VSMAX vs. VTSAX

Last updated Jun 5, 2026

VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares) are both mutual funds - VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while VTSAX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VSMAX returned 11.29%/yr vs 15.03%/yr for VTSAX. Their correlation of 0.92 suggests significant overlap in exposure. VSMAX charges 0.05%/yr vs 0.04%/yr for VTSAX.

Performance

VSMAX vs. VTSAX - 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 Total Stock Market Index Fund Admiral Shares (VTSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSMAX achieves a 14.16% return, which is significantly higher than VTSAX's 11.13% return. Over the past 10 years, VSMAX has underperformed VTSAX with an annualized return of 11.29%, while VTSAX has yielded a comparatively higher 15.03% 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%

VTSAX

• 1D: -0.75%
• 1M: 4.07%
• YTD: 11.13%
• 6M: 10.86%
• 1Y: 28.10%
• 3Y*: 22.03%
• 5Y*: 12.68%
• 10Y*: 15.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VSMAX vs. VTSAX - 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%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	11.13%	17.12%	23.23%	26.51%	-19.52%	25.72%	20.98%	30.79%	-5.18%	21.16%

Correlation

The correlation between VSMAX and VTSAX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 14, 2000	0.92

The correlation between VSMAX and VTSAX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

VSMAX vs. VTSAX - Sectors Allocation Comparison

Sectors	VSMAX	VTSAX
Industrials	20.8%	9.5%
Technology	17.2%	33.3%
Financial Services	12.6%	11.9%
Consumer Cyclical	11.3%	9.8%
Healthcare	11.1%	9.1%
Real Estate	7.6%	2.4%
Basic Materials	4.8%	2.0%
Energy	4.7%	3.8%
Consumer Defensive	3.4%	4.7%
Utilities	3.3%	2.7%
Communication Services	3.1%	10.1%

Return for Risk

VSMAX vs. VTSAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VSMAX

VSMAX Risk / Return Rank: 47
VSMAX Sharpe Ratio Rank: 37
VSMAX Sortino Ratio Rank: 37
VSMAX Omega Ratio Rank: 34
VSMAX Calmar Ratio Rank: 70
VSMAX Martin Ratio Rank: 60

VTSAX

VTSAX Risk / Return Rank: 64
VTSAX Sharpe Ratio Rank: 61
VTSAX Sortino Ratio Rank: 56
VTSAX Omega Ratio Rank: 56
VTSAX Calmar Ratio Rank: 67
VTSAX Martin Ratio Rank: 78

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. VTSAX - 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 Total Stock Market Index Fund Admiral Shares (VTSAX). 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	VTSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.31	-0.54
Sortino ratio: Return per unit of downside risk	2.55	3.17	-0.62
Omega ratio: Gain probability vs. loss probability	1.31	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	3.22	3.17	+0.05
Martin ratio: Return relative to average drawdown	11.89	14.61	-2.72
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. VTSAX - Sharpe Ratio Comparison

The current VSMAX Sharpe Ratio is 1.78, which is comparable to the VTSAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VSMAX and VTSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VSMAX	VTSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.31	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.73	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.82	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.47	-0.08

Drawdowns

VSMAX vs. VTSAX - Drawdown Comparison

The maximum VSMAX drawdown since its inception was -59.68%, which is greater than VTSAX's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for VSMAX and VTSAX.

Drawdown Indicators

	VSMAX	VTSAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.68%	-55.33%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-8.92%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-25.25%	-19.36%	-5.89%
Max Drawdown (5Y) Largest decline over 5 years	-28.14%	-25.36%	-2.78%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	-34.97%	-6.85%
Current Drawdown Current decline from peak	-0.68%	-0.75%	+0.07%
Average Drawdown Average peak-to-trough decline	-9.69%	-9.00%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.93%	+0.50%

Volatility

VSMAX vs. VTSAX - Volatility Comparison

Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 4.43% compared to Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) at 3.05%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than VTSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSMAX	VTSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	3.05%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	9.20%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.29%	12.22%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	17.36%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	18.41%	+3.15%

VSMAX vs. VTSAX - Expense Ratio Comparison

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

VSMAX's dividend yield for the trailing twelve months is around 1.19%, more than VTSAX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	1.01%	1.11%	1.26%	1.42%	1.65%	1.20%	1.41%	1.76%	2.03%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both VSMAX and VTSAX in my portfolio?

VSMAX and VTSAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSMAX or VTSAX?

VSMAX has higher volatility (4.43%) compared to VTSAX (3.05%). In terms of maximum drawdown, VSMAX dropped -59.68% vs VTSAX's -55.33%.

Which has better risk-adjusted returns?

VTSAX currently has the higher Sharpe Ratio (2.31 vs 1.78), 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.