VSIIX vs. VSMAX
VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - VSIIX is a Small Cap Value Equities fund managed by Vanguard, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, VSIIX returned 10.65%/yr vs 10.94%/yr for VSMAX. Their 0.98 correlation means they have historically moved very closely together. VSIIX charges 0.06%/yr vs 0.05%/yr for VSMAX.
Performance
VSIIX vs. VSMAX - Performance Comparison
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Returns By Period
In the year-to-date period, VSIIX achieves a 16.88% return, which is significantly higher than VSMAX's 15.44% return. Both investments have delivered pretty close results over the past 10 years, with VSIIX having a 10.65% annualized return and VSMAX not far ahead at 10.94%.
VSIIX
- 1D
- 0.00%
- 1M
- 0.75%
- 6M
- 10.97%
- YTD
- 16.88%
- 1Y
- 27.91%
- 3Y*
- 14.39%
- 5Y*
- 9.79%
- 10Y*
- 10.65%
- ALL TIME*
- 10.11%
VSMAX
- 1D
- 0.91%
- 1M
- -1.57%
- 6M
- 10.35%
- YTD
- 15.44%
- 1Y
- 26.12%
- 3Y*
- 13.94%
- 5Y*
- 7.48%
- 10Y*
- 10.94%
- ALL TIME*
- 8.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VSIIX vs. VSMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 16.88% | 9.10% | 11.37% | 17.06% | -9.31% | 28.12% | 5.81% | 22.81% | -12.24% | 11.80% |
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 15.44% | 8.83% | 14.23% | 18.17% | -17.61% | 17.74% | 19.06% | 27.36% | -9.33% | 16.24% |
Correlation
The correlation between VSIIX and VSMAX is 0.93, 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. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000 | 0.98 |
The correlation between VSIIX and VSMAX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
VSIIX vs. VSMAX — Risk / Return Rank
VSIIX
VSMAX
VSIIX vs. VSMAX - 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 Small-Cap Index Fund Admiral Shares (VSMAX). 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 | VSMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.56 | +0.25 |
| Martin ratioReturn relative to average drawdown | 10.31 | 9.40 | +0.92 |
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Drawdowns
VSIIX vs. VSMAX - Drawdown Comparison
The maximum VSIIX drawdown since its inception was -62.05%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VSIIX and VSMAX.
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Drawdown Indicators
| VSIIX | VSMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.05% | -59.68% | -2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.87% | -8.97% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -24.09% | -25.25% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -24.09% | -28.14% | +4.05% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | -41.82% | -3.56% |
Current DrawdownCurrent decline from peak | -1.23% | -2.36% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -8.47% | -9.64% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.45% | -0.03% |
Volatility
VSIIX vs. VSMAX - Volatility Comparison
Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) have volatilities of 3.32% and 3.32%, 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.
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Volatility by Period
| VSIIX | VSMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.32% | 3.32% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 10.26% | 11.98% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.95% | 16.47% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.57% | 20.67% | -1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.75% | 21.51% | +0.24% |
VSIIX vs. VSMAX - Expense Ratio Comparison
VSIIX has a 0.06% expense ratio, which is higher than VSMAX's 0.05% expense ratio. However, 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. VSMAX - Dividend Comparison
VSIIX's dividend yield for the trailing twelve months is around 1.77%, more than VSMAX's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 1.21% | 1.33% | 1.30% | 1.56% | 1.54% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.49% | 1.48% |
Frequently Asked Questions
With a correlation of 0.93, VSIIX and VSMAX 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.
VSMAX has higher volatility (3.32%) compared to VSIIX (3.32%). In terms of maximum drawdown, VSIIX dropped -62.05% vs VSMAX's -59.68%.
VSIIX currently has the higher Sharpe Ratio (1.67 vs 1.40), 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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