Title: Intra-Instance VICReg: Bag of Self-Supervised Image Patch Embedding Explains the Performance. Abstract: Recently, self-supervised learning (SSL) has achieved tremendous empirical advancements in learning image representation. However, our understanding and knowledge of the representation are still limited. This work shows that the success of the SOTA Siamese-network-based SSL approaches is primarily based on learning a distributed representation of image patches. In particular, we show that when we learn a representation only for fixed-scale image patches and aggregate different patch representations for an image (instance), it can achieve on par or even better results than the baseline methods on several benchmarks. Further, we show that the patch representation aggregation can also improve various SOTA baseline methods by a large margin. We also establish a formal connection between the Siamese-network-based SSL objective and the image patches co-occurrence statistics modeling, which supplements the prevailing invariance perspective. By visualizing the nearest neighbors of different image patches in the embedding space and projection space, we show that while the projection has more invariance, the embedding space tends to preserve more equivariance and locality. While it is important to push the SOTA engineering frontier, we show that it is also a promising direction to simplify the SOTA methods to build better understanding.