VSMVX vs. USBNX

Last updated Aug 1, 2026

VSMVX (Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares) and USBNX (Pear Tree Polaris Small Cap Fund) are both Small Cap Value Equities funds. Over the past 10 years, VSMVX returned 10.18%/yr vs 8.01%/yr for USBNX. Their correlation of 0.94 means they have usually moved in the same direction. VSMVX charges 0.08%/yr vs 1.50%/yr for USBNX.

Performance

VSMVX vs. USBNX - 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 Pear Tree Polaris Small Cap Fund (USBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VSMVX having a 20.21% return and USBNX slightly lower at 19.45%. Over the past 10 years, VSMVX has outperformed USBNX with an annualized return of 10.18%, while USBNX has yielded a comparatively lower 8.01% annualized return.

VSMVX

• 1D: 0.00%
• 1M: 0.29%
• 6M: 12.92%
• YTD: 20.21%
• 1Y: 39.48%
• 3Y*: 12.36%
• 5Y*: 8.02%
• 10Y*: 10.18%
• ALL TIME*: 11.29%

USBNX

• 1D: -0.07%
• 1M: 2.06%
• 6M: 12.82%
• YTD: 19.45%
• 1Y: 30.67%
• 3Y*: 13.52%
• 5Y*: 8.19%
• 10Y*: 8.01%
• ALL TIME*: 8.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USBNX Pear Tree Polaris Small Cap Fund	$0.00	$0.00	$0.00
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	$0.00	$0.00	$0.00

VSMVX vs. USBNX - 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	20.21%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%
USBNX Pear Tree Polaris Small Cap Fund	19.45%	8.02%	8.64%	12.83%	-5.09%	15.35%	-4.77%	23.53%	-11.05%	6.42%

Correlation

The correlation between VSMVX and USBNX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Dec 17, 2012	0.94

The correlation between VSMVX and USBNX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

Return for Risk

VSMVX vs. USBNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSMVX

VSMVX Risk / Return Rank: 86
VSMVX Sharpe Ratio Rank: 84
VSMVX Sortino Ratio Rank: 83
VSMVX Omega Ratio Rank: 79
VSMVX Calmar Ratio Rank: 94
VSMVX Martin Ratio Rank: 92

USBNX

USBNX Risk / Return Rank: 81
USBNX Sharpe Ratio Rank: 80
USBNX Sortino Ratio Rank: 82
USBNX Omega Ratio Rank: 77
USBNX Calmar Ratio Rank: 85
USBNX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VSMVX vs. USBNX - 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 Pear Tree Polaris Small Cap Fund (USBNX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VSMVX	USBNX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.89	+0.12
Sortino ratio: Return per unit of downside risk	2.94	2.89	+0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.84	2.96	+0.88
Martin ratio: Return relative to average drawdown	13.25	9.41	+3.84

VSMVX vs. USBNX - Sharpe Ratio Comparison

The current VSMVX Sharpe Ratio is 2.01, which is comparable to the USBNX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VSMVX and USBNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VSMVX vs. USBNX - Drawdown Comparison

The maximum VSMVX drawdown since its inception was -47.61%, smaller than the maximum USBNX drawdown of -64.40%. Use the drawdown chart below to compare losses from any high point for VSMVX and USBNX.

Drawdown Indicators

	VSMVX	USBNX	Difference
Max Drawdown Largest peak-to-trough decline	-47.61%	-64.40%	+16.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-9.19%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-28.81%	-21.56%	-7.25%
Max Drawdown (5Y) Largest decline over 5 years	-28.81%	-26.01%	-2.80%
Max Drawdown (10Y) Largest decline over 10 years	-47.61%	-46.96%	-0.65%
Current Drawdown Current decline from peak	-1.61%	-1.10%	-0.51%
Average Drawdown Average peak-to-trough decline	-7.56%	-13.57%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.91%	-0.21%

Volatility

VSMVX vs. USBNX - Volatility Comparison

Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) has a higher volatility of 3.51% compared to Pear Tree Polaris Small Cap Fund (USBNX) at 3.34%. This indicates that VSMVX's price experiences larger fluctuations and is considered to be riskier than USBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSMVX	USBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.34%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	8.96%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	14.43%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.76%	18.60%	+3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.07%	21.58%	+2.49%

VSMVX vs. USBNX - Expense Ratio Comparison

VSMVX has a 0.08% expense ratio, which is lower than USBNX's 1.50% expense ratio.

Dividends

VSMVX vs. USBNX - Dividend Comparison

VSMVX's dividend yield for the trailing twelve months is around 1.74%, less than USBNX's 11.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USBNX Pear Tree Polaris Small Cap Fund	11.56%	13.81%	3.27%	0.86%	10.05%	0.75%	0.68%	7.91%	8.39%	6.21%	1.17%	7.39%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	1.74%	1.45%	1.85%	1.92%	1.88%	1.66%	1.46%	1.65%	1.89%	1.55%	1.26%	1.42%

Frequently Asked Questions

Can I hold both VSMVX and USBNX in my portfolio?

VSMVX and USBNX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSMVX or USBNX?

VSMVX has higher volatility (3.51%) compared to USBNX (3.34%). In terms of maximum drawdown, VSMVX dropped -47.61% vs USBNX's -64.40%.

Which has better risk-adjusted returns?

VSMVX currently has the higher Sharpe Ratio (2.01 vs 1.89), 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.