VSMVX vs. SPY
Compare and contrast key facts about Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) and State Street SPDR S&P 500 ETF (SPY).
VSMVX is managed by Vanguard. It was launched on Nov 19, 2014. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VSMVX vs. SPY - Performance Comparison
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VSMVX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares | 2.15% | 6.38% | 7.53% | 14.85% | -11.12% | 30.85% | 2.79% | 24.47% | -12.67% | 11.64% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, VSMVX achieves a 2.15% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VSMVX has underperformed SPY with an annualized return of 9.29%, while SPY has yielded a comparatively higher 13.98% annualized return.
VSMVX
- 1D
- -0.48%
- 1M
- -5.37%
- YTD
- 2.15%
- 6M
- 5.65%
- 1Y
- 21.03%
- 3Y*
- 9.21%
- 5Y*
- 4.68%
- 10Y*
- 9.29%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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VSMVX vs. SPY - Expense Ratio Comparison
VSMVX has a 0.08% expense ratio, which is lower than SPY's 0.09% 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%.
Return for Risk
VSMVX vs. SPY — Risk / Return Rank
VSMVX
SPY
VSMVX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) and State Street SPDR S&P 500 ETF (SPY). 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.
| VSMVX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.90 | 0.93 | -0.03 |
Sortino ratioReturn per unit of downside risk | 1.39 | 1.45 | -0.06 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.53 | -0.34 |
Martin ratioReturn relative to average drawdown | 4.50 | 7.30 | -2.80 |
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
| VSMVX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.90 | 0.93 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.69 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.78 | -0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.56 | -0.10 |
Correlation
The correlation between VSMVX and SPY is 0.76, 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
VSMVX vs. SPY - Dividend Comparison
VSMVX's dividend yield for the trailing twelve months is around 1.86%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares | 1.86% | 1.45% | 1.85% | 1.92% | 1.88% | 1.66% | 1.46% | 1.65% | 1.89% | 1.55% | 1.26% | 1.42% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VSMVX vs. SPY - Drawdown Comparison
The maximum VSMVX drawdown since its inception was -47.61%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSMVX and SPY.
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Drawdown Indicators
| VSMVX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.61% | -55.19% | +7.58% |
Max Drawdown (1Y)Largest decline over 1 year | -15.74% | -12.05% | -3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -28.81% | -24.50% | -4.31% |
Max Drawdown (10Y)Largest decline over 10 years | -47.61% | -33.72% | -13.89% |
Current DrawdownCurrent decline from peak | -8.13% | -6.24% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -9.09% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.13% | 2.52% | +1.61% |
Volatility
VSMVX vs. SPY - Volatility Comparison
The current volatility for Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) is 5.01%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VSMVX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMVX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 5.31% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.41% | 9.47% | +3.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.78% | 19.05% | +4.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.16% | 17.06% | +5.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.14% | 17.92% | +6.22% |