VSMSX vs. SPSM
Compare and contrast key facts about Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and SPDR Portfolio S&P 600 Small Cap ETF (SPSM).
VSMSX is managed by Vanguard. It was launched on Apr 1, 2011. SPSM is a passively managed fund by State Street that tracks the performance of the S&P SmallCap 600 Index. It was launched on Jul 8, 2013.
Performance
VSMSX vs. SPSM - Performance Comparison
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VSMSX vs. SPSM - 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 | 0.71% | 6.04% | 7.20% | 17.57% | -16.19% | 26.72% | 11.46% | 22.73% | -8.51% | 13.39% |
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 3.48% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 25.85% | -11.17% | 15.44% |
Returns By Period
In the year-to-date period, VSMSX achieves a 0.71% return, which is significantly lower than SPSM's 3.48% return. Both investments have delivered pretty close results over the past 10 years, with VSMSX having a 9.58% annualized return and SPSM not far ahead at 10.05%.
VSMSX
- 1D
- -0.71%
- 1M
- -6.66%
- YTD
- 0.71%
- 6M
- 2.43%
- 1Y
- 17.27%
- 3Y*
- 9.49%
- 5Y*
- 3.87%
- 10Y*
- 9.58%
SPSM
- 1D
- 2.81%
- 1M
- -4.07%
- YTD
- 3.48%
- 6M
- 5.20%
- 1Y
- 20.56%
- 3Y*
- 10.51%
- 5Y*
- 4.16%
- 10Y*
- 10.05%
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VSMSX vs. SPSM - Expense Ratio Comparison
VSMSX has a 0.08% expense ratio, which is higher than SPSM's 0.05% 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%.
Return for Risk
VSMSX vs. SPSM — Risk / Return Rank
VSMSX
SPSM
VSMSX vs. SPSM - 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 SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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.
| VSMSX | SPSM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 0.92 | -0.12 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.41 | -0.16 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.03 | 1.42 | -0.39 |
Martin ratioReturn relative to average drawdown | 4.20 | 5.73 | -1.53 |
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
| VSMSX | SPSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.92 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.19 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.44 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.41 | +0.09 |
Correlation
The correlation between VSMSX and SPSM is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VSMSX vs. SPSM - Dividend Comparison
VSMSX's dividend yield for the trailing twelve months is around 1.38%, less than SPSM's 1.59% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 1.38% | 1.39% | 1.49% | 1.47% | 1.52% | 1.17% | 1.10% | 1.38% | 1.39% | 1.11% | 1.00% | 1.33% |
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 1.59% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
Drawdowns
VSMSX vs. SPSM - Drawdown Comparison
The maximum VSMSX drawdown since its inception was -44.42%, roughly equal to the maximum SPSM drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for VSMSX and SPSM.
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Drawdown Indicators
| VSMSX | SPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -42.89% | -1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -14.82% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -27.94% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -42.89% | -1.53% |
Current DrawdownCurrent decline from peak | -8.30% | -5.81% | -2.49% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -8.02% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 3.67% | -0.02% |
Volatility
VSMSX vs. SPSM - Volatility Comparison
The current volatility for Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) is 5.55%, while SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a volatility of 6.26%. This indicates that VSMSX experiences smaller price fluctuations and is considered to be less risky than SPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMSX | SPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 6.26% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 12.75% | 12.94% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.62% | 22.56% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 21.54% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.19% | 22.98% | +0.21% |