VSMSX vs. BOSOX

Last updated Aug 5, 2026

VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) and BOSOX (Boston Trust Small Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, VSMSX returned 10.89%/yr vs 10.72%/yr for BOSOX. Their 0.95 correlation means they have historically moved very closely together. VSMSX charges 0.08%/yr vs 1.00%/yr for BOSOX.

Performance

VSMSX vs. BOSOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and Boston Trust Small Cap Fund (BOSOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSMSX achieves a 23.59% return, which is significantly higher than BOSOX's 15.62% return. Both investments have delivered pretty close results over the past 10 years, with VSMSX having a 10.89% annualized return and BOSOX not far behind at 10.72%.

VSMSX

• 1D: 1.68%
• 1M: 0.98%
• 6M: 15.85%
• YTD: 23.59%
• 1Y: 35.99%
• 3Y*: 14.56%
• 5Y*: 8.10%
• 10Y*: 10.89%
• ALL TIME*: 12.08%

BOSOX

• 1D: 1.48%
• 1M: 1.16%
• 6M: 11.39%
• YTD: 15.62%
• 1Y: 16.65%
• 3Y*: 8.66%
• 5Y*: 6.43%
• 10Y*: 10.72%
• ALL TIME*: 9.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BOSOX Boston Trust Small Cap Fund	$0.00	$0.00	$0.00
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares	$0.00	$0.00	$0.00

VSMSX vs. BOSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares	23.59%	6.04%	7.20%	17.57%	-16.19%	26.72%	11.46%	22.73%	-8.51%	13.39%
BOSOX Boston Trust Small Cap Fund	15.62%	-4.04%	12.52%	10.09%	-9.05%	28.10%	8.27%	38.35%	-6.01%	12.24%

Correlation

The correlation between VSMSX and BOSOX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.95

The correlation between VSMSX and BOSOX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

VSMSX vs. BOSOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSMSX

VSMSX Risk / Return Rank: 89
VSMSX Sharpe Ratio Rank: 88
VSMSX Sortino Ratio Rank: 88
VSMSX Omega Ratio Rank: 80
VSMSX Calmar Ratio Rank: 95
VSMSX Martin Ratio Rank: 93

BOSOX

BOSOX Risk / Return Rank: 37
BOSOX Sharpe Ratio Rank: 36
BOSOX Sortino Ratio Rank: 41
BOSOX Omega Ratio Rank: 34
BOSOX Calmar Ratio Rank: 38
BOSOX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VSMSX vs. BOSOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and Boston Trust Small Cap Fund (BOSOX). 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.

	VSMSX	BOSOX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.24	+0.97
Sortino ratio: Return per unit of downside risk	3.22	1.98	+1.25
Omega ratio: Gain probability vs. loss probability	1.38	1.22	+0.16
Calmar ratio: Return relative to maximum drawdown	4.41	1.74	+2.67
Martin ratio: Return relative to average drawdown	15.13	5.50	+9.63

VSMSX vs. BOSOX - Sharpe Ratio Comparison

The current VSMSX Sharpe Ratio is 2.21, which is higher than the BOSOX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of VSMSX and BOSOX, 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

VSMSX vs. BOSOX - Drawdown Comparison

The maximum VSMSX drawdown since its inception was -44.42%, smaller than the maximum BOSOX drawdown of -51.32%. Use the drawdown chart below to compare losses from any high point for VSMSX and BOSOX.

Drawdown Indicators

	VSMSX	BOSOX	Difference
Max Drawdown Largest peak-to-trough decline	-44.42%	-51.32%	+6.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-10.69%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-22.36%	-5.57%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-22.36%	-5.57%
Max Drawdown (10Y) Largest decline over 10 years	-44.42%	-36.79%	-7.63%
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-7.34%	-7.23%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.38%	-0.85%

Volatility

VSMSX vs. BOSOX - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) is 3.77%, while Boston Trust Small Cap Fund (BOSOX) has a volatility of 3.99%. This indicates that VSMSX experiences smaller price fluctuations and is considered to be less risky than BOSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSMSX	BOSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.99%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	10.16%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.36%	15.00%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	17.81%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.16%	19.52%	+3.64%

VSMSX vs. BOSOX - Expense Ratio Comparison

VSMSX has a 0.08% expense ratio, which is lower than BOSOX's 1.00% expense ratio.

Dividends

VSMSX vs. BOSOX - Dividend Comparison

VSMSX's dividend yield for the trailing twelve months is around 1.13%, less than BOSOX's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOSOX Boston Trust Small Cap Fund	3.81%	4.41%	6.52%	0.78%	5.09%	8.93%	2.56%	12.46%	16.19%	9.13%	3.14%	18.92%
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares	1.13%	1.39%	1.49%	1.47%	1.52%	1.17%	1.10%	1.38%	1.39%	1.11%	1.00%	1.33%

Frequently Asked Questions

Can I hold both VSMSX and BOSOX in my portfolio?

With a correlation of 0.91, VSMSX and BOSOX 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.

Which is riskier, VSMSX or BOSOX?

BOSOX has higher volatility (3.99%) compared to VSMSX (3.77%). In terms of maximum drawdown, VSMSX dropped -44.42% vs BOSOX's -51.32%.

Which has better risk-adjusted returns?

VSMSX currently has the higher Sharpe Ratio (2.21 vs 1.24), 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.