VSIIX vs. VIOV

Last updated Jun 6, 2026

VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) and VIOV (Vanguard S&P Small-Cap 600 Value ETF) are both Small Cap Value Equities funds from Vanguard. Over the past 10 years, VSIIX returned 10.50%/yr vs 9.96%/yr for VIOV. Their correlation of 0.92 suggests significant overlap in exposure. VSIIX charges 0.06%/yr vs 0.10%/yr for VIOV.

Performance

VSIIX vs. VIOV - 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 Vanguard S&P Small-Cap 600 Value ETF (VIOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIIX achieves a 12.48% return, which is significantly lower than VIOV's 14.75% return. Over the past 10 years, VSIIX has outperformed VIOV with an annualized return of 10.50%, while VIOV has yielded a comparatively lower 9.96% annualized return.

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%

VIOV

• 1D: -1.72%
• 1M: 0.95%
• YTD: 14.75%
• 6M: 14.55%
• 1Y: 35.35%
• 3Y*: 13.67%
• 5Y*: 5.65%
• 10Y*: 9.96%

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

VSIIX vs. VIOV - 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%
VIOV Vanguard S&P Small-Cap 600 Value ETF	14.75%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%

Correlation

The correlation between VSIIX and VIOV is 0.95 - 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	0.95
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	0.96
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.92

The correlation between VSIIX and VIOV has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

VSIIX vs. VIOV — Risk / Return Rank

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

VSIIX

VSIIX Risk / Return Rank: 50
VSIIX Sharpe Ratio Rank: 42
VSIIX Sortino Ratio Rank: 43
VSIIX Omega Ratio Rank: 38
VSIIX Calmar Ratio Rank: 69
VSIIX Martin Ratio Rank: 57

VIOV

VIOV Risk / Return Rank: 67
VIOV Sharpe Ratio Rank: 62
VIOV Sortino Ratio Rank: 64
VIOV Omega Ratio Rank: 58
VIOV Calmar Ratio Rank: 80
VIOV Martin Ratio Rank: 71

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. VIOV - 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 Vanguard S&P Small-Cap 600 Value ETF (VIOV). 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	VIOV	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.02	-0.21
Sortino ratio: Return per unit of downside risk	2.66	2.89	-0.24
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.09	3.99	-0.90
Martin ratio: Return relative to average drawdown	10.97	12.99	-2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSIIX vs. VIOV - Sharpe Ratio Comparison

The current VSIIX Sharpe Ratio is 1.81, which is comparable to the VIOV Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of VSIIX and VIOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VSIIX	VIOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.02	-0.21
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	0.42	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.53	-0.09

Drawdowns

VSIIX vs. VIOV - Drawdown Comparison

The maximum VSIIX drawdown since its inception was -62.05%, which is greater than VIOV's maximum drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for VSIIX and VIOV.

Drawdown Indicators

	VSIIX	VIOV	Difference
Max Drawdown Largest peak-to-trough decline	-62.05%	-47.36%	-14.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-9.33%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-28.44%	+4.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-28.44%	+4.35%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-47.36%	+1.98%
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-8.52%	-7.38%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.86%	-0.36%

Volatility

VSIIX vs. VIOV - Volatility Comparison

The current volatility for Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) is 3.90%, while Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a volatility of 4.88%. This indicates that VSIIX experiences smaller price fluctuations and is considered to be less risky than VIOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIIX	VIOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.88%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	11.71%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	18.44%	-3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	21.96%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	23.89%	-2.07%

VSIIX vs. VIOV - Expense Ratio Comparison

VSIIX has a 0.06% expense ratio, which is lower than VIOV's 0.10% 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

VSIIX vs. VIOV - Dividend Comparison

VSIIX's dividend yield for the trailing twelve months is around 1.75%, more than VIOV's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.60%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%
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

Can I hold both VSIIX and VIOV in my portfolio?

With a correlation of 0.95, VSIIX and VIOV 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 VIOV?

VIOV has higher volatility (4.88%) compared to VSIIX (3.90%). In terms of maximum drawdown, VSIIX dropped -62.05% vs VIOV's -47.36%.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (2.02 vs 1.81), 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.