VSMAX vs. AGG
VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and AGG (iShares Core U.S. Aggregate Bond ETF) are both funds - VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, VSMAX returned 11.48%/yr vs 1.57%/yr for AGG. At a correlation of -0.10, they often move in opposite directions. VSMAX charges 0.05%/yr vs 0.03%/yr for AGG.
Performance
VSMAX vs. AGG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VSMAX achieves a 14.59% return, which is significantly higher than AGG's 0.52% return. Over the past 10 years, VSMAX has outperformed AGG with an annualized return of 11.48%, while AGG has yielded a comparatively lower 1.57% annualized return.
VSMAX
- 1D
- 2.58%
- 1M
- 3.08%
- YTD
- 14.59%
- 6M
- 12.93%
- 1Y
- 27.91%
- 3Y*
- 16.37%
- 5Y*
- 6.83%
- 10Y*
- 11.48%
AGG
- 1D
- -0.12%
- 1M
- 0.43%
- YTD
- 0.52%
- 6M
- 0.93%
- 1Y
- 4.50%
- 3Y*
- 4.19%
- 5Y*
- 0.06%
- 10Y*
- 1.57%
VSMAX vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 14.59% | 8.83% | 14.23% | 18.17% | -17.61% | 17.74% | 19.06% | 27.36% | -9.33% | 16.24% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.52% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between VSMAX and AGG is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2003 | -0.10 |
The correlation between VSMAX and AGG shifts across timeframes, from -0.10 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VSMAX vs. AGG — Risk / Return Rank
VSMAX
AGG
VSMAX vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| VSMAX | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 1.63 | +1.47 |
| Martin ratioReturn relative to average drawdown | 11.42 | 4.82 | +6.60 |
Loading charts...
Drawdowns
VSMAX vs. AGG - Drawdown Comparison
The maximum VSMAX drawdown since its inception was -59.68%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for VSMAX and AGG.
Loading charts...
Drawdown Indicators
| VSMAX | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -18.43% | -41.25% |
Max Drawdown (1Y)Largest decline over 1 year | -8.97% | -2.76% | -6.21% |
Max Drawdown (3Y)Largest decline over 3 years | -25.25% | -6.11% | -19.14% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -17.82% | -10.32% |
Max Drawdown (10Y)Largest decline over 10 years | -41.82% | -18.43% | -23.39% |
Current DrawdownCurrent decline from peak | -0.32% | -1.88% | +1.56% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -2.71% | -6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 0.94% | +1.50% |
Volatility
VSMAX vs. AGG - Volatility Comparison
Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 5.47% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.37%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VSMAX | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 1.37% | +4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 12.32% | 2.81% | +9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.69% | 3.82% | +12.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.77% | 6.09% | +14.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.59% | 5.41% | +16.18% |
VSMAX vs. AGG - Expense Ratio Comparison
VSMAX has a 0.05% expense ratio, which is higher than AGG's 0.03% 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
VSMAX vs. AGG - Dividend Comparison
VSMAX's dividend yield for the trailing twelve months is around 1.19%, less than AGG's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 1.19% | 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
VSMAX and AGG have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSMAX has higher volatility (5.47%) compared to AGG (1.37%). In terms of maximum drawdown, VSMAX dropped -59.68% vs AGG's -18.43%.
VSMAX currently has the higher Sharpe Ratio (1.67 vs 1.19), 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.
Find the right allocation for VSMAX and AGG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer