VSMAX vs. HLIEX

Last updated Jun 13, 2026

VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and HLIEX (JPMorgan Equity Income Fund) are both mutual funds - VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while HLIEX is a Large Cap Value Equities fund managed by JPMorgan. Over the past 10 years, VSMAX returned 11.48%/yr vs 12.25%/yr for HLIEX. Their correlation of 0.85 suggests significant overlap in exposure. VSMAX charges 0.05%/yr vs 0.70%/yr for HLIEX.

Performance

VSMAX vs. HLIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and JPMorgan Equity Income Fund (HLIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSMAX achieves a 14.59% return, which is significantly higher than HLIEX's 11.08% return. Over the past 10 years, VSMAX has underperformed HLIEX with an annualized return of 11.48%, while HLIEX has yielded a comparatively higher 12.25% 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%

HLIEX

• 1D: 1.49%
• 1M: 2.40%
• YTD: 11.08%
• 6M: 10.34%
• 1Y: 22.22%
• 3Y*: 17.80%
• 5Y*: 10.85%
• 10Y*: 12.25%

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

VSMAX vs. HLIEX - 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%
HLIEX JPMorgan Equity Income Fund	11.08%	14.67%	19.67%	4.79%	-1.88%	25.10%	3.61%	26.30%	-4.45%	17.55%

Correlation

The correlation between VSMAX and HLIEX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	0.85

The correlation between VSMAX and HLIEX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

VSMAX vs. HLIEX — Risk / Return Rank

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

VSMAX

VSMAX Risk / Return Rank: 62
VSMAX Sharpe Ratio Rank: 52
VSMAX Sortino Ratio Rank: 54
VSMAX Omega Ratio Rank: 46
VSMAX Calmar Ratio Rank: 81
VSMAX Martin Ratio Rank: 78

HLIEX

HLIEX Risk / Return Rank: 79
HLIEX Sharpe Ratio Rank: 79
HLIEX Sortino Ratio Rank: 78
HLIEX Omega Ratio Rank: 74
HLIEX Calmar Ratio Rank: 83
HLIEX Martin Ratio Rank: 82

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.

VSMAX vs. HLIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and JPMorgan Equity Income Fund (HLIEX). 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	HLIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.15	-0.48
Sortino ratio: Return per unit of downside risk	2.39	3.06	-0.67
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	3.11	3.21	-0.11
Martin ratio: Return relative to average drawdown	11.42	12.23	-0.81

VSMAX vs. HLIEX - Sharpe Ratio Comparison

The current VSMAX Sharpe Ratio is 1.67, which is comparable to the HLIEX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VSMAX and HLIEX, 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

VSMAX vs. HLIEX - Drawdown Comparison

The maximum VSMAX drawdown since its inception was -59.68%, which is greater than HLIEX's maximum drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for VSMAX and HLIEX.

Drawdown Indicators

	VSMAX	HLIEX	Difference
Max Drawdown Largest peak-to-trough decline	-59.68%	-50.33%	-9.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-7.08%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-25.25%	-14.19%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-28.14%	-14.85%	-13.29%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	-36.89%	-4.93%
Current Drawdown Current decline from peak	-0.32%	-0.18%	-0.14%
Average Drawdown Average peak-to-trough decline	-9.68%	-6.36%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.86%	+0.58%

Volatility

VSMAX vs. HLIEX - Volatility Comparison

Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 5.47% compared to JPMorgan Equity Income Fund (HLIEX) at 3.27%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than HLIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSMAX	HLIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	3.27%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	8.11%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	10.57%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	14.34%	+6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	16.80%	+4.79%

VSMAX vs. HLIEX - Expense Ratio Comparison

VSMAX has a 0.05% expense ratio, which is lower than HLIEX's 0.70% expense ratio.

Dividends

VSMAX vs. HLIEX - Dividend Comparison

VSMAX's dividend yield for the trailing twelve months is around 1.19%, less than HLIEX's 9.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLIEX JPMorgan Equity Income Fund	9.73%	10.81%	14.41%	2.77%	3.67%	3.33%	1.82%	2.78%	5.12%	2.47%	2.45%	2.73%
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

Can I hold both VSMAX and HLIEX in my portfolio?

VSMAX and HLIEX 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, VSMAX or HLIEX?

VSMAX has higher volatility (5.47%) compared to HLIEX (3.27%). In terms of maximum drawdown, VSMAX dropped -59.68% vs HLIEX's -50.33%.

Which has better risk-adjusted returns?

HLIEX currently has the higher Sharpe Ratio (2.15 vs 1.67), 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.