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VTSAX vs. VSMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTSAX vs. VSMAX

Last updated Jun 14, 2026

VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - VTSAX is a Large Cap Blend Equities fund managed by Vanguard, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, VTSAX returned 14.93%/yr vs 11.48%/yr for VSMAX. Their correlation of 0.92 suggests significant overlap in exposure. VTSAX charges 0.04%/yr vs 0.05%/yr for VSMAX.

Performance

VTSAX vs. VSMAX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VTSAX achieves a 9.11% return, which is significantly lower than VSMAX's 14.59% return. Over the past 10 years, VTSAX has outperformed VSMAX with an annualized return of 14.93%, while VSMAX has yielded a comparatively lower 11.48% annualized return.

VTSAX

1D
1.88%
1M
-0.74%
YTD
9.11%
6M
9.18%
1Y
25.67%
3Y*
20.72%
5Y*
12.09%
10Y*
14.93%

VSMAX

1D
2.58%
1M
2.57%
YTD
14.59%
6M
12.93%
1Y
30.00%
3Y*
16.37%
5Y*
6.83%
10Y*
11.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTSAX vs. VSMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTSAX
Vanguard Total Stock Market Index Fund Admiral Shares		9.11%17.12%23.23%26.51%-19.52%25.72%20.98%30.79%-5.18%21.16%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		14.59%8.83%14.23%18.17%-17.61%17.74%19.06%27.36%-9.33%16.24%

Correlation

The correlation between VTSAX and VSMAX 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

0.85

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

0.89

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

0.90

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2000

0.92

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

VTSAX vs. VSMAX - Sectors Allocation Comparison

Sectors
VTSAX
VSMAX

Technology

33.3%
17.2%

Financial Services

11.9%
12.6%

Communication Services

10.1%
3.1%

Consumer Cyclical

9.8%
11.3%

Industrials

9.5%
20.8%

Healthcare

9.1%
11.1%

Consumer Defensive

4.7%
3.4%

Energy

3.8%
4.7%

Utilities

2.7%
3.3%

Real Estate

2.4%
7.6%

Basic Materials

2.0%
4.8%

Technology

VTSAX
33.3%
VSMAX
17.2%

Financial Services

VTSAX
11.9%
VSMAX
12.6%

Communication Services

VTSAX
10.1%
VSMAX
3.1%

Consumer Cyclical

VTSAX
9.8%
VSMAX
11.3%

Industrials

VTSAX
9.5%
VSMAX
20.8%

Healthcare

VTSAX
9.1%
VSMAX
11.1%

Consumer Defensive

VTSAX
4.7%
VSMAX
3.4%

Energy

VTSAX
3.8%
VSMAX
4.7%

Utilities

VTSAX
2.7%
VSMAX
3.3%

Real Estate

VTSAX
2.4%
VSMAX
7.6%

Basic Materials

VTSAX
2.0%
VSMAX
4.8%

Compare stocks, funds, or ETFs

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Vanguard Total Stock Market Index Fund Admiral Shares

Vanguard Small-Cap Index Fund Admiral Shares

Often compared with VTSAX:
VTSAX vs. VOOVTSAX vs. VTIAXVTSAX vs. SWTSXVTSAX vs. FSKAXVTSAX vs. VTIVTSAX vs. SPYVTSAX vs. VTWAX
Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM

Return for Risk

VTSAX vs. VSMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTSAX
VTSAX Risk / Return Rank: 7272
Overall Rank
VTSAX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VTSAX Sortino Ratio Rank: 6767
Sortino Ratio Rank
VTSAX Omega Ratio Rank: 6666
Omega Ratio Rank
VTSAX Calmar Ratio Rank: 7474
Calmar Ratio Rank
VTSAX Martin Ratio Rank: 8484
Martin Ratio Rank
VSMAX
VSMAX Risk / Return Rank: 6262
Overall Rank
VSMAX Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 5454
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 4646
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 8181
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 7878
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.

VTSAX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) 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.

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.

VTSAXVSMAXDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.67

+0.27

Sortino ratioReturn per unit of downside risk
2.65
2.39

+0.25

Omega ratioGain probability vs. loss probability

1.35

1.29

+0.06

Calmar ratioReturn relative to maximum drawdown

2.77

3.11

-0.34

Martin ratioReturn relative to average drawdown

12.46

11.42

+1.04

VTSAX vs. VSMAX - Sharpe Ratio Comparison

The current VTSAX Sharpe Ratio is 1.94, which is comparable to the VSMAX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of VTSAX 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.

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Drawdowns

VTSAX vs. VSMAX - Drawdown Comparison

The maximum VTSAX drawdown since its inception was -55.33%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VTSAX and VSMAX.

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Drawdown Indicators

VTSAXVSMAXDifference

Max Drawdown

Largest peak-to-trough decline

-55.33%

-59.68%

+4.35%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-8.97%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-19.36%

-25.25%

+5.89%

Max Drawdown (5Y)

Largest decline over 5 years

-25.36%

-28.14%

+2.78%

Max Drawdown (10Y)

Largest decline over 10 years

-34.97%

-41.82%

+6.85%

Current Drawdown

Current decline from peak

-2.56%

-0.32%

-2.24%

Average Drawdown

Average peak-to-trough decline

-9.00%

-9.68%

+0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.44%

-0.46%

Volatility

VTSAX vs. VSMAX - Volatility Comparison

The current volatility for Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) is 4.60%, while Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a volatility of 5.47%. This indicates that VTSAX experiences smaller price fluctuations and is considered to be less risky than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTSAXVSMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

5.47%

-0.87%

Volatility (6M)

Calculated over the trailing 6-month period

9.93%

12.32%

-2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

12.71%

16.69%

-3.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

20.77%

-3.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.44%

21.59%

-3.15%

VTSAX vs. VSMAX - Expense Ratio Comparison

VTSAX has a 0.04% expense ratio, which is lower than VSMAX's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTSAX vs. VSMAX - Dividend Comparison

VTSAX's dividend yield for the trailing twelve months is around 1.02%, less than VSMAX's 1.19% yield.

PositionTTM20252024202320222021202020192018201720162015
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		1.19%1.33%1.30%1.56%1.54%1.24%1.14%1.39%1.67%1.35%1.49%1.48%
VTSAX
Vanguard Total Stock Market Index Fund Admiral Shares		1.02%1.11%1.26%1.42%1.65%1.20%1.41%1.76%2.03%1.71%1.92%1.98%

Frequently Asked Questions

VTSAX and VSMAX 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.

VSMAX has higher volatility (5.47%) compared to VTSAX (4.60%). In terms of maximum drawdown, VTSAX dropped -55.33% vs VSMAX's -59.68%.

VTSAX currently has the higher Sharpe Ratio (1.94 vs 1.67), 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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