VSMSX vs. IJR
VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) and IJR (iShares Core S&P Small-Cap ETF) are both Small Cap Blend Equities funds. Over the past 10 years, VSMSX returned 11.11%/yr vs 11.34%/yr for IJR. With a 1.00 correlation, they move nearly in lockstep. VSMSX charges 0.08%/yr vs 0.06%/yr for IJR.
Performance
VSMSX vs. IJR - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VSMSX having a 19.72% return and IJR slightly higher at 19.75%. Both investments have delivered pretty close results over the past 10 years, with VSMSX having a 11.11% annualized return and IJR not far ahead at 11.34%.
VSMSX
- 1D
- 1.82%
- 1M
- 4.54%
- YTD
- 19.72%
- 6M
- 16.70%
- 1Y
- 36.80%
- 3Y*
- 15.10%
- 5Y*
- 7.29%
- 10Y*
- 11.11%
IJR
- 1D
- 0.03%
- 1M
- 4.58%
- YTD
- 19.75%
- 6M
- 16.72%
- 1Y
- 36.74%
- 3Y*
- 16.28%
- 5Y*
- 6.65%
- 10Y*
- 11.34%
VSMSX vs. IJR - 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 | 19.72% | 6.04% | 7.20% | 17.57% | -16.19% | 26.72% | 11.46% | 22.73% | -8.51% | 13.39% |
IJR iShares Core S&P Small-Cap ETF | 19.75% | 5.89% | 8.63% | 16.06% | -16.20% | 26.58% | 11.28% | 22.82% | -8.51% | 13.15% |
Correlation
The correlation between VSMSX and IJR 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 Jan 3, 2012 | 1.00 |
The correlation between VSMSX and IJR has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VSMSX vs. IJR — Risk / Return Rank
VSMSX
IJR
VSMSX vs. IJR - 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 iShares Core S&P Small-Cap ETF (IJR). 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 | IJR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.36 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 4.25 | -0.02 |
| Martin ratioReturn relative to average drawdown | 14.27 | 14.27 | 0.00 |
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Drawdowns
VSMSX vs. IJR - Drawdown Comparison
The maximum VSMSX drawdown since its inception was -44.42%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for VSMSX and IJR.
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Drawdown Indicators
| VSMSX | IJR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -58.15% | +13.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.69% | -8.68% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -28.02% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -28.02% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -44.36% | -0.06% |
Current DrawdownCurrent decline from peak | -0.05% | -0.09% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -7.39% | -9.26% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.58% | -0.01% |
Volatility
VSMSX vs. IJR - Volatility Comparison
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) has a higher volatility of 5.18% compared to iShares Core S&P Small-Cap ETF (IJR) at 4.92%. This indicates that VSMSX's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMSX | IJR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.18% | 4.92% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 12.11% | 12.05% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.76% | 17.76% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.48% | 21.40% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.23% | 22.93% | +0.30% |
VSMSX vs. IJR - Expense Ratio Comparison
VSMSX has a 0.08% expense ratio, which is higher than IJR's 0.06% 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
VSMSX vs. IJR - Dividend Comparison
VSMSX's dividend yield for the trailing twelve months is around 1.17%, more than IJR's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJR iShares Core S&P Small-Cap ETF | 1.15% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 1.17% | 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
With a correlation of 1.00, VSMSX and IJR 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.
VSMSX has higher volatility (5.18%) compared to IJR (4.92%). In terms of maximum drawdown, VSMSX dropped -44.42% vs IJR's -58.15%.
IJR currently has the higher Sharpe Ratio (2.08 vs 2.07), 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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