VSIAX vs. VSIIX

Last updated Jun 21, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both Small Cap Value Equities funds from Vanguard. Over the past 10 years, VSIAX returned 10.71%/yr vs 10.72%/yr for VSIIX. With a 1.00 correlation, they move nearly in lockstep. VSIAX charges 0.07%/yr vs 0.06%/yr for VSIIX.

Performance

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VSIAX at 13.21% and VSIIX at 13.21%. Both investments have delivered pretty close results over the past 10 years, with VSIAX having a 10.71% annualized return and VSIIX not far ahead at 10.72%.

VSIAX

• 1D: 0.71%
• 1M: 3.33%
• YTD: 13.21%
• 6M: 11.96%
• 1Y: 27.56%
• 3Y*: 15.69%
• 5Y*: 9.38%
• 10Y*: 10.71%

VSIIX

• 1D: 0.70%
• 1M: 3.32%
• YTD: 13.21%
• 6M: 11.96%
• 1Y: 27.58%
• 3Y*: 15.70%
• 5Y*: 9.39%
• 10Y*: 10.72%

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

VSIAX vs. VSIIX - 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%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	13.21%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%

Correlation

The correlation between VSIAX and VSIIX 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	1.00

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

Return for Risk

VSIAX vs. VSIIX — Risk / Return Rank

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

VSIAX

VSIAX Risk / Return Rank: 56
VSIAX Sharpe Ratio Rank: 48
VSIAX Sortino Ratio Rank: 52
VSIAX Omega Ratio Rank: 42
VSIAX Calmar Ratio Rank: 76
VSIAX Martin Ratio Rank: 62

VSIIX

VSIIX Risk / Return Rank: 56
VSIIX Sharpe Ratio Rank: 48
VSIIX Sortino Ratio Rank: 51
VSIIX Omega Ratio Rank: 43
VSIIX Calmar Ratio Rank: 76
VSIIX 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. VSIIX - 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 Index Fund Institutional Shares (VSIIX). 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	VSIIX	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	0.00
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.15	3.15	0.00
Martin ratio: Return relative to average drawdown	11.17	11.17	-0.01

VSIAX vs. VSIIX - Sharpe Ratio Comparison

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

The maximum VSIAX drawdown since its inception was -45.39%, smaller than the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for VSIAX and VSIIX.

Drawdown Indicators

	VSIAX	VSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-62.05%	+16.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.87%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-24.09%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-24.09%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-45.38%	-0.01%
Current Drawdown Current decline from peak	-1.21%	-1.21%	0.00%
Average Drawdown Average peak-to-trough decline	-5.48%	-8.51%	+3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.49%	0.00%

Volatility

VSIAX vs. VSIIX - Volatility Comparison

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) have volatilities of 4.32% and 4.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIAX	VSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	4.30%	+0.02%
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%	19.75%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	21.84%	+0.63%

VSIAX vs. VSIIX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is higher than VSIIX's 0.06% 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. VSIIX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.73%, which matches VSIIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	1.74%	1.96%	1.99%	2.10%	2.04%	1.76%	1.69%	2.07%	2.36%	1.80%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VSIAX and VSIIX in my portfolio?

With a correlation of 1.00, VSIAX and VSIIX 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 VSIIX?

VSIAX has higher volatility (4.32%) compared to VSIIX (4.30%). In terms of maximum drawdown, VSIAX dropped -45.39% vs VSIIX's -62.05%.

Which has better risk-adjusted returns?

VSIIX 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.