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VSS vs. VIOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSS vs. VIOO

Last updated Jun 24, 2026

VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - VSS is a Foreign Small & Mid Cap Equities fund tracking the FTSE Global Small Cap ex US Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, VSS returned 8.46%/yr vs 11.31%/yr for VIOO. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

VSS vs. VIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Vanguard S&P Small-Cap 600 ETF (VIOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VSS achieves a 7.79% return, which is significantly lower than VIOO's 19.31% return. Over the past 10 years, VSS has underperformed VIOO with an annualized return of 8.46%, while VIOO has yielded a comparatively higher 11.31% annualized return.

VSS

1D
-2.68%
1M
-3.04%
YTD
7.79%
6M
7.51%
1Y
22.53%
3Y*
16.03%
5Y*
5.52%
10Y*
8.46%

VIOO

1D
-0.35%
1M
4.23%
YTD
19.31%
6M
16.84%
1Y
34.71%
3Y*
16.19%
5Y*
6.28%
10Y*
11.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VSS vs. VIOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		7.79%29.61%2.94%15.52%-21.48%13.05%11.81%21.36%-18.48%30.61%
VIOO
Vanguard S&P Small-Cap 600 ETF		19.31%6.04%8.48%16.16%-16.26%26.79%11.47%22.68%-8.65%13.16%

Correlation

The correlation between VSS and VIOO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.70

The correlation between VSS and VIOO has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

VSS vs. VIOO - Sectors Allocation Comparison

Sectors
VSS
VIOO

Industrials

18.7%
15.5%

Technology

14.5%
15.5%

Basic Materials

12.2%
5.1%

Financial Services

10.1%
16.9%

Consumer Cyclical

9.1%
13.4%

Real Estate

7.1%
7.7%

Healthcare

6.0%
11.0%

Energy

4.4%
5.9%

Consumer Defensive

3.5%
3.5%

Utilities

2.5%
2.0%

Communication Services

2.3%
3.6%

Industrials

VSS
18.7%
VIOO
15.5%

Technology

VSS
14.5%
VIOO
15.5%

Basic Materials

VSS
12.2%
VIOO
5.1%

Financial Services

VSS
10.1%
VIOO
16.9%

Consumer Cyclical

VSS
9.1%
VIOO
13.4%

Real Estate

VSS
7.1%
VIOO
7.7%

Healthcare

VSS
6.0%
VIOO
11.0%

Energy

VSS
4.4%
VIOO
5.9%

Consumer Defensive

VSS
3.5%
VIOO
3.5%

Utilities

VSS
2.5%
VIOO
2.0%

Communication Services

VSS
2.3%
VIOO
3.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE All-World ex-US Small-Cap ETF

Vanguard S&P Small-Cap 600 ETF

Often compared with VSS:
VSS vs. AVDVVSS vs. VEUVSS vs. VXUSVSS vs. SCHCVSS vs. SCZVSS vs. VWOVSS vs. VOO
Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG

Return for Risk

VSS vs. VIOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VSS
VSS Risk / Return Rank: 4242
Overall Rank
VSS Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
VSS Sortino Ratio Rank: 4040
Sortino Ratio Rank
VSS Omega Ratio Rank: 4343
Omega Ratio Rank
VSS Calmar Ratio Rank: 4040
Calmar Ratio Rank
VSS Martin Ratio Rank: 4545
Martin Ratio Rank
VIOO
VIOO Risk / Return Rank: 6767
Overall Rank
VIOO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6464
Sortino Ratio Rank
VIOO Omega Ratio Rank: 5757
Omega Ratio Rank
VIOO Calmar Ratio Rank: 7979
Calmar Ratio Rank
VIOO Martin Ratio Rank: 7474
Martin Ratio Rank
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.

VSS vs. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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.

VSSVIOODifference
Sharpe ratioReturn per unit of total volatility
1.43
1.97

-0.53

Sortino ratioReturn per unit of downside risk
1.98
2.85

-0.87

Omega ratioGain probability vs. loss probability

1.27

1.34

-0.07

Calmar ratioReturn relative to maximum drawdown

1.95

3.98

-2.03

Martin ratioReturn relative to average drawdown

7.24

13.43

-6.19

VSS vs. VIOO - Sharpe Ratio Comparison

The current VSS Sharpe Ratio is 1.43, which is comparable to the VIOO Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VSS and VIOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VSS vs. VIOO - Drawdown Comparison

The maximum VSS drawdown since its inception was -43.51%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for VSS and VIOO.

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Drawdown Indicators

VSSVIOODifference

Max Drawdown

Largest peak-to-trough decline

-43.51%

-44.15%

+0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-11.62%

-8.77%

-2.85%

Max Drawdown (3Y)

Largest decline over 3 years

-15.73%

-27.93%

+12.20%

Max Drawdown (5Y)

Largest decline over 5 years

-33.93%

-27.93%

-6.00%

Max Drawdown (10Y)

Largest decline over 10 years

-43.51%

-44.15%

+0.64%

Current Drawdown

Current decline from peak

-5.03%

-0.47%

-4.56%

Average Drawdown

Average peak-to-trough decline

-9.62%

-7.31%

-2.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.59%

+0.53%

Volatility

VSS vs. VIOO - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a higher volatility of 6.54% compared to Vanguard S&P Small-Cap 600 ETF (VIOO) at 4.97%. This indicates that VSS's price experiences larger fluctuations and is considered to be riskier than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSSVIOODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.54%

4.97%

+1.57%

Volatility (6M)

Calculated over the trailing 6-month period

13.88%

12.11%

+1.77%

Volatility (1Y)

Calculated over the trailing 1-year period

15.81%

17.77%

-1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.63%

21.40%

-4.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.17%

22.98%

-5.81%

VSS vs. VIOO - Expense Ratio Comparison

Both VSS and VIOO have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VSS vs. VIOO - Dividend Comparison

VSS's dividend yield for the trailing twelve months is around 3.24%, more than VIOO's 1.14% yield.

PositionTTM20252024202320222021202020192018201720162015
VIOO
Vanguard S&P Small-Cap 600 ETF		1.14%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		3.24%3.39%3.44%3.14%2.30%2.74%1.90%3.25%2.80%2.83%2.93%2.66%

Frequently Asked Questions

VSS and VIOO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VSS has higher volatility (6.54%) compared to VIOO (4.97%). In terms of maximum drawdown, VSS dropped -43.51% vs VIOO's -44.15%.

On 10-year performance, VIOO leads with 11.31% vs 8.46% for VSS. Both ETFs have the same 0.07% expense ratio. On volatility, VIOO has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VIOO has performed better with a 11.31% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VSS and VIOO have the same expense ratio: 0.07% per year.

VSS has the higher dividend yield at 3.24%, compared with 1.14% for VIOO.

VSS is categorized as Foreign Small & Mid Cap Equities, while VIOO is Small Cap Blend Equities. VSS tracks FTSE Global Small Cap ex US Index, while VIOO tracks S&P SmallCap 600 Index.

VIOO currently has the higher Sharpe Ratio (1.97 vs 1.43), 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.

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