VSMVX vs. SPYX

Last updated Apr 2, 2026

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 Fossil Fuel Reserves Free ETF (SPYX).

VSMVX is managed by Vanguard. It was launched on Nov 19, 2014. SPYX is a passively managed fund by State Street that tracks the performance of the S&P 500 Fossil Fuel Reserves Free Index. It was launched on Nov 30, 2015.

Performance

VSMVX vs. SPYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) and State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX). The values are adjusted to include any dividend payments, if applicable.

VSMVX vs. SPYX - 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	4.35%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	-4.55%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%

Returns By Period

In the year-to-date period, VSMVX achieves a 4.35% return, which is significantly higher than SPYX's -4.55% return. Over the past 10 years, VSMVX has underperformed SPYX with an annualized return of 9.53%, while SPYX has yielded a comparatively higher 14.12% annualized return.

VSMVX

• 1D: 2.16%
• 1M: -3.89%
• YTD: 4.35%
• 6M: 7.26%
• 1Y: 23.43%
• 3Y*: 9.99%
• 5Y*: 4.86%
• 10Y*: 9.53%

SPYX

• 1D: 0.89%
• 1M: -4.60%
• YTD: -4.55%
• 6M: -2.36%
• 1Y: 17.63%
• 3Y*: 18.50%
• 5Y*: 11.41%
• 10Y*: 14.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VSMVX vs. SPYX - Expense Ratio Comparison

VSMVX has a 0.08% expense ratio, which is lower than SPYX's 0.20% 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%.

SPYX

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF

VSMVX

Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares

Return for Risk

VSMVX vs. SPYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VSMVX

VSMVX Risk / Return Rank: 53
VSMVX Sharpe Ratio Rank: 48
VSMVX Sortino Ratio Rank: 52
VSMVX Omega Ratio Rank: 44
VSMVX Calmar Ratio Rank: 62
VSMVX Martin Ratio Rank: 57

SPYX

SPYX Risk / Return Rank: 57
SPYX Sharpe Ratio Rank: 50
SPYX Sortino Ratio Rank: 54
SPYX Omega Ratio Rank: 57
SPYX Calmar Ratio Rank: 57
SPYX Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VSMVX vs. SPYX - 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 Fossil Fuel Reserves Free ETF (SPYX). 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	SPYX	Difference
Sharpe ratio Return per unit of total volatility	1.00	0.95	+0.05
Sortino ratio Return per unit of downside risk	1.52	1.47	+0.05
Omega ratio Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio Return relative to maximum drawdown	1.52	1.53	-0.01
Martin ratio Return relative to average drawdown	5.76	6.79	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSMVX vs. SPYX - Sharpe Ratio Comparison

The current VSMVX Sharpe Ratio is 1.00, which is comparable to the SPYX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of VSMVX and SPYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VSMVX	SPYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.95	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.67	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.79	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.75	-0.29

Correlation

The correlation between VSMVX and SPYX is 0.72, 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. SPYX - Dividend Comparison

VSMVX's dividend yield for the trailing twelve months is around 1.82%, more than SPYX's 0.97% 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	1.82%	1.45%	1.85%	1.92%	1.88%	1.66%	1.46%	1.65%	1.89%	1.55%	1.26%	1.42%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.97%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Drawdowns

VSMVX vs. SPYX - Drawdown Comparison

The maximum VSMVX drawdown since its inception was -47.61%, which is greater than SPYX's maximum drawdown of -32.84%. Use the drawdown chart below to compare losses from any high point for VSMVX and SPYX.

Drawdown Indicators

	VSMVX	SPYX	Difference
Max Drawdown Largest peak-to-trough decline	-47.61%	-32.84%	-14.77%
Max Drawdown (1Y) Largest decline over 1 year	-15.74%	-11.82%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-28.81%	-26.14%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	-47.61%	-32.84%	-14.77%
Current Drawdown Current decline from peak	-6.15%	-6.32%	+0.17%
Average Drawdown Average peak-to-trough decline	-7.72%	-4.59%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	2.66%	+1.49%

Volatility

VSMVX vs. SPYX - Volatility Comparison

Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) and State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) have volatilities of 5.50% and 5.58%, 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.

Volatility by Period

	VSMVX	SPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	5.58%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	9.74%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	23.83%	18.65%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	17.05%	+5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.15%	17.99%	+6.16%