VSIIX vs. RYSEX

Last updated Aug 4, 2026

VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) and RYSEX (Royce Special Equity Fund) are both Small Cap Value Equities funds. Over the past 10 years, VSIIX returned 10.75%/yr vs 9.32%/yr for RYSEX. Their correlation of 0.89 means they have usually moved in the same direction. VSIIX charges 0.06%/yr vs 1.20%/yr for RYSEX.

Performance

VSIIX vs. RYSEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) and Royce Special Equity Fund (RYSEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIIX achieves a 16.66% return, which is significantly lower than RYSEX's 26.73% return. Over the past 10 years, VSIIX has outperformed RYSEX with an annualized return of 10.75%, while RYSEX has yielded a comparatively lower 9.32% annualized return.

VSIIX

• 1D: -0.19%
• 1M: 0.56%
• 6M: 9.86%
• YTD: 16.66%
• 1Y: 27.67%
• 3Y*: 14.40%
• 5Y*: 9.75%
• 10Y*: 10.75%
• ALL TIME*: 10.10%

RYSEX

• 1D: -0.39%
• 1M: 3.61%
• 6M: 16.51%
• YTD: 26.73%
• 1Y: 41.52%
• 3Y*: 11.76%
• 5Y*: 9.07%
• 10Y*: 9.32%
• ALL TIME*: 9.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RYSEX Royce Special Equity Fund	$0.00	$0.00	$0.00
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	$0.00	$0.00	$0.00

VSIIX vs. RYSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	16.66%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%
RYSEX Royce Special Equity Fund	26.73%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	12.73%	-9.96%	7.13%

Correlation

The correlation between VSIIX and RYSEX is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 7, 1999	0.89

The correlation between VSIIX and RYSEX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

VSIIX vs. RYSEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSIIX

VSIIX Risk / Return Rank: 76
VSIIX Sharpe Ratio Rank: 72
VSIIX Sortino Ratio Rank: 74
VSIIX Omega Ratio Rank: 66
VSIIX Calmar Ratio Rank: 83
VSIIX Martin Ratio Rank: 83

RYSEX

RYSEX Risk / Return Rank: 95
RYSEX Sharpe Ratio Rank: 96
RYSEX Sortino Ratio Rank: 97
RYSEX Omega Ratio Rank: 91
RYSEX Calmar Ratio Rank: 96
RYSEX Martin Ratio Rank: 95

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.

VSIIX vs. RYSEX - 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 Royce Special Equity Fund (RYSEX). 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.

	VSIIX	RYSEX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.76	-1.03
Sortino ratio: Return per unit of downside risk	2.57	4.30	-1.73
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	2.91	4.84	-1.93
Martin ratio: Return relative to average drawdown	10.70	16.26	-5.56

VSIIX vs. RYSEX - Sharpe Ratio Comparison

The current VSIIX Sharpe Ratio is 1.74, which is lower than the RYSEX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of VSIIX and RYSEX, 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

VSIIX vs. RYSEX - Drawdown Comparison

The maximum VSIIX drawdown since its inception was -62.05%, which is greater than RYSEX's maximum drawdown of -43.25%. Use the drawdown chart below to compare losses from any high point for VSIIX and RYSEX.

Drawdown Indicators

	VSIIX	RYSEX	Difference
Max Drawdown Largest peak-to-trough decline	-62.05%	-43.25%	-18.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.20%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-23.03%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-23.03%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-32.13%	-13.25%
Current Drawdown Current decline from peak	-1.41%	-2.63%	+1.22%
Average Drawdown Average peak-to-trough decline	-8.47%	-6.32%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.44%	-0.03%

Volatility

VSIIX vs. RYSEX - Volatility Comparison

The current volatility for Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) is 3.33%, while Royce Special Equity Fund (RYSEX) has a volatility of 4.90%. This indicates that VSIIX experiences smaller price fluctuations and is considered to be less risky than RYSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIIX	RYSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	4.90%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	9.78%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.92%	14.49%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	16.40%	+3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	17.42%	+4.33%

VSIIX vs. RYSEX - Expense Ratio Comparison

VSIIX has a 0.06% expense ratio, which is lower than RYSEX's 1.20% expense ratio.

Dividends

VSIIX vs. RYSEX - Dividend Comparison

VSIIX's dividend yield for the trailing twelve months is around 1.77%, less than RYSEX's 9.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYSEX Royce Special Equity Fund	9.75%	12.36%	16.35%	5.32%	12.34%	16.53%	3.70%	11.56%	13.11%	8.24%	7.72%	11.68%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	1.77%	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 VSIIX and RYSEX in my portfolio?

VSIIX and RYSEX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSIIX or RYSEX?

RYSEX has higher volatility (4.90%) compared to VSIIX (3.33%). In terms of maximum drawdown, VSIIX dropped -62.05% vs RYSEX's -43.25%.

Which has better risk-adjusted returns?

RYSEX currently has the higher Sharpe Ratio (2.76 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.