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VSMAX vs. VIIIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSMAX vs. VIIIX

Last updated Jun 14, 2026

VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VSMAX returned 11.48%/yr vs 15.51%/yr for VIIIX. Their correlation of 0.88 suggests significant overlap in exposure. VSMAX charges 0.05%/yr vs 0.02%/yr for VIIIX.

Performance

VSMAX vs. VIIIX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VSMAX achieves a 14.59% return, which is significantly higher than VIIIX's 8.59% return. Over the past 10 years, VSMAX has underperformed VIIIX with an annualized return of 11.48%, while VIIIX has yielded a comparatively higher 15.51% annualized return.

VSMAX

1D
2.58%
1M
2.57%
YTD
14.59%
6M
12.93%
1Y
30.00%
3Y*
16.37%
5Y*
6.83%
10Y*
11.48%

VIIIX

1D
1.75%
1M
-1.31%
YTD
8.59%
6M
8.94%
1Y
25.18%
3Y*
21.47%
5Y*
13.48%
10Y*
15.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VSMAX vs. VIIIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VIIIX
Vanguard Institutional Index Fund Institutional Plus Shares		8.59%17.87%26.29%25.79%-18.14%28.69%18.41%31.48%-4.41%21.82%

Correlation

The correlation between VSMAX and VIIIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.79

Correlation (3Y)
Calculated over the trailing 3-year period

0.80

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2000

0.88

The correlation between VSMAX and VIIIX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

VSMAX vs. VIIIX - Sectors Allocation Comparison

Sectors
VSMAX
VIIIX

Industrials

20.8%
8.3%

Technology

17.2%
35.7%

Financial Services

12.6%
11.6%

Consumer Cyclical

11.3%
10.2%

Healthcare

11.1%
8.5%

Real Estate

7.6%
1.9%

Basic Materials

4.8%
1.8%

Energy

4.7%
3.5%

Consumer Defensive

3.4%
4.9%

Utilities

3.3%
2.4%

Communication Services

3.1%
11.3%

Industrials

VSMAX
20.8%
VIIIX
8.3%

Technology

VSMAX
17.2%
VIIIX
35.7%

Financial Services

VSMAX
12.6%
VIIIX
11.6%

Consumer Cyclical

VSMAX
11.3%
VIIIX
10.2%

Healthcare

VSMAX
11.1%
VIIIX
8.5%

Real Estate

VSMAX
7.6%
VIIIX
1.9%

Basic Materials

VSMAX
4.8%
VIIIX
1.8%

Energy

VSMAX
4.7%
VIIIX
3.5%

Consumer Defensive

VSMAX
3.4%
VIIIX
4.9%

Utilities

VSMAX
3.3%
VIIIX
2.4%

Communication Services

VSMAX
3.1%
VIIIX
11.3%

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Vanguard Small-Cap Index Fund Admiral Shares

Vanguard Institutional Index Fund Institutional Plus Shares

Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM
Often compared with VIIIX:
VIIIX vs. VIGIXVIIIX vs. SPYVIIIX vs. OIEJXVIIIX vs. VTSNXVIIIX vs. VTIVIIIX vs. VEMPXVIIIX vs. VFIFX

Return for Risk

VSMAX vs. VIIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VSMAX
VSMAX Risk / Return Rank: 6262
Overall Rank
VSMAX Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 5454
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 4646
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 8181
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 7878
Martin Ratio Rank
VIIIX
VIIIX Risk / Return Rank: 7373
Overall Rank
VIIIX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
VIIIX Sortino Ratio Rank: 6868
Sortino Ratio Rank
VIIIX Omega Ratio Rank: 6969
Omega Ratio Rank
VIIIX Calmar Ratio Rank: 7373
Calmar Ratio Rank
VIIIX Martin Ratio Rank: 8383
Martin Ratio Rank
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. VIIIX - 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 Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

VSMAXVIIIXDifference
Sharpe ratioReturn per unit of total volatility
1.67
1.97

-0.30

Sortino ratioReturn per unit of downside risk
2.39
2.67

-0.28

Omega ratioGain probability vs. loss probability

1.29

1.36

-0.07

Calmar ratioReturn relative to maximum drawdown

3.11

2.74

+0.37

Martin ratioReturn relative to average drawdown

11.42

12.45

-1.03

VSMAX vs. VIIIX - Sharpe Ratio Comparison

The current VSMAX Sharpe Ratio is 1.67, which is comparable to the VIIIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VSMAX and VIIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VSMAX vs. VIIIX - Drawdown Comparison

The maximum VSMAX drawdown since its inception was -59.68%, which is greater than VIIIX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for VSMAX and VIIIX.

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Drawdown Indicators

VSMAXVIIIXDifference

Max Drawdown

Largest peak-to-trough decline

-59.68%

-55.18%

-4.50%

Max Drawdown (1Y)

Largest decline over 1 year

-8.97%

-8.90%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-25.25%

-18.75%

-6.50%

Max Drawdown (5Y)

Largest decline over 5 years

-28.14%

-24.50%

-3.64%

Max Drawdown (10Y)

Largest decline over 10 years

-41.82%

-33.79%

-8.03%

Current Drawdown

Current decline from peak

-0.32%

-2.79%

+2.47%

Average Drawdown

Average peak-to-trough decline

-9.68%

-10.01%

+0.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

1.95%

+0.49%

Volatility

VSMAX vs. VIIIX - Volatility Comparison

Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 5.47% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 4.44%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSMAXVIIIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.47%

4.44%

+1.03%

Volatility (6M)

Calculated over the trailing 6-month period

12.32%

9.70%

+2.62%

Volatility (1Y)

Calculated over the trailing 1-year period

16.69%

12.37%

+4.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.77%

16.97%

+3.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.59%

18.09%

+3.50%

VSMAX vs. VIIIX - Expense Ratio Comparison

VSMAX has a 0.05% expense ratio, which is higher than VIIIX's 0.02% 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. VIIIX - Dividend Comparison

VSMAX's dividend yield for the trailing twelve months is around 1.19%, less than VIIIX's 2.48% yield.

PositionTTM20252024202320222021202020192018201720162015
VIIIX
Vanguard Institutional Index Fund Institutional Plus Shares		2.48%2.11%3.66%2.66%3.39%4.79%3.07%2.86%2.45%1.84%2.38%2.47%
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 VIIIX have a correlation of 0.79, 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 VIIIX (4.44%). In terms of maximum drawdown, VSMAX dropped -59.68% vs VIIIX's -55.18%.

VIIIX currently has the higher Sharpe Ratio (1.97 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.

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