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VSMAX vs. VSCIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSMAX vs. VSCIX

Last updated Jun 4, 2026

VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and VSCIX (Vanguard Small-Cap Index Fund Institutional Shares) are both Small Cap Blend Equities funds from Vanguard. Over the past 10 years, VSMAX returned 11.37%/yr vs 11.38%/yr for VSCIX. With a 1.00 correlation, they move nearly in lockstep. VSMAX charges 0.05%/yr vs 0.04%/yr for VSCIX.

Performance

VSMAX vs. VSCIX - 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 Small-Cap Index Fund Institutional Shares (VSCIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VSMAX at 14.94% and VSCIX at 14.94%. Both investments have delivered pretty close results over the past 10 years, with VSMAX having a 11.37% annualized return and VSCIX not far ahead at 11.38%.

VSMAX

1D
0.80%
1M
4.24%
YTD
14.94%
6M
14.89%
1Y
29.65%
3Y*
17.30%
5Y*
7.34%
10Y*
11.37%

VSCIX

1D
0.80%
1M
4.24%
YTD
14.94%
6M
14.90%
1Y
29.67%
3Y*
17.32%
5Y*
7.35%
10Y*
11.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VSMAX vs. VSCIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		14.94%8.83%14.23%18.17%-17.61%17.74%19.06%27.36%-9.33%16.24%
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		14.94%8.85%12.96%19.52%-17.60%17.74%19.07%27.40%-9.33%16.25%

Correlation

The correlation between VSMAX and VSCIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

1.00

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

1.00

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

1.00

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

1.00

Correlation (All Time)
Calculated using the full available price history since Nov 14, 2000

1.00

The correlation between VSMAX and VSCIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VSMAX vs. VSCIX - Sectors Allocation Comparison

Sectors
VSMAX
VSCIX

Industrials

20.8%
20.8%

Technology

17.2%
17.2%

Financial Services

12.6%
12.6%

Consumer Cyclical

11.3%
11.3%

Healthcare

11.1%
11.1%

Real Estate

7.6%
7.6%

Basic Materials

4.8%
4.8%

Energy

4.7%
4.7%

Consumer Defensive

3.4%
3.4%

Utilities

3.3%
3.3%

Communication Services

3.1%
3.1%

Industrials

VSMAX
20.8%
VSCIX
20.8%

Technology

VSMAX
17.2%
VSCIX
17.2%

Financial Services

VSMAX
12.6%
VSCIX
12.6%

Consumer Cyclical

VSMAX
11.3%
VSCIX
11.3%

Healthcare

VSMAX
11.1%
VSCIX
11.1%

Real Estate

VSMAX
7.6%
VSCIX
7.6%

Basic Materials

VSMAX
4.8%
VSCIX
4.8%

Energy

VSMAX
4.7%
VSCIX
4.7%

Consumer Defensive

VSMAX
3.4%
VSCIX
3.4%

Utilities

VSMAX
3.3%
VSCIX
3.3%

Communication Services

VSMAX
3.1%
VSCIX
3.1%

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Vanguard Small-Cap Index Fund Admiral Shares

Vanguard Small-Cap Index Fund Institutional Shares

Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM
Often compared with VSCIX:
VSCIX vs. VMCIXVSCIX vs. VINIXVSCIX vs. VBVSCIX vs. VOOVSCIX vs. VIEIXVSCIX vs. AVFIXVSCIX vs. IWM

Return for Risk

VSMAX vs. VSCIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VSMAX
VSMAX Risk / Return Rank: 5454
Overall Rank
VSMAX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 4343
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 4040
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 7777
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 6767
Martin Ratio Rank
VSCIX
VSCIX Risk / Return Rank: 5454
Overall Rank
VSCIX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
VSCIX Sortino Ratio Rank: 4343
Sortino Ratio Rank
VSCIX Omega Ratio Rank: 4040
Omega Ratio Rank
VSCIX Calmar Ratio Rank: 7777
Calmar Ratio Rank
VSCIX Martin Ratio Rank: 6767
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. VSCIX - 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 Index Fund Institutional Shares (VSCIX). 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.

VSMAXVSCIXDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.94

0.00

Sortino ratioReturn per unit of downside risk
2.74
2.75

0.00

Omega ratioGain probability vs. loss probability

1.33

1.33

0.00

Calmar ratioReturn relative to maximum drawdown

3.51

3.51

0.00

Martin ratioReturn relative to average drawdown

12.97

12.98

-0.01

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSMAX vs. VSCIX - Sharpe Ratio Comparison

The current VSMAX Sharpe Ratio is 1.94, which is comparable to the VSCIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of VSMAX and VSCIX, 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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Sharpe Ratios by Period

VSMAXVSCIXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.94

1.94

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.36

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.53

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.41

-0.01

Drawdowns

VSMAX vs. VSCIX - Drawdown Comparison

The maximum VSMAX drawdown since its inception was -59.68%, roughly equal to the maximum VSCIX drawdown of -59.66%. Use the drawdown chart below to compare losses from any high point for VSMAX and VSCIX.

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Drawdown Indicators

VSMAXVSCIXDifference

Max Drawdown

Largest peak-to-trough decline

-59.68%

-59.66%

-0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-8.97%

-8.97%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-25.25%

-25.25%

0.00%

Max Drawdown (5Y)

Largest decline over 5 years

-28.14%

-28.13%

-0.01%

Max Drawdown (10Y)

Largest decline over 10 years

-41.82%

-41.81%

-0.01%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-9.70%

-10.12%

+0.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.43%

2.42%

+0.01%

Volatility

VSMAX vs. VSCIX - Volatility Comparison

Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) have volatilities of 4.40% and 4.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSMAXVSCIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

4.40%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

11.72%

11.72%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

16.27%

16.27%

0.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.71%

20.72%

-0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.57%

21.57%

0.00%

VSMAX vs. VSCIX - Expense Ratio Comparison

VSMAX has a 0.05% expense ratio, which is higher than VSCIX'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%.

Dividends

VSMAX vs. VSCIX - Dividend Comparison

VSMAX's dividend yield for the trailing twelve months is around 1.18%, which matches VSCIX's 1.19% yield.

PositionTTM20252024202320222021202020192018201720162015
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		1.19%1.34%1.31%1.55%1.55%1.25%1.15%1.40%1.68%1.36%1.50%1.49%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		1.18%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

With a correlation of 1.00, VSMAX and VSCIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VSCIX has higher volatility (4.40%) compared to VSMAX (4.40%). In terms of maximum drawdown, VSMAX dropped -59.68% vs VSCIX's -59.66%.

VSCIX currently has the higher Sharpe Ratio (1.94 vs 1.94), 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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