VYSAX vs. FGROX

Last updated Jul 17, 2026

VYSAX (Voya MI Dynamic Small Cap Fund Class I) and FGROX (Emerald Growth Fund Institutional Class) are both Small Cap Growth Equities funds - VYSAX tracks the Russell 2000 Index while FGROX tracks the Russell 2000 Growth Index. Both are passively managed. Over the past 10 years, VYSAX returned 8.87%/yr vs 15.65%/yr for FGROX. Their correlation of 0.89 suggests significant overlap in exposure. VYSAX charges 0.86%/yr vs 0.78%/yr for FGROX.

Performance

VYSAX vs. FGROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya MI Dynamic Small Cap Fund Class I (VYSAX) and Emerald Growth Fund Institutional Class (FGROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VYSAX achieves a 16.86% return, which is significantly lower than FGROX's 29.98% return. Over the past 10 years, VYSAX has underperformed FGROX with an annualized return of 8.87%, while FGROX has yielded a comparatively higher 15.65% annualized return.

VYSAX

• 1D: 0.30%
• 1M: 1.89%
• 6M: 11.86%
• YTD: 16.86%
• 1Y: 27.70%
• 3Y*: 14.53%
• 5Y*: 7.78%
• 10Y*: 8.87%

FGROX

• 1D: 0.08%
• 1M: 0.75%
• 6M: 18.84%
• YTD: 29.98%
• 1Y: 59.43%
• 3Y*: 28.54%
• 5Y*: 14.02%
• 10Y*: 15.65%

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

VYSAX vs. FGROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VYSAX Voya MI Dynamic Small Cap Fund Class I	16.86%	8.38%	10.56%	17.97%	-16.32%	14.00%	12.20%	25.90%	-16.35%	11.20%
FGROX Emerald Growth Fund Institutional Class	29.98%	31.85%	20.04%	19.04%	-24.42%	3.91%	38.92%	28.71%	-11.85%	28.11%

Correlation

The correlation between VYSAX and FGROX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 20, 2008	0.89

The correlation between VYSAX and FGROX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

VYSAX vs. FGROX — Risk / Return Rank

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

VYSAX

VYSAX Risk / Return Rank: 54
VYSAX Sharpe Ratio Rank: 55
VYSAX Sortino Ratio Rank: 57
VYSAX Omega Ratio Rank: 45
VYSAX Calmar Ratio Rank: 62
VYSAX Martin Ratio Rank: 52

FGROX

FGROX Risk / Return Rank: 85
FGROX Sharpe Ratio Rank: 85
FGROX Sortino Ratio Rank: 77
FGROX Omega Ratio Rank: 72
FGROX Calmar Ratio Rank: 94
FGROX Martin Ratio Rank: 95

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.

VYSAX vs. FGROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya MI Dynamic Small Cap Fund Class I (VYSAX) and Emerald Growth Fund Institutional Class (FGROX). 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.

	VYSAX	FGROX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.29	-0.54
Sortino ratio: Return per unit of downside risk	2.50	2.93	-0.43
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.55	4.31	-1.76
Martin ratio: Return relative to average drawdown	8.90	17.25	-8.35

VYSAX vs. FGROX - Sharpe Ratio Comparison

The current VYSAX Sharpe Ratio is 1.75, which is comparable to the FGROX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VYSAX and FGROX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VYSAX vs. FGROX - Drawdown Comparison

The maximum VYSAX drawdown since its inception was -54.76%, which is greater than FGROX's maximum drawdown of -41.48%. Use the drawdown chart below to compare losses from any high point for VYSAX and FGROX.

Drawdown Indicators

	VYSAX	FGROX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-41.48%	-13.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-14.36%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-24.40%	-28.61%	+4.21%
Max Drawdown (5Y) Largest decline over 5 years	-38.82%	-38.52%	-0.30%
Max Drawdown (10Y) Largest decline over 10 years	-43.28%	-41.48%	-1.80%
Current Drawdown Current decline from peak	-1.53%	-6.01%	+4.48%
Average Drawdown Average peak-to-trough decline	-11.81%	-10.20%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.58%	-0.13%

Volatility

VYSAX vs. FGROX - Volatility Comparison

The current volatility for Voya MI Dynamic Small Cap Fund Class I (VYSAX) is 3.53%, while Emerald Growth Fund Institutional Class (FGROX) has a volatility of 8.04%. This indicates that VYSAX experiences smaller price fluctuations and is considered to be less risky than FGROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VYSAX	FGROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	8.04%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	20.90%	-7.31%
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	27.05%	-8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.30%	25.94%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.37%	25.29%	+0.08%

VYSAX vs. FGROX - Expense Ratio Comparison

VYSAX has a 0.86% expense ratio, which is higher than FGROX's 0.78% expense ratio.

Dividends

VYSAX vs. FGROX - Dividend Comparison

VYSAX's dividend yield for the trailing twelve months is around 10.43%, more than FGROX's 8.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGROX Emerald Growth Fund Institutional Class	8.76%	11.39%	13.92%	5.91%	8.13%	17.87%	8.04%	1.38%	11.36%	0.00%	0.00%	0.00%
VYSAX Voya MI Dynamic Small Cap Fund Class I	10.43%	12.19%	13.06%	0.43%	0.43%	24.83%	0.14%	0.26%	19.83%	12.11%	6.53%	17.31%

Frequently Asked Questions

Can I hold both VYSAX and FGROX in my portfolio?

VYSAX and FGROX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VYSAX or FGROX?

FGROX has higher volatility (8.04%) compared to VYSAX (3.53%). In terms of maximum drawdown, VYSAX dropped -54.76% vs FGROX's -41.48%.

Which has better risk-adjusted returns?

FGROX currently has the higher Sharpe Ratio (2.29 vs 1.75), 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.