VTIAX vs. VSMAX

Last updated Jun 7, 2026

VTIAX (Vanguard Total International Stock Index Fund Admiral Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - VTIAX is a Foreign Large Cap Equities fund tracking the FTSE Global All Cap ex US Index, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, VTIAX returned 9.69%/yr vs 11.26%/yr for VSMAX. A 0.76 correlation means they provide meaningful diversification when combined. VTIAX charges 0.09%/yr vs 0.05%/yr for VSMAX.

Performance

VTIAX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VTIAX having a 14.52% return and VSMAX slightly higher at 14.97%. Over the past 10 years, VTIAX has underperformed VSMAX with an annualized return of 9.69%, while VSMAX has yielded a comparatively higher 11.26% annualized return.

VTIAX

• 1D: 0.02%
• 1M: 1.38%
• YTD: 14.52%
• 6M: 16.81%
• 1Y: 30.97%
• 3Y*: 19.54%
• 5Y*: 8.45%
• 10Y*: 9.69%

VSMAX

• 1D: 0.71%
• 1M: 2.48%
• YTD: 14.97%
• 6M: 14.31%
• 1Y: 28.55%
• 3Y*: 17.69%
• 5Y*: 7.26%
• 10Y*: 11.26%

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

VTIAX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTIAX Vanguard Total International Stock Index Fund Admiral Shares	14.52%	32.18%	5.34%	15.28%	-16.02%	8.59%	11.27%	21.52%	-14.46%	27.54%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	14.97%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between VTIAX and VSMAX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 30, 2010	0.76

The correlation between VTIAX and VSMAX has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

VTIAX vs. VSMAX - Sectors Allocation Comparison

Sectors	VTIAX	VSMAX
Financial Services	22.3%	12.6%
Technology	18.1%	17.2%
Industrials	16.1%	20.8%
Consumer Cyclical	8.4%	11.3%
Basic Materials	7.6%	4.8%
Healthcare	7.1%	11.1%
Energy	5.2%	4.7%
Consumer Defensive	5.0%	3.4%
Communication Services	4.4%	3.1%
Utilities	3.2%	3.3%
Real Estate	2.6%	7.6%

Return for Risk

VTIAX vs. VSMAX — Risk / Return Rank

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

VTIAX

VTIAX Risk / Return Rank: 58
VTIAX Sharpe Ratio Rank: 61
VTIAX Sortino Ratio Rank: 56
VTIAX Omega Ratio Rank: 60
VTIAX Calmar Ratio Rank: 57
VTIAX Martin Ratio Rank: 57

VSMAX

VSMAX Risk / Return Rank: 54
VSMAX Sharpe Ratio Rank: 44
VSMAX Sortino Ratio Rank: 42
VSMAX Omega Ratio Rank: 39
VSMAX Calmar Ratio Rank: 77
VSMAX Martin Ratio Rank: 66

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.

VTIAX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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.

	VTIAX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.84	+0.39
Sortino ratio: Return per unit of downside risk	3.04	2.62	+0.42
Omega ratio: Gain probability vs. loss probability	1.41	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	2.81	3.34	-0.53
Martin ratio: Return relative to average drawdown	11.08	12.32	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTIAX vs. VSMAX - Sharpe Ratio Comparison

The current VTIAX Sharpe Ratio is 2.23, which is comparable to the VSMAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of VTIAX and VSMAX, 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

	VTIAX	VSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.84	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.35	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.52	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.39	+0.05

Drawdowns

VTIAX vs. VSMAX - Drawdown Comparison

The maximum VTIAX drawdown since its inception was -35.83%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VTIAX and VSMAX.

Drawdown Indicators

	VTIAX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.83%	-59.68%	+23.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-8.97%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.13%	-25.25%	+12.12%
Max Drawdown (5Y) Largest decline over 5 years	-29.56%	-28.14%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-35.83%	-41.82%	+5.99%
Current Drawdown Current decline from peak	-0.77%	0.00%	-0.77%
Average Drawdown Average peak-to-trough decline	-8.08%	-9.69%	+1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.43%	+0.42%

Volatility

VTIAX vs. VSMAX - Volatility Comparison

Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) has a higher volatility of 4.79% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 4.35%. This indicates that VTIAX's price experiences larger fluctuations and is considered to be riskier than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTIAX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	4.35%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	11.93%	11.73%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	16.26%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	20.71%	-5.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	21.56%	-5.64%

VTIAX vs. VSMAX - Expense Ratio Comparison

VTIAX has a 0.09% expense ratio, which is higher than VSMAX'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

VTIAX vs. VSMAX - Dividend Comparison

VTIAX's dividend yield for the trailing twelve months is around 2.62%, more than VSMAX's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.18%	1.33%	1.30%	1.56%	1.54%	1.24%	1.14%	1.39%	1.67%	1.35%	1.49%	1.48%
VTIAX Vanguard Total International Stock Index Fund Admiral Shares	2.62%	3.15%	3.33%	3.22%	3.04%	3.05%	2.10%	3.04%	3.16%	2.73%	2.93%	2.84%

Frequently Asked Questions

Can I hold both VTIAX and VSMAX in my portfolio?

VTIAX and VSMAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTIAX or VSMAX?

VTIAX has higher volatility (4.79%) compared to VSMAX (4.35%). In terms of maximum drawdown, VTIAX dropped -35.83% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

VTIAX currently has the higher Sharpe Ratio (2.23 vs 1.84), 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.