VSMAX vs. VO
Compare and contrast key facts about Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and Vanguard Mid-Cap ETF (VO).
VSMAX is managed by Vanguard. It was launched on Nov 13, 2000. VO is a passively managed fund by Vanguard that tracks the performance of the CRSP US Mid Cap Index. It was launched on Jan 26, 2004.
Performance
VSMAX vs. VO - Performance Comparison
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VSMAX vs. VO - 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% |
VO Vanguard Mid-Cap ETF | -0.05% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
Returns By Period
In the year-to-date period, VSMAX achieves a 1.90% return, which is significantly higher than VO's -0.05% return. Both investments have delivered pretty close results over the past 10 years, with VSMAX having a 10.49% annualized return and VO not far ahead at 10.74%.
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%
VO
- 1D
- 0.63%
- 1M
- -5.18%
- YTD
- -0.05%
- 6M
- -0.76%
- 1Y
- 13.07%
- 3Y*
- 12.85%
- 5Y*
- 6.79%
- 10Y*
- 10.74%
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VSMAX vs. VO - Expense Ratio Comparison
VSMAX has a 0.05% expense ratio, which is higher than VO's 0.04% 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%.
Return for Risk
VSMAX vs. VO — Risk / Return Rank
VSMAX
VO
VSMAX vs. VO - 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 Mid-Cap ETF (VO). 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 | VO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 0.75 | +0.16 |
Sortino ratioReturn per unit of downside risk | 1.40 | 1.15 | +0.26 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.06 | +0.32 |
Martin ratioReturn relative to average drawdown | 5.95 | 4.83 | +1.12 |
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 | VO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.75 | +0.16 |
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 | 0.57 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.48 | -0.11 |
Correlation
The correlation between VSMAX and VO is 0.95, 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. VO - Dividend Comparison
VSMAX's dividend yield for the trailing twelve months is around 1.33%, less than VO's 1.50% 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% |
VO Vanguard Mid-Cap ETF | 1.50% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Drawdowns
VSMAX vs. VO - Drawdown Comparison
The maximum VSMAX drawdown since its inception was -59.68%, roughly equal to the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for VSMAX and VO.
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Drawdown Indicators
| VSMAX | VO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -58.87% | -0.81% |
Max Drawdown (1Y)Largest decline over 1 year | -14.30% | -12.74% | -1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -27.57% | -0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -41.82% | -39.37% | -2.45% |
Current DrawdownCurrent decline from peak | -6.11% | -5.53% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -7.91% | -1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.32% | 2.79% | +0.53% |
Volatility
VSMAX vs. VO - Volatility Comparison
Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 6.82% compared to Vanguard Mid-Cap ETF (VO) at 4.83%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMAX | VO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.82% | 4.83% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 12.61% | 9.73% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.80% | 17.57% | +4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 17.61% | +3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.54% | 18.94% | +2.60% |