VSIIX vs. USBNX

Last updated Jun 25, 2026

VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) and USBNX (Pear Tree Polaris Small Cap Fund) are both Small Cap Value Equities funds. Over the past 10 years, VSIIX returned 11.02%/yr vs 8.43%/yr for USBNX. Their correlation of 0.93 suggests significant overlap in exposure. VSIIX charges 0.06%/yr vs 1.50%/yr for USBNX.

Performance

VSIIX vs. USBNX - 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 Pear Tree Polaris Small Cap Fund (USBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIIX achieves a 13.25% return, which is significantly lower than USBNX's 14.39% return. Over the past 10 years, VSIIX has outperformed USBNX with an annualized return of 11.02%, while USBNX has yielded a comparatively lower 8.43% annualized return.

VSIIX

• 1D: -0.16%
• 1M: 2.52%
• YTD: 13.25%
• 6M: 11.39%
• 1Y: 25.08%
• 3Y*: 16.89%
• 5Y*: 8.61%
• 10Y*: 11.02%

USBNX

• 1D: -0.14%
• 1M: 3.23%
• YTD: 14.39%
• 6M: 12.42%
• 1Y: 22.75%
• 3Y*: 15.21%
• 5Y*: 6.24%
• 10Y*: 8.43%

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

VSIIX vs. USBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	13.25%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%
USBNX Pear Tree Polaris Small Cap Fund	14.39%	8.02%	8.64%	12.83%	-5.09%	15.35%	-4.77%	23.53%	-11.05%	6.42%

Correlation

The correlation between VSIIX and USBNX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 7, 1999	0.93

The correlation between VSIIX and USBNX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

VSIIX vs. USBNX — Risk / Return Rank

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

VSIIX

VSIIX Risk / Return Rank: 49
VSIIX Sharpe Ratio Rank: 41
VSIIX Sortino Ratio Rank: 44
VSIIX Omega Ratio Rank: 37
VSIIX Calmar Ratio Rank: 67
VSIIX Martin Ratio Rank: 56

USBNX

USBNX Risk / Return Rank: 43
USBNX Sharpe Ratio Rank: 39
USBNX Sortino Ratio Rank: 43
USBNX Omega Ratio Rank: 37
USBNX Calmar Ratio Rank: 54
USBNX Martin Ratio Rank: 40

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.

VSIIX vs. USBNX - 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 Pear Tree Polaris Small Cap Fund (USBNX). 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	USBNX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.63	+0.09
Sortino ratio: Return per unit of downside risk	2.54	2.47	+0.08
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.97	2.62	+0.35
Martin ratio: Return relative to average drawdown	10.54	8.07	+2.47

VSIIX vs. USBNX - Sharpe Ratio Comparison

The current VSIIX Sharpe Ratio is 1.72, which is comparable to the USBNX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of VSIIX and USBNX, 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. USBNX - Drawdown Comparison

The maximum VSIIX drawdown since its inception was -62.05%, roughly equal to the maximum USBNX drawdown of -64.40%. Use the drawdown chart below to compare losses from any high point for VSIIX and USBNX.

Drawdown Indicators

	VSIIX	USBNX	Difference
Max Drawdown Largest peak-to-trough decline	-62.05%	-64.40%	+2.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-9.19%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-21.56%	-2.53%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-26.01%	+1.92%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-46.96%	+1.58%
Current Drawdown Current decline from peak	-1.17%	-0.57%	-0.60%
Average Drawdown Average peak-to-trough decline	-8.50%	-13.61%	+5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.96%	-0.46%

Volatility

VSIIX vs. USBNX - Volatility Comparison

Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) has a higher volatility of 4.02% compared to Pear Tree Polaris Small Cap Fund (USBNX) at 3.46%. This indicates that VSIIX's price experiences larger fluctuations and is considered to be riskier than USBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIIX	USBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	3.46%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	9.33%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	14.82%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	18.72%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	21.64%	+0.16%

VSIIX vs. USBNX - Expense Ratio Comparison

VSIIX has a 0.06% expense ratio, which is lower than USBNX's 1.50% expense ratio.

Dividends

VSIIX vs. USBNX - Dividend Comparison

VSIIX's dividend yield for the trailing twelve months is around 1.74%, less than USBNX's 12.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USBNX Pear Tree Polaris Small Cap Fund	12.07%	13.81%	3.27%	0.86%	10.05%	0.75%	0.68%	7.91%	8.39%	6.21%	1.17%	7.39%
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 VSIIX and USBNX in my portfolio?

With a correlation of 0.90, VSIIX and USBNX 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, VSIIX or USBNX?

VSIIX has higher volatility (4.02%) compared to USBNX (3.46%). In terms of maximum drawdown, VSIIX dropped -62.05% vs USBNX's -64.40%.

Which has better risk-adjusted returns?

VSIIX currently has the higher Sharpe Ratio (1.72 vs 1.63), 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.