VSMSX vs. VSCPX
VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) and VSCPX (Vanguard Small-Cap Index Fund Institutional Plus Shares) are both Small Cap Blend Equities funds from Vanguard. Over the past 10 years, VSMSX returned 10.81%/yr vs 11.39%/yr for VSCPX. With a 0.97 correlation, they move nearly in lockstep. VSMSX charges 0.08%/yr vs 0.03%/yr for VSCPX.
Performance
VSMSX vs. VSCPX - 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 VSCPX's 14.95% return. Over the past 10 years, VSMSX has underperformed VSCPX with an annualized return of 10.81%, while VSCPX has yielded a comparatively higher 11.39% 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%
VSCPX
- 1D
- 0.80%
- 1M
- 4.24%
- YTD
- 14.95%
- 6M
- 14.90%
- 1Y
- 29.69%
- 3Y*
- 17.33%
- 5Y*
- 7.36%
- 10Y*
- 11.39%
VSMSX vs. VSCPX - 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% |
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares | 14.95% | 8.86% | 12.98% | 19.52% | -17.59% | 17.75% | 19.09% | 27.40% | -9.31% | 16.27% |
Correlation
The correlation between VSMSX and VSCPX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.97 |
The correlation between VSMSX and VSCPX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
VSMSX vs. VSCPX — Risk / Return Rank
VSMSX
VSCPX
VSMSX vs. VSCPX - 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 Small-Cap Index Fund Institutional Plus Shares (VSCPX). 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 | VSCPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 3.52 | +0.51 |
| Martin ratioReturn relative to average drawdown | 13.48 | 12.99 | +0.49 |
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 | VSCPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 1.94 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.36 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.53 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.54 | +0.02 |
Drawdowns
VSMSX vs. VSCPX - Drawdown Comparison
The maximum VSMSX drawdown since its inception was -44.42%, which is greater than VSCPX's maximum drawdown of -41.81%. Use the drawdown chart below to compare losses from any high point for VSMSX and VSCPX.
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Drawdown Indicators
| VSMSX | VSCPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -41.81% | -2.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.69% | -8.97% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -25.25% | -2.68% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -28.13% | +0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -41.81% | -2.61% |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -7.41% | -6.49% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.42% | +0.17% |
Volatility
VSMSX vs. VSCPX - Volatility Comparison
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX) have volatilities of 4.48% and 4.40%, 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 | VSCPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 4.40% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 11.70% | 11.72% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.55% | 16.27% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 20.72% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.21% | 21.57% | +1.64% |
VSMSX vs. VSCPX - Expense Ratio Comparison
VSMSX has a 0.08% expense ratio, which is higher than VSCPX's 0.03% 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. VSCPX - Dividend Comparison
VSMSX's dividend yield for the trailing twelve months is around 1.20%, which matches VSCPX's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares | 1.20% | 1.35% | 1.32% | 1.56% | 1.56% | 1.26% | 1.16% | 1.41% | 1.69% | 1.37% | 1.52% | 1.51% |
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 0.95, VSMSX and VSCPX 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 (4.48%) compared to VSCPX (4.40%). In terms of maximum drawdown, VSMSX dropped -44.42% vs VSCPX's -41.81%.
VSMSX currently has the higher Sharpe Ratio (2.00 vs 1.94), 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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