VSIAX vs. VSMVX

Last updated Jun 23, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and VSMVX (Vanguard S&P Small-Cap 600 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 10.44%/yr for VSMVX. With a 0.97 correlation, they move nearly in lockstep. VSIAX charges 0.07%/yr vs 0.08%/yr for VSMVX.

Performance

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

Returns By Period

In the year-to-date period, VSIAX achieves a 13.21% return, which is significantly lower than VSMVX's 18.01% return. Both investments have delivered pretty close results over the past 10 years, with VSIAX having a 10.71% annualized return and VSMVX not far behind at 10.44%.

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%

VSMVX

• 1D: 1.63%
• 1M: 3.46%
• YTD: 18.01%
• 6M: 15.95%
• 1Y: 40.09%
• 3Y*: 14.25%
• 5Y*: 7.31%
• 10Y*: 10.44%

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

VSIAX vs. VSMVX - 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%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	18.01%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%

Correlation

The correlation between VSIAX and VSMVX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 17, 2012	0.97

The correlation between VSIAX and VSMVX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

VSIAX vs. VSMVX — 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

VSMVX

VSMVX Risk / Return Rank: 72
VSMVX Sharpe Ratio Rank: 66
VSMVX Sortino Ratio Rank: 67
VSMVX Omega Ratio Rank: 55
VSMVX Calmar Ratio Rank: 90
VSMVX Martin Ratio Rank: 83

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. VSMVX - 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 Index Fund Institutional Shares (VSMVX). 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	VSMVX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.18	-0.36
Sortino ratio: Return per unit of downside risk	2.67	3.10	-0.43
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	3.15	4.30	-1.16
Martin ratio: Return relative to average drawdown	11.17	14.27	-3.11

VSIAX vs. VSMVX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.82, which is comparable to the VSMVX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VSIAX and VSMVX, 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. VSMVX - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, roughly equal to the maximum VSMVX drawdown of -47.61%. Use the drawdown chart below to compare losses from any high point for VSIAX and VSMVX.

Drawdown Indicators

	VSIAX	VSMVX	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-47.61%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-9.33%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-28.81%	+4.72%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-28.81%	+4.72%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-47.61%	+2.22%
Current Drawdown Current decline from peak	-1.21%	-1.15%	-0.06%
Average Drawdown Average peak-to-trough decline	-5.48%	-7.62%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.81%	-0.32%

Volatility

VSIAX vs. VSMVX - Volatility Comparison

The current volatility for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) is 4.32%, while Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) has a volatility of 5.14%. This indicates that VSIAX experiences smaller price fluctuations and is considered to be less risky than VSMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIAX	VSMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	5.14%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	11.85%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	18.38%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	22.00%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	24.15%	-1.68%

VSIAX vs. VSMVX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than VSMVX's 0.08% 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. VSMVX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.73%, more than VSMVX's 1.61% 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%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	1.61%	1.45%	1.85%	1.92%	1.88%	1.66%	1.46%	1.65%	1.89%	1.55%	1.26%	1.42%

Frequently Asked Questions

Can I hold both VSIAX and VSMVX in my portfolio?

With a correlation of 0.96, VSIAX and VSMVX 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 VSMVX?

VSMVX has higher volatility (5.14%) compared to VSIAX (4.32%). In terms of maximum drawdown, VSIAX dropped -45.39% vs VSMVX's -47.61%.

Which has better risk-adjusted returns?

VSMVX currently has the higher Sharpe Ratio (2.18 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.