VSIIX vs. IJR
VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) and IJR (iShares Core S&P Small-Cap ETF) are both funds - VSIIX is a Small Cap Value Equities fund managed by Vanguard, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Over the past 10 years, VSIIX returned 10.50%/yr vs 10.44%/yr for IJR. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.06% expense ratio.
Performance
VSIIX vs. IJR - Performance Comparison
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Returns By Period
In the year-to-date period, VSIIX achieves a 12.48% return, which is significantly lower than IJR's 14.74% return. Both investments have delivered pretty close results over the past 10 years, with VSIIX having a 10.50% annualized return and IJR not far behind at 10.44%.
VSIIX
- 1D
- 0.74%
- 1M
- 1.95%
- YTD
- 12.48%
- 6M
- 12.57%
- 1Y
- 25.98%
- 3Y*
- 17.22%
- 5Y*
- 8.14%
- 10Y*
- 10.50%
IJR
- 1D
- -1.84%
- 1M
- 0.03%
- YTD
- 14.74%
- 6M
- 13.90%
- 1Y
- 29.63%
- 3Y*
- 13.90%
- 5Y*
- 5.52%
- 10Y*
- 10.44%
VSIIX vs. IJR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 12.48% | 9.10% | 11.37% | 17.06% | -9.31% | 28.12% | 5.81% | 22.81% | -12.24% | 11.80% |
IJR iShares Core S&P Small-Cap ETF | 14.74% | 5.89% | 8.63% | 16.06% | -16.20% | 26.58% | 11.28% | 22.82% | -8.51% | 13.15% |
Correlation
The correlation between VSIIX and IJR 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 | 0.97 |
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 May 30, 2000 | 0.96 |
The correlation between VSIIX and IJR has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
VSIIX vs. IJR — Risk / Return Rank
VSIIX
IJR
VSIIX vs. IJR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) and iShares Core S&P Small-Cap ETF (IJR). 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.
| VSIIX | IJR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 3.61 | -0.51 |
| Martin ratioReturn relative to average drawdown | 10.97 | 12.00 | -1.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSIIX | IJR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 1.78 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.26 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.46 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.43 | +0.01 |
Drawdowns
VSIIX vs. IJR - Drawdown Comparison
The maximum VSIIX drawdown since its inception was -62.05%, which is greater than IJR's maximum drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for VSIIX and IJR.
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Drawdown Indicators
| VSIIX | IJR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.05% | -58.15% | -3.90% |
Max Drawdown (1Y)Largest decline over 1 year | -8.87% | -8.68% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -28.02% | +3.93% |
Max Drawdown (5Y)Largest decline over 5 years | -24.09% | -28.02% | +3.93% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | -44.36% | -1.02% |
Current DrawdownCurrent decline from peak | 0.00% | -1.84% | +1.84% |
Average DrawdownAverage peak-to-trough decline | -8.52% | -9.28% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 2.61% | -0.11% |
Volatility
VSIIX vs. IJR - Volatility Comparison
The current volatility for Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) is 3.90%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 4.78%. This indicates that VSIIX experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSIIX | IJR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.90% | 4.78% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 10.44% | 11.81% | -1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.16% | 17.62% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.77% | 21.42% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.82% | 22.91% | -1.09% |
VSIIX vs. IJR - Expense Ratio Comparison
Both VSIIX and IJR have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VSIIX vs. IJR - Dividend Comparison
VSIIX's dividend yield for the trailing twelve months is around 1.75%, more than IJR's 1.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJR iShares Core S&P Small-Cap ETF | 1.16% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 1.75% | 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
With a correlation of 0.96, VSIIX and IJR 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.
IJR has higher volatility (4.78%) compared to VSIIX (3.90%). In terms of maximum drawdown, VSIIX dropped -62.05% vs IJR's -58.15%.
VSIIX currently has the higher Sharpe Ratio (1.81 vs 1.78), 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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