VSPMX vs. VSMSX
VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and VSMSX (Vanguard S&P Small-Cap 600 Index Fund Institutional Shares) are both mutual funds - VSPMX is a Mid Cap Blend Equities fund managed by Vanguard, while VSMSX is a Small Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VSPMX returned 10.86%/yr vs 10.77%/yr for VSMSX. Their 0.95 correlation means they have historically moved very closely together. Both charge a 0.08% expense ratio.
Performance
VSPMX vs. VSMSX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VSPMX achieves a 14.75% return, which is significantly lower than VSMSX's 21.66% return. Both investments have delivered pretty close results over the past 10 years, with VSPMX having a 10.86% annualized return and VSMSX not far behind at 10.77%.
VSPMX
- 1D
- 0.81%
- 1M
- -0.93%
- 6M
- 10.29%
- YTD
- 14.75%
- 1Y
- 22.95%
- 3Y*
- 12.85%
- 5Y*
- 8.38%
- 10Y*
- 10.86%
- ALL TIME*
- 12.05%
VSMSX
- 1D
- 0.84%
- 1M
- -0.61%
- 6M
- 15.20%
- YTD
- 21.66%
- 1Y
- 36.02%
- 3Y*
- 13.28%
- 5Y*
- 7.44%
- 10Y*
- 10.77%
- ALL TIME*
- 11.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VSPMX vs. VSMSX - 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 | 14.75% | 7.11% | 12.83% | 17.42% | -13.12% | 24.66% | 13.53% | 26.12% | -11.14% | 16.18% |
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 21.66% | 6.04% | 7.20% | 17.57% | -16.19% | 26.72% | 11.46% | 22.73% | -8.51% | 13.39% |
Correlation
The correlation between VSPMX and VSMSX is 0.93, 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. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012 | 0.95 |
The correlation between VSPMX and VSMSX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VSPMX vs. VSMSX — Risk / Return Rank
VSPMX
VSMSX
VSPMX vs. VSMSX - 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 Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX). 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.
| VSPMX | VSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 3.73 | -1.47 |
| Martin ratioReturn relative to average drawdown | 8.23 | 12.78 | -4.55 |
Loading charts...
Drawdowns
VSPMX vs. VSMSX - Drawdown Comparison
The maximum VSPMX drawdown since its inception was -42.04%, smaller than the maximum VSMSX drawdown of -44.42%. Use the drawdown chart below to compare losses from any high point for VSPMX and VSMSX.
Loading charts...
Drawdown Indicators
| VSPMX | VSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.04% | -44.42% | +2.38% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -8.69% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -24.27% | -27.93% | +3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -27.93% | +3.66% |
Max Drawdown (10Y)Largest decline over 10 years | -42.04% | -44.42% | +2.38% |
Current DrawdownCurrent decline from peak | -2.19% | -1.82% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -7.34% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 2.54% | -0.11% |
Volatility
VSPMX vs. VSMSX - Volatility Comparison
Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) have volatilities of 3.48% and 3.46%, 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.
Loading charts...
Volatility by Period
| VSPMX | VSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 3.46% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.56% | 11.68% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.66% | 17.41% | -1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.59% | 21.33% | -1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 23.15% | -2.18% |
VSPMX vs. VSMSX - Expense Ratio Comparison
Both VSPMX and VSMSX have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VSPMX vs. VSMSX - Dividend Comparison
VSPMX's dividend yield for the trailing twelve months is around 1.22%, more than VSMSX's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 1.15% | 1.39% | 1.49% | 1.47% | 1.52% | 1.17% | 1.10% | 1.38% | 1.39% | 1.11% | 1.00% | 1.33% |
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
With a correlation of 0.93, VSPMX and VSMSX 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.
VSPMX has higher volatility (3.48%) compared to VSMSX (3.46%). In terms of maximum drawdown, VSPMX dropped -42.04% vs VSMSX's -44.42%.
VSMSX currently has the higher Sharpe Ratio (1.86 vs 1.27), 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.
Find the right allocation for VSPMX and VSMSX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer