VIOV
VIOV Risk / Return Rank: 9191
Overall Rank
VIOV Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
VIOV Sortino Ratio Rank: 9292
Sortino Ratio Rank
VIOV Omega Ratio Rank: 8989
Omega Ratio Rank
VIOV Calmar Ratio Rank: 9393
Calmar Ratio Rank
VIOV Martin Ratio Rank: 9191
Martin Ratio Rank
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.

VSIAX vs. VIOV - 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 S&P Small-Cap 600 Value ETF (VIOV). 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.

VSIAXVIOVDifference
Sharpe ratioReturn per unit of total volatility
1.74
2.37

-0.63

Sortino ratioReturn per unit of downside risk
2.57
3.39

-0.81

Omega ratioGain probability vs. loss probability

1.31

1.41

-0.10

Calmar ratioReturn relative to maximum drawdown

2.91

4.50

-1.58

Martin ratioReturn relative to average drawdown

10.69

15.40

-4.71

VSIAX vs. VIOV - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.74, which is comparable to the VIOV Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of VSIAX and VIOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VSIAX vs. VIOV - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, roughly equal to the maximum VIOV drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for VSIAX and VIOV.

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Drawdown Indicators

VSIAXVIOVDifference

Max Drawdown

Largest peak-to-trough decline

-45.39%

-47.36%

+1.97%

Max Drawdown (1Y)

Largest decline over 1 year

-8.87%

-9.33%

+0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-24.09%

-28.44%

+4.35%

Max Drawdown (5Y)

Largest decline over 5 years

-24.09%

-28.44%

+4.35%

Max Drawdown (10Y)

Largest decline over 10 years

-45.39%

-47.36%

+1.97%

Current Drawdown

Current decline from peak

-1.40%

0.00%

-1.40%

Average Drawdown

Average peak-to-trough decline

-5.44%

-7.31%

+1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

2.72%

-0.30%

Volatility

VSIAX vs. VIOV - Volatility Comparison

The current volatility for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) is 3.34%, while Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a volatility of 3.81%. This indicates that VSIAX experiences smaller price fluctuations and is considered to be less risky than VIOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSIAXVIOVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.34%

3.81%

-0.47%

Volatility (6M)

Calculated over the trailing 6-month period

10.26%

11.17%

-0.91%

Volatility (1Y)

Calculated over the trailing 1-year period

14.92%

17.73%

-2.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.57%

21.69%

-2.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

23.84%

-1.46%

VSIAX vs. VIOV - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than VIOV's 0.10% 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

VSIAX vs. VIOV - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.76%, more than VIOV's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
VIOV
Vanguard S&P Small-Cap 600 Value ETF		1.65%1.69%1.78%2.18%1.81%1.59%1.42%1.60%1.76%1.43%1.17%1.32%
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		1.76%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

With a correlation of 0.94, VSIAX and VIOV 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.

VIOV has higher volatility (3.81%) compared to VSIAX (3.34%). In terms of maximum drawdown, VSIAX dropped -45.39% vs VIOV's -47.36%.

VIOV currently has the higher Sharpe Ratio (2.37 vs 1.74), 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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