Vanguard Small-Cap Index Fund Admiral Shares
Figures last verified October 31, 2026
Tracks the CRSP US Small Cap Index — roughly 1,300 smaller US companies.
The academic case for small caps — that they've historically outpaced large caps over very long periods — has had a rough couple of decades, with mega-cap tech doing most of the market's work. VSMAX is the cheap way to bet the pattern reasserts itself: 1,300-odd smaller companies at 0.05%, no manager trying to outsmart the category.
Two things to know before tilting. First, you already own these stocks if you hold VTSAX; a small-cap fund is a deliberate overweight, not new diversification. Second, CRSP's 'small' runs larger than the Russell 2000's, so VSMAX behaves a bit more like a mid-cap fund than purists prefer — which has mostly been a feature, since it sidesteps the junkiest micro-caps. Hold the tilt for decades or don't bother.
Tilting a portfolio toward small US companies cheaply.
VSMAX alternatives & comparable funds
If you’re weighing VSMAX against the field, these are the funds most investors line it up against — same job, different provider, slightly different terms.
| Fund | Family | Expense Ratio | Minimum |
|---|---|---|---|
| VSMAX — Vanguard Small-Cap Index F… | Vanguard | 0.05% | $3,000 |
| FSSNX — Fidelity Small Cap Index Fund | Fidelity | 0.025% | $0 |
| SWSSX — Schwab Small-Cap Index Fund | Schwab | 0.04% | $0 |
| VSIAX — Vanguard Small-Cap Value I… | Vanguard | 0.07% | $3,000 |
| VEXAX — Vanguard Extended Market I… | Vanguard | 0.06% | $3,000 |
Head-to-head comparisons
Frequently asked questions
What is the expense ratio of VSMAX?
VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) has an expense ratio of 0.05%, which works out to roughly $5 per year for every $10,000 invested. That is very low by industry standards, where the average fund still charges well over 0.40%.
What is the minimum investment for VSMAX?
VSMAX requires a minimum initial investment of $3,000.
What does VSMAX invest in?
Tracks the CRSP US Small Cap Index — roughly 1,300 smaller US companies. It falls in the small cap category and is an index fund.
What are good alternatives to VSMAX?
The funds most often compared with VSMAX are FSSNX, SWSSX, VSIAX — broadly similar exposure from different providers, with small differences in fee, minimum, and portability that usually come down to which brokerage holds your account.
Expense ratio and minimum for VSMAX drawn from Vanguard fund documentation; last verified October 31, 2026. Figures change — confirm against the official prospectus before investing. This review is editorial opinion, not investment advice.