VYSAX vs. VYMSX

Last updated Jun 3, 2026

VYSAX (Voya MI Dynamic Small Cap Fund Class I) and VYMSX (Voya Mid Cap Research Enhanced Index Fund) are both mutual funds - VYSAX is a Small Cap Growth Equities fund tracking the Russell 2000 Index, while VYMSX is a Mid Cap Blend Equities fund managed by Voya. Over the past 10 years, VYSAX returned 8.71%/yr vs 10.27%/yr for VYMSX. Their correlation of 0.94 suggests significant overlap in exposure. VYSAX charges 0.86%/yr vs 0.82%/yr for VYMSX.

Performance

VYSAX vs. VYMSX - 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 Voya Mid Cap Research Enhanced Index Fund (VYMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VYSAX achieves a 12.04% return, which is significantly lower than VYMSX's 13.78% return. Over the past 10 years, VYSAX has underperformed VYMSX with an annualized return of 8.71%, while VYMSX has yielded a comparatively higher 10.27% annualized return.

VYSAX

• 1D: 0.31%
• 1M: 3.49%
• YTD: 12.04%
• 6M: 12.71%
• 1Y: 28.40%
• 3Y*: 14.79%
• 5Y*: 5.46%
• 10Y*: 8.71%

VYMSX

• 1D: -0.27%
• 1M: 3.63%
• YTD: 13.78%
• 6M: 13.58%
• 1Y: 24.79%
• 3Y*: 16.42%
• 5Y*: 8.08%
• 10Y*: 10.27%

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

VYSAX vs. VYMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VYSAX Voya MI Dynamic Small Cap Fund Class I	12.04%	8.38%	10.56%	17.97%	-16.32%	14.00%	12.20%	25.90%	-16.35%	11.20%
VYMSX Voya Mid Cap Research Enhanced Index Fund	13.78%	6.79%	14.92%	17.35%	-14.63%	27.47%	8.26%	28.18%	-14.55%	13.43%

Correlation

The correlation between VYSAX and VYMSX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.94

The correlation between VYSAX and VYMSX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

VYSAX vs. VYMSX — Risk / Return Rank

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

VYSAX

VYSAX Risk / Return Rank: 45
VYSAX Sharpe Ratio Rank: 35
VYSAX Sortino Ratio Rank: 36
VYSAX Omega Ratio Rank: 31
VYSAX Calmar Ratio Rank: 66
VYSAX Martin Ratio Rank: 56

VYMSX

VYMSX Risk / Return Rank: 49
VYMSX Sharpe Ratio Rank: 30
VYMSX Sortino Ratio Rank: 31
VYMSX Omega Ratio Rank: 26
VYMSX Calmar Ratio Rank: 80
VYMSX Martin Ratio Rank: 78

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. VYMSX - 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 Voya Mid Cap Research Enhanced Index Fund (VYMSX). 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.

	VYSAX	VYMSX	Difference
Sharpe ratio Return per unit of total volatility	1.72	1.60	+0.12
Sortino ratio Return per unit of downside risk	2.47	2.32	+0.15
Omega ratio Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio Return relative to maximum drawdown	3.13	3.65	-0.52
Martin ratio Return relative to average drawdown	11.25	14.66	-3.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VYSAX vs. VYMSX - Sharpe Ratio Comparison

The current VYSAX Sharpe Ratio is 1.72, which is comparable to the VYMSX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of VYSAX and VYMSX, 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

	VYSAX	VYMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.60	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.36	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.46	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.40	+0.05

Drawdowns

VYSAX vs. VYMSX - Drawdown Comparison

The maximum VYSAX drawdown since its inception was -54.76%, smaller than the maximum VYMSX drawdown of -57.85%. Use the drawdown chart below to compare losses from any high point for VYSAX and VYMSX.

Drawdown Indicators

	VYSAX	VYMSX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-57.85%	+3.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-10.34%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-24.40%	-24.02%	-0.38%
Max Drawdown (5Y) Largest decline over 5 years	-38.82%	-31.71%	-7.11%
Max Drawdown (10Y) Largest decline over 10 years	-43.28%	-43.69%	+0.41%
Current Drawdown Current decline from peak	-0.06%	-0.54%	+0.48%
Average Drawdown Average peak-to-trough decline	-11.85%	-9.16%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	2.57%	+0.90%

Volatility

VYSAX vs. VYMSX - Volatility Comparison

Voya MI Dynamic Small Cap Fund Class I (VYSAX) and Voya Mid Cap Research Enhanced Index Fund (VYMSX) have volatilities of 4.90% and 4.67%, 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.

Volatility by Period

	VYSAX	VYMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	4.67%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	12.38%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	17.07%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.30%	23.32%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.41%	22.91%	+2.50%

VYSAX vs. VYMSX - Expense Ratio Comparison

VYSAX has a 0.86% expense ratio, which is higher than VYMSX's 0.82% expense ratio.

Dividends

VYSAX vs. VYMSX - Dividend Comparison

VYSAX's dividend yield for the trailing twelve months is around 10.88%, less than VYMSX's 26.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VYMSX Voya Mid Cap Research Enhanced Index Fund	26.16%	29.77%	11.50%	0.96%	6.78%	14.81%	0.79%	2.00%	13.24%	7.58%	1.83%	6.83%
VYSAX Voya MI Dynamic Small Cap Fund Class I	10.88%	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 VYMSX in my portfolio?

With a correlation of 0.95, VYSAX and VYMSX 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.

Which is riskier, VYSAX or VYMSX?

VYSAX has higher volatility (4.90%) compared to VYMSX (4.67%). In terms of maximum drawdown, VYSAX dropped -54.76% vs VYMSX's -57.85%.

Which has better risk-adjusted returns?

VYSAX currently has the higher Sharpe Ratio (1.72 vs 1.60), 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.