VSMSX vs. VBIAX
VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) and VBIAX (Vanguard Balanced Index Fund Admiral Shares) are both mutual funds - VSMSX is a Small Cap Blend Equities fund managed by Vanguard, while VBIAX is a Diversified Portfolio fund tracking the 60% CRSP US Total Market Index / 40% Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VSMSX returned 10.81%/yr vs 9.83%/yr for VBIAX. Their correlation of 0.83 suggests significant overlap in exposure. VSMSX charges 0.08%/yr vs 0.07%/yr for VBIAX.
Performance
VSMSX vs. VBIAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VSMSX achieves a 16.33% return, which is significantly higher than VBIAX's 7.35% return. Over the past 10 years, VSMSX has outperformed VBIAX with an annualized return of 10.81%, while VBIAX has yielded a comparatively lower 9.83% annualized return.
VSMSX
- 1D
- 0.88%
- 1M
- 2.59%
- YTD
- 16.33%
- 6M
- 15.18%
- 1Y
- 32.75%
- 3Y*
- 14.78%
- 5Y*
- 5.90%
- 10Y*
- 10.81%
VBIAX
- 1D
- 0.15%
- 1M
- 3.71%
- YTD
- 7.35%
- 6M
- 7.26%
- 1Y
- 19.35%
- 3Y*
- 15.04%
- 5Y*
- 8.01%
- 10Y*
- 9.83%
VSMSX vs. VBIAX - 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 | 16.33% | 6.04% | 7.20% | 17.57% | -16.19% | 26.72% | 11.46% | 22.73% | -8.51% | 13.39% |
VBIAX Vanguard Balanced Index Fund Admiral Shares | 7.35% | 13.61% | 14.58% | 17.54% | -16.90% | 14.21% | 16.40% | 21.78% | -2.86% | 13.89% |
Correlation
The correlation between VSMSX and VBIAX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.83 |
The correlation between VSMSX and VBIAX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VSMSX vs. VBIAX — Risk / Return Rank
VSMSX
VBIAX
VSMSX vs. VBIAX - 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 Vanguard Balanced Index Fund Admiral Shares (VBIAX). 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 | VBIAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.47 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 3.42 | +0.61 |
| Martin ratioReturn relative to average drawdown | 13.48 | 15.60 | -2.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VSMSX | VBIAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.52 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.73 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.88 | -0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.64 | -0.08 |
Drawdowns
VSMSX vs. VBIAX - Drawdown Comparison
The maximum VSMSX drawdown since its inception was -44.42%, which is greater than VBIAX's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for VSMSX and VBIAX.
Loading charts...
Drawdown Indicators
| VSMSX | VBIAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -35.90% | -8.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.69% | -5.83% | -2.86% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -11.70% | -16.23% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -21.53% | -6.40% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -22.78% | -21.64% |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -7.41% | -4.44% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 1.27% | +1.32% |
Volatility
VSMSX vs. VBIAX - Volatility Comparison
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) has a higher volatility of 4.48% compared to Vanguard Balanced Index Fund Admiral Shares (VBIAX) at 2.26%. This indicates that VSMSX's price experiences larger fluctuations and is considered to be riskier than VBIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VSMSX | VBIAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 2.26% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.70% | 6.11% | +5.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.55% | 7.90% | +9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 11.05% | +10.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.21% | 11.21% | +12.00% |
VSMSX vs. VBIAX - Expense Ratio Comparison
VSMSX has a 0.08% expense ratio, which is higher than VBIAX's 0.07% 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. VBIAX - Dividend Comparison
VSMSX's dividend yield for the trailing twelve months is around 1.20%, less than VBIAX's 5.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIAX Vanguard Balanced Index Fund Admiral Shares | 5.21% | 6.00% | 5.27% | 4.35% | 2.83% | 3.19% | 2.65% | 2.28% | 2.32% | 1.95% | 2.09% | 2.09% |
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 1.20% | 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
VSMSX and VBIAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSMSX has higher volatility (4.48%) compared to VBIAX (2.26%). In terms of maximum drawdown, VSMSX dropped -44.42% vs VBIAX's -35.90%.
VBIAX currently has the higher Sharpe Ratio (2.52 vs 2.00), 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.
Find the right allocation for VSMSX and VBIAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer