VSMVX vs. VB

Last updated Jun 23, 2026

VSMVX (Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares) and VB (Vanguard Small-Cap ETF) are both funds - VSMVX is a Small Cap Value Equities fund managed by Vanguard, while VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, VSMVX returned 10.44%/yr vs 11.79%/yr for VB. Their correlation of 0.93 suggests significant overlap in exposure. VSMVX charges 0.08%/yr vs 0.05%/yr for VB.

Performance

VSMVX vs. VB - 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 Vanguard Small-Cap ETF (VB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSMVX achieves a 18.01% return, which is significantly higher than VB's 15.68% return. Over the past 10 years, VSMVX has underperformed VB with an annualized return of 10.44%, while VB has yielded a comparatively higher 11.79% annualized return.

VSMVX

• 1D: 1.63%
• 1M: 3.46%
• YTD: 18.01%
• 6M: 15.95%
• 1Y: 40.09%
• 3Y*: 14.25%
• 5Y*: 7.31%
• 10Y*: 10.44%

VB

• 1D: 0.26%
• 1M: 2.83%
• YTD: 15.68%
• 6M: 13.00%
• 1Y: 30.17%
• 3Y*: 17.54%
• 5Y*: 7.39%
• 10Y*: 11.79%

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

VSMVX vs. VB - 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	18.01%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%
VB Vanguard Small-Cap ETF	15.68%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%

Correlation

The correlation between VSMVX and VB is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 17, 2012	0.93

The correlation between VSMVX and VB has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

VSMVX vs. VB — Risk / Return Rank

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

VSMVX

VSMVX Risk / Return Rank: 72
VSMVX Sharpe Ratio Rank: 66
VSMVX Sortino Ratio Rank: 67
VSMVX Omega Ratio Rank: 55
VSMVX Calmar Ratio Rank: 90
VSMVX Martin Ratio Rank: 83

VB

VB Risk / Return Rank: 60
VB Sharpe Ratio Rank: 56
VB Sortino Ratio Rank: 56
VB Omega Ratio Rank: 52
VB Calmar Ratio Rank: 69
VB Martin Ratio Rank: 69

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. VB - 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 Vanguard Small-Cap ETF (VB). 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	VB	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.82	+0.36
Sortino ratio: Return per unit of downside risk	3.10	2.59	+0.51
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	4.30	3.38	+0.93
Martin ratio: Return relative to average drawdown	14.27	12.38	+1.89

VSMVX vs. VB - Sharpe Ratio Comparison

The current VSMVX Sharpe Ratio is 2.18, which is comparable to the VB Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VSMVX and VB, 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. VB - Drawdown Comparison

The maximum VSMVX drawdown since its inception was -47.61%, smaller than the maximum VB drawdown of -59.56%. Use the drawdown chart below to compare losses from any high point for VSMVX and VB.

Drawdown Indicators

	VSMVX	VB	Difference
Max Drawdown Largest peak-to-trough decline	-47.61%	-59.56%	+11.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.98%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-28.81%	-25.36%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	-28.81%	-28.15%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-47.61%	-42.05%	-5.56%
Current Drawdown Current decline from peak	-1.15%	-0.39%	-0.76%
Average Drawdown Average peak-to-trough decline	-7.62%	-8.42%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.44%	+0.37%

Volatility

VSMVX vs. VB - Volatility Comparison

Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) and Vanguard Small-Cap ETF (VB) have volatilities of 5.14% and 4.92%, 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	VB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	4.92%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	12.21%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.38%	16.66%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.00%	20.78%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.15%	21.45%	+2.70%

VSMVX vs. VB - Expense Ratio Comparison

VSMVX has a 0.08% expense ratio, which is higher than VB's 0.05% 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

VSMVX vs. VB - Dividend Comparison

VSMVX's dividend yield for the trailing twelve months is around 1.61%, more than VB's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VB Vanguard Small-Cap ETF	1.18%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	1.61%	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 VB in my portfolio?

With a correlation of 0.91, VSMVX and VB 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.

Which is riskier, VSMVX or VB?

VSMVX has higher volatility (5.14%) compared to VB (4.92%). In terms of maximum drawdown, VSMVX dropped -47.61% vs VB's -59.56%.

Which has better risk-adjusted returns?

VSMVX currently has the higher Sharpe Ratio (2.18 vs 1.82), 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.