VSMSX vs. VIOV
VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) and VIOV (Vanguard S&P Small-Cap 600 Value ETF) are both funds - VSMSX is a Small Cap Blend Equities fund managed by Vanguard, while VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Over the past 10 years, VSMSX returned 10.81%/yr vs 10.23%/yr for VIOV. With a 0.95 correlation, they move nearly in lockstep. VSMSX charges 0.08%/yr vs 0.10%/yr for VIOV.
Performance
VSMSX vs. VIOV - Performance Comparison
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Returns By Period
In the year-to-date period, VSMSX achieves a 16.33% return, which is significantly higher than VIOV's 15.28% return. Over the past 10 years, VSMSX has outperformed VIOV with an annualized return of 10.81%, while VIOV has yielded a comparatively lower 10.23% 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%
VIOV
- 1D
- -1.28%
- 1M
- 2.26%
- YTD
- 15.28%
- 6M
- 14.76%
- 1Y
- 37.06%
- 3Y*
- 14.29%
- 5Y*
- 5.75%
- 10Y*
- 10.23%
VSMSX vs. VIOV - 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% |
VIOV Vanguard S&P Small-Cap 600 Value ETF | 15.28% | 6.63% | 7.44% | 15.36% | -11.37% | 30.67% | 2.81% | 24.44% | -12.85% | 11.54% |
Correlation
The correlation between VSMSX and VIOV is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.95 |
The correlation between VSMSX and VIOV has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
VSMSX vs. VIOV — Risk / Return Rank
VSMSX
VIOV
VSMSX vs. VIOV - 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 S&P Small-Cap 600 Value ETF (VIOV). 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 | VIOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 3.99 | +0.04 |
| Martin ratioReturn relative to average drawdown | 13.48 | 13.00 | +0.48 |
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 | VIOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.03 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.26 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.43 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.53 | +0.02 |
Drawdowns
VSMSX vs. VIOV - Drawdown Comparison
The maximum VSMSX drawdown since its inception was -44.42%, smaller than the maximum VIOV drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for VSMSX and VIOV.
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Drawdown Indicators
| VSMSX | VIOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -47.36% | +2.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.69% | -9.33% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -28.44% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -28.44% | +0.51% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -47.36% | +2.94% |
Current DrawdownCurrent decline from peak | -0.03% | -1.28% | +1.25% |
Average DrawdownAverage peak-to-trough decline | -7.41% | -7.38% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.86% | -0.27% |
Volatility
VSMSX vs. VIOV - Volatility Comparison
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and Vanguard S&P Small-Cap 600 Value ETF (VIOV) have volatilities of 4.48% and 4.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMSX | VIOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 4.54% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.70% | 11.57% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.55% | 18.41% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 21.95% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.21% | 23.89% | -0.68% |
VSMSX vs. VIOV - Expense Ratio Comparison
VSMSX has a 0.08% expense ratio, which is lower than VIOV's 0.10% 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
VSMSX vs. VIOV - Dividend Comparison
VSMSX's dividend yield for the trailing twelve months is around 1.20%, less than VIOV's 1.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIOV Vanguard S&P Small-Cap 600 Value ETF | 1.59% | 1.69% | 1.78% | 2.18% | 1.81% | 1.59% | 1.42% | 1.60% | 1.76% | 1.43% | 1.17% | 1.32% |
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
With a correlation of 0.97, VSMSX and VIOV 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.
VIOV has higher volatility (4.54%) compared to VSMSX (4.48%). In terms of maximum drawdown, VSMSX dropped -44.42% vs VIOV's -47.36%.
VIOV currently has the higher Sharpe Ratio (2.03 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.
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