VSMAX vs. VWITX

Last updated Jul 14, 2026

VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) and VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while VWITX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VSMAX returned 11.14%/yr vs 2.27%/yr for VWITX. At a correlation of -0.09, they often move in opposite directions. VSMAX charges 0.05%/yr vs 0.17%/yr for VWITX.

Performance

VSMAX vs. VWITX - 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 Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSMAX achieves a 16.34% return, which is significantly higher than VWITX's 1.29% return. Over the past 10 years, VSMAX has outperformed VWITX with an annualized return of 11.14%, while VWITX has yielded a comparatively lower 2.27% annualized return.

VSMAX

• 1D: -0.21%
• 1M: 0.84%
• 6M: 10.19%
• YTD: 16.34%
• 1Y: 24.64%
• 3Y*: 15.43%
• 5Y*: 7.39%
• 10Y*: 11.14%

VWITX

• 1D: -0.07%
• 1M: 0.20%
• 6M: 0.85%
• YTD: 1.29%
• 1Y: 5.87%
• 3Y*: 4.40%
• 5Y*: 1.51%
• 10Y*: 2.27%

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

VSMAX vs. VWITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	16.34%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares	1.29%	5.89%	2.23%	5.82%	-6.90%	0.74%	5.14%	7.01%	1.26%	4.54%

Correlation

The correlation between VSMAX and VWITX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	-0.09

The correlation between VSMAX and VWITX shifts across timeframes, from -0.09 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VSMAX vs. VWITX — Risk / Return Rank

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

VSMAX

VSMAX Risk / Return Rank: 51
VSMAX Sharpe Ratio Rank: 40
VSMAX Sortino Ratio Rank: 42
VSMAX Omega Ratio Rank: 37
VSMAX Calmar Ratio Rank: 72
VSMAX Martin Ratio Rank: 64

VWITX

VWITX Risk / Return Rank: 71
VWITX Sharpe Ratio Rank: 92
VWITX Sortino Ratio Rank: 93
VWITX Omega Ratio Rank: 94
VWITX Calmar Ratio Rank: 41
VWITX Martin Ratio Rank: 36

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. VWITX - 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 Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX). 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.

	VSMAX	VWITX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.51	-1.09
Sortino ratio: Return per unit of downside risk	2.08	3.94	-1.86
Omega ratio: Gain probability vs. loss probability	1.25	1.64	-0.39
Calmar ratio: Return relative to maximum drawdown	2.62	1.94	+0.67
Martin ratio: Return relative to average drawdown	9.61	6.20	+3.41

VSMAX vs. VWITX - Sharpe Ratio Comparison

The current VSMAX Sharpe Ratio is 1.42, which is lower than the VWITX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of VSMAX and VWITX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VSMAX vs. VWITX - Drawdown Comparison

The maximum VSMAX drawdown since its inception was -59.68%, which is greater than VWITX's maximum drawdown of -29.13%. Use the drawdown chart below to compare losses from any high point for VSMAX and VWITX.

Drawdown Indicators

	VSMAX	VWITX	Difference
Max Drawdown Largest peak-to-trough decline	-59.68%	-29.13%	-30.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-2.99%	-5.98%
Max Drawdown (3Y) Largest decline over 3 years	-25.25%	-4.42%	-20.83%
Max Drawdown (5Y) Largest decline over 5 years	-28.14%	-11.46%	-16.68%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	-11.46%	-30.36%
Current Drawdown Current decline from peak	-1.60%	-0.91%	-0.69%
Average Drawdown Average peak-to-trough decline	-9.66%	-3.57%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	0.94%	+1.50%

Volatility

VSMAX vs. VWITX - Volatility Comparison

Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a higher volatility of 4.52% compared to Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) at 0.47%. This indicates that VSMAX's price experiences larger fluctuations and is considered to be riskier than VWITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSMAX	VWITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	0.47%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	1.86%	+10.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	2.32%	+14.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	3.26%	+17.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	3.41%	+18.09%

VSMAX vs. VWITX - Expense Ratio Comparison

VSMAX has a 0.05% expense ratio, which is lower than VWITX's 0.17% 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. VWITX - Dividend Comparison

VSMAX's dividend yield for the trailing twelve months is around 1.20%, less than VWITX's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.20%	1.33%	1.30%	1.56%	1.54%	1.24%	1.14%	1.39%	1.67%	1.35%	1.49%	1.48%
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares	3.27%	3.96%	3.53%	2.70%	2.43%	1.83%	2.32%	2.80%	2.80%	2.72%	2.80%	2.88%

Frequently Asked Questions

Can I hold both VSMAX and VWITX in my portfolio?

VSMAX and VWITX have a correlation of 0.20, 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 VWITX?

VSMAX has higher volatility (4.52%) compared to VWITX (0.47%). In terms of maximum drawdown, VSMAX dropped -59.68% vs VWITX's -29.13%.

Which has better risk-adjusted returns?

VWITX currently has the higher Sharpe Ratio (2.51 vs 1.42), 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.