VSMAX vs. VBR
Compare and contrast key facts about Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and Vanguard Small-Cap Value ETF (VBR).
VSMAX is managed by Vanguard. It was launched on Nov 13, 2000. VBR is a passively managed fund by Vanguard that tracks the performance of the CRSP US Small Cap Value Index. It was launched on Jan 26, 2004.
Performance
VSMAX vs. VBR - Performance Comparison
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VSMAX vs. VBR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 1.90% | 8.83% | 14.23% | 18.17% | -17.61% | 17.74% | 19.06% | 27.36% | -9.33% | 16.24% |
VBR Vanguard Small-Cap Value ETF | 3.59% | 9.09% | 12.40% | 16.00% | -9.38% | 28.08% | 5.90% | 22.78% | -12.28% | 11.81% |
Returns By Period
In the year-to-date period, VSMAX achieves a 1.90% return, which is significantly lower than VBR's 3.59% return. Both investments have delivered pretty close results over the past 10 years, with VSMAX having a 10.49% annualized return and VBR not far behind at 10.14%.
VSMAX
- 1D
- 3.15%
- 1M
- -5.71%
- YTD
- 1.90%
- 6M
- 3.41%
- 1Y
- 19.29%
- 3Y*
- 13.01%
- 5Y*
- 5.34%
- 10Y*
- 10.49%
VBR
- 1D
- 0.41%
- 1M
- -4.79%
- YTD
- 3.59%
- 6M
- 5.25%
- 1Y
- 19.13%
- 3Y*
- 13.58%
- 5Y*
- 7.64%
- 10Y*
- 10.14%
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VSMAX vs. VBR - Expense Ratio Comparison
VSMAX has a 0.05% expense ratio, which is lower than VBR's 0.07% 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%.
Return for Risk
VSMAX vs. VBR — Risk / Return Rank
VSMAX
VBR
VSMAX vs. VBR - 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 Value ETF (VBR). 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 | VBR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 0.93 | -0.02 |
Sortino ratioReturn per unit of downside risk | 1.40 | 1.43 | -0.03 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.37 | +0.01 |
Martin ratioReturn relative to average drawdown | 5.95 | 5.62 | +0.32 |
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 | VBR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.93 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | 0.39 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.47 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.40 | -0.03 |
Correlation
The correlation between VSMAX and VBR is 0.97, 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. VBR - Dividend Comparison
VSMAX's dividend yield for the trailing twelve months is around 1.33%, less than VBR's 1.90% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 1.33% | 1.33% | 1.30% | 1.56% | 1.54% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.49% | 1.48% |
VBR Vanguard Small-Cap Value ETF | 1.90% | 1.95% | 1.98% | 2.12% | 2.03% | 1.75% | 1.68% | 2.06% | 2.35% | 1.79% | 1.77% | 1.99% |
Drawdowns
VSMAX vs. VBR - Drawdown Comparison
The maximum VSMAX drawdown since its inception was -59.68%, roughly equal to the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for VSMAX and VBR.
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Drawdown Indicators
| VSMAX | VBR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -61.98% | +2.30% |
Max Drawdown (1Y)Largest decline over 1 year | -14.30% | -14.18% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -24.19% | -3.95% |
Max Drawdown (10Y)Largest decline over 10 years | -41.82% | -45.28% | +3.46% |
Current DrawdownCurrent decline from peak | -6.11% | -5.75% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -8.32% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.32% | 3.46% | -0.14% |
Volatility
VSMAX vs. VBR - Volatility Comparison
Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 6.82% compared to Vanguard Small-Cap Value ETF (VBR) at 5.40%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMAX | VBR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.82% | 5.40% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 12.61% | 11.29% | +1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.80% | 20.64% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 19.85% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.54% | 21.73% | -0.19% |