VSMAX vs. VB
Compare and contrast key facts about Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and Vanguard Small-Cap ETF (VB).
VSMAX is managed by Vanguard. It was launched on Nov 13, 2000. VB is a passively managed fund by Vanguard that tracks the performance of the CRSP US Small Cap. It was launched on Jan 26, 2004.
Performance
VSMAX vs. VB - Performance Comparison
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VSMAX vs. VB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | -1.21% | 8.83% | 14.23% | 18.17% | -17.61% | 17.74% | 19.06% | 27.36% | -9.33% | 16.24% |
VB Vanguard Small-Cap ETF | 1.92% | 8.87% | 14.17% | 18.22% | -17.51% | 17.57% | 19.19% | 27.34% | -9.34% | 16.26% |
Returns By Period
In the year-to-date period, VSMAX achieves a -1.21% return, which is significantly lower than VB's 1.92% return. Both investments have delivered pretty close results over the past 10 years, with VSMAX having a 10.15% annualized return and VB not far ahead at 10.51%.
VSMAX
- 1D
- -0.98%
- 1M
- -8.09%
- YTD
- -1.21%
- 6M
- 0.58%
- 1Y
- 16.07%
- 3Y*
- 11.85%
- 5Y*
- 5.02%
- 10Y*
- 10.15%
VB
- 1D
- 3.18%
- 1M
- -5.13%
- YTD
- 1.92%
- 6M
- 3.76%
- 1Y
- 19.75%
- 3Y*
- 13.04%
- 5Y*
- 5.35%
- 10Y*
- 10.51%
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VSMAX vs. VB - Expense Ratio Comparison
Both VSMAX and VB have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
VSMAX vs. VB — Risk / Return Rank
VSMAX
VB
VSMAX vs. VB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and Vanguard Small-Cap ETF (VB). 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.
| VSMAX | VB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.75 | 0.91 | -0.16 |
Sortino ratioReturn per unit of downside risk | 1.19 | 1.41 | -0.22 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.19 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.39 | -0.42 |
Martin ratioReturn relative to average drawdown | 4.20 | 5.97 | -1.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSMAX | VB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 0.91 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.26 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.49 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.42 | -0.05 |
Correlation
The correlation between VSMAX and VB is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VSMAX vs. VB - Dividend Comparison
VSMAX's dividend yield for the trailing twelve months is around 1.38%, more than VB's 1.34% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 1.38% | 1.33% | 1.30% | 1.56% | 1.54% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.49% | 1.48% |
VB Vanguard Small-Cap ETF | 1.34% | 1.33% | 1.30% | 1.55% | 1.59% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.50% | 1.48% |
Drawdowns
VSMAX vs. VB - Drawdown Comparison
The maximum VSMAX drawdown since its inception was -59.68%, roughly equal to the maximum VB drawdown of -59.56%. Use the drawdown chart below to compare losses from any high point for VSMAX and VB.
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Drawdown Indicators
| VSMAX | VB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -59.56% | -0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -14.30% | -14.29% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -28.15% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -41.82% | -42.05% | +0.23% |
Current DrawdownCurrent decline from peak | -8.97% | -6.08% | -2.89% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -8.49% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 3.32% | -0.02% |
Volatility
VSMAX vs. VB - Volatility Comparison
The current volatility for Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) is 5.91%, while Vanguard Small-Cap ETF (VB) has a volatility of 6.84%. This indicates that VSMAX experiences smaller price fluctuations and is considered to be less risky than VB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMAX | VB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.91% | 6.84% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 12.22% | 12.60% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.62% | 21.86% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.69% | 20.78% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.52% | 21.40% | +0.12% |