VSIAX vs. VSMVX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX).

VSIAX is managed by Vanguard. It was launched on Sep 27, 2011. VSMVX is managed by Vanguard. It was launched on Nov 19, 2014.

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.

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	0.80%	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	2.15%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%

Returns By Period

In the year-to-date period, VSIAX achieves a 0.80% return, which is significantly lower than VSMVX's 2.15% return. Over the past 10 years, VSIAX has outperformed VSMVX with an annualized return of 9.83%, while VSMVX has yielded a comparatively lower 9.29% annualized return.

VSIAX

• 1D: -0.40%
• 1M: -7.12%
• YTD: 0.80%
• 6M: 2.85%
• 1Y: 16.28%
• 3Y*: 12.51%
• 5Y*: 7.35%
• 10Y*: 9.83%

VSMVX

• 1D: -0.48%
• 1M: -5.37%
• YTD: 2.15%
• 6M: 5.65%
• 1Y: 21.03%
• 3Y*: 9.21%
• 5Y*: 4.68%
• 10Y*: 9.29%

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

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%.

VSMVX

Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares

VSIAX

Vanguard Small-Cap Value Index Fund Admiral Shares

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: 41
VSIAX Sharpe Ratio Rank: 39
VSIAX Sortino Ratio Rank: 44
VSIAX Omega Ratio Rank: 39
VSIAX Calmar Ratio Rank: 40
VSIAX Martin Ratio Rank: 42

VSMVX

VSMVX Risk / Return Rank: 46
VSMVX Sharpe Ratio Rank: 46
VSMVX Sortino Ratio Rank: 50
VSMVX Omega Ratio Rank: 43
VSMVX Calmar Ratio Rank: 48
VSMVX Martin Ratio Rank: 45

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.

	VSIAX	VSMVX	Difference
Sharpe ratio Return per unit of total volatility	0.81	0.90	-0.09
Sortino ratio Return per unit of downside risk	1.27	1.39	-0.12
Omega ratio Gain probability vs. loss probability	1.17	1.18	-0.01
Calmar ratio Return relative to maximum drawdown	1.03	1.18	-0.15
Martin ratio Return relative to average drawdown	4.28	4.50	-0.22
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. VSMVX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 0.81, which is comparable to the VSMVX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of VSIAX and VSMVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VSIAX	VSMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.90	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.21	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.39	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.46	+0.09

Correlation

The correlation between VSIAX and VSMVX is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VSIAX vs. VSMVX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.95%, more than VSMVX's 1.86% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.95%	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	1.86%	1.45%	1.85%	1.92%	1.88%	1.66%	1.46%	1.65%	1.89%	1.55%	1.26%	1.42%

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	-14.16%	-15.74%	+1.58%
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	-8.24%	-8.13%	-0.11%
Average Drawdown Average peak-to-trough decline	-5.54%	-7.72%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	4.13%	-0.71%

Volatility

VSIAX vs. VSMVX - Volatility Comparison

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) have volatilities of 4.89% and 5.01%, 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	VSMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	5.01%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	13.41%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	23.78%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	22.16%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	24.14%	-1.70%