VSPMX vs. KMVAX

Last updated Jun 5, 2026

VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and KMVAX (Kirr Marbach Partners Value Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, VSPMX returned 11.21%/yr vs 11.38%/yr for KMVAX. Their correlation of 0.92 suggests significant overlap in exposure. VSPMX charges 0.08%/yr vs 1.45%/yr for KMVAX.

Performance

VSPMX vs. KMVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Kirr Marbach Partners Value Fund (KMVAX). 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 VSPMX having a 14.08% return and KMVAX slightly lower at 13.83%. Both investments have delivered pretty close results over the past 10 years, with VSPMX having a 11.21% annualized return and KMVAX not far ahead at 11.38%.

VSPMX

• 1D: -0.09%
• 1M: 2.50%
• YTD: 14.08%
• 6M: 13.80%
• 1Y: 25.73%
• 3Y*: 15.97%
• 5Y*: 8.09%
• 10Y*: 11.21%

KMVAX

• 1D: -0.18%
• 1M: -0.55%
• YTD: 13.83%
• 6M: 10.57%
• 1Y: 22.09%
• 3Y*: 22.31%
• 5Y*: 13.11%
• 10Y*: 11.38%

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

VSPMX vs. KMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	14.08%	7.11%	12.83%	17.42%	-13.12%	24.66%	13.53%	26.12%	-11.14%	16.18%
KMVAX Kirr Marbach Partners Value Fund	13.83%	14.44%	27.82%	20.42%	-16.01%	28.83%	2.96%	27.03%	-19.72%	16.12%

Correlation

The correlation between VSPMX and KMVAX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.92

The correlation between VSPMX and KMVAX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

VSPMX vs. KMVAX — Risk / Return Rank

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

VSPMX

VSPMX Risk / Return Rank: 42
VSPMX Sharpe Ratio Rank: 34
VSPMX Sortino Ratio Rank: 34
VSPMX Omega Ratio Rank: 32
VSPMX Calmar Ratio Rank: 58
VSPMX Martin Ratio Rank: 52

KMVAX

KMVAX Risk / Return Rank: 26
KMVAX Sharpe Ratio Rank: 25
KMVAX Sortino Ratio Rank: 25
KMVAX Omega Ratio Rank: 24
KMVAX Calmar Ratio Rank: 34
KMVAX Martin Ratio Rank: 24

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.

VSPMX vs. KMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Kirr Marbach Partners Value Fund (KMVAX). 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.

	VSPMX	KMVAX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.42	+0.25
Sortino ratio: Return per unit of downside risk	2.43	2.06	+0.37
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.90	2.15	+0.75
Martin ratio: Return relative to average drawdown	10.60	5.88	+4.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSPMX vs. KMVAX - Sharpe Ratio Comparison

The current VSPMX Sharpe Ratio is 1.66, which is comparable to the KMVAX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of VSPMX and KMVAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VSPMX	KMVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.42	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.72	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.57	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.42	+0.21

Drawdowns

VSPMX vs. KMVAX - Drawdown Comparison

The maximum VSPMX drawdown since its inception was -42.04%, smaller than the maximum KMVAX drawdown of -65.81%. Use the drawdown chart below to compare losses from any high point for VSPMX and KMVAX.

Drawdown Indicators

	VSPMX	KMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.04%	-65.81%	+23.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-10.22%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-24.27%	-21.26%	-3.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-24.84%	+0.57%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	-45.41%	+3.37%
Current Drawdown Current decline from peak	-0.09%	-1.21%	+1.12%
Average Drawdown Average peak-to-trough decline	-5.09%	-9.98%	+4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	3.74%	-1.33%

Volatility

VSPMX vs. KMVAX - Volatility Comparison

Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) has a higher volatility of 4.37% compared to Kirr Marbach Partners Value Fund (KMVAX) at 4.10%. This indicates that VSPMX's price experiences larger fluctuations and is considered to be riskier than KMVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSPMX	KMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	4.10%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	11.76%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	15.56%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	18.39%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	20.14%	+0.87%

VSPMX vs. KMVAX - Expense Ratio Comparison

VSPMX has a 0.08% expense ratio, which is lower than KMVAX's 1.45% expense ratio.

Dividends

VSPMX vs. KMVAX - Dividend Comparison

VSPMX's dividend yield for the trailing twelve months is around 1.22%, less than KMVAX's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KMVAX Kirr Marbach Partners Value Fund	4.65%	5.30%	7.58%	3.35%	3.57%	3.72%	1.35%	2.11%	9.38%	6.87%	5.64%	0.34%
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	1.22%	1.07%	1.32%	1.26%	1.59%	1.15%	1.24%	1.49%	1.64%	1.27%	1.54%	1.52%

Frequently Asked Questions

Can I hold both VSPMX and KMVAX in my portfolio?

VSPMX and KMVAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSPMX or KMVAX?

VSPMX has higher volatility (4.37%) compared to KMVAX (4.10%). In terms of maximum drawdown, VSPMX dropped -42.04% vs KMVAX's -65.81%.

Which has better risk-adjusted returns?

VSPMX currently has the higher Sharpe Ratio (1.66 vs 1.42), 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.