VSMAX vs. VSIIX
VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both mutual funds - VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while VSIIX is a Small Cap Value Equities fund managed by Vanguard. Over the past 10 years, VSMAX returned 11.29%/yr vs 10.53%/yr for VSIIX. With a 0.98 correlation, they move nearly in lockstep. VSMAX charges 0.05%/yr vs 0.06%/yr for VSIIX.
Performance
VSMAX vs. VSIIX - Performance Comparison
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Returns By Period
In the year-to-date period, VSMAX achieves a 14.16% return, which is significantly higher than VSIIX's 11.65% return. Over the past 10 years, VSMAX has outperformed VSIIX with an annualized return of 11.29%, while VSIIX has yielded a comparatively lower 10.53% annualized return.
VSMAX
- 1D
- -0.68%
- 1M
- 2.34%
- YTD
- 14.16%
- 6M
- 13.54%
- 1Y
- 28.90%
- 3Y*
- 17.04%
- 5Y*
- 7.10%
- 10Y*
- 11.29%
VSIIX
- 1D
- -0.37%
- 1M
- 1.35%
- YTD
- 11.65%
- 6M
- 11.87%
- 1Y
- 26.40%
- 3Y*
- 16.46%
- 5Y*
- 7.98%
- 10Y*
- 10.53%
VSMAX vs. VSIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 14.16% | 8.83% | 14.23% | 18.17% | -17.61% | 17.74% | 19.06% | 27.36% | -9.33% | 16.24% |
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 11.65% | 9.10% | 11.37% | 17.06% | -9.31% | 28.12% | 5.81% | 22.81% | -12.24% | 11.80% |
Correlation
The correlation between VSMAX and VSIIX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2000 | 0.98 |
The correlation between VSMAX and VSIIX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
VSMAX vs. VSIIX — Risk / Return Rank
VSMAX
VSIIX
VSMAX vs. VSIIX - 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 Index Fund Institutional Shares (VSIIX). 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 | VSIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 2.92 | +0.30 |
| Martin ratioReturn relative to average drawdown | 11.89 | 10.35 | +1.54 |
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 | VSIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 1.71 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.41 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.48 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.44 | -0.05 |
Drawdowns
VSMAX vs. VSIIX - Drawdown Comparison
The maximum VSMAX drawdown since its inception was -59.68%, roughly equal to the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for VSMAX and VSIIX.
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Drawdown Indicators
| VSMAX | VSIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -62.05% | +2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.97% | -8.87% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -25.25% | -24.09% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -24.09% | -4.05% |
Max Drawdown (10Y)Largest decline over 10 years | -41.82% | -45.38% | +3.56% |
Current DrawdownCurrent decline from peak | -0.68% | -0.37% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -9.69% | -8.52% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 2.50% | -0.07% |
Volatility
VSMAX vs. VSIIX - Volatility Comparison
Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 4.43% compared to Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) at 3.98%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than VSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMAX | VSIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 3.98% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.72% | 10.43% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.29% | 15.20% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.71% | 19.77% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 21.83% | -0.27% |
VSMAX vs. VSIIX - Expense Ratio Comparison
VSMAX has a 0.05% expense ratio, which is lower than VSIIX's 0.06% 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%.
Dividends
VSMAX vs. VSIIX - Dividend Comparison
VSMAX's dividend yield for the trailing twelve months is around 1.19%, less than VSIIX's 1.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 1.77% | 1.96% | 1.99% | 2.10% | 2.04% | 1.76% | 1.69% | 2.07% | 2.36% | 1.80% | 1.77% | 1.99% |
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
With a correlation of 0.95, VSMAX and VSIIX 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.
VSMAX has higher volatility (4.43%) compared to VSIIX (3.98%). In terms of maximum drawdown, VSMAX dropped -59.68% vs VSIIX's -62.05%.
VSMAX currently has the higher Sharpe Ratio (1.78 vs 1.71), 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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