EWMC vs. VXF

Last updated Aug 2, 2026

EWMC (Invesco S&P MidCap 400 GARP ETF) and VXF (Vanguard Extended Market ETF) are both exchange-traded funds - EWMC is a Small Cap Blend Equities fund tracking the S&P MidCap 400 GARP Index, while VXF is a Mid Cap Blend Equities fund tracking the S&P Completion Index. Both are passively managed. Over the past 10 years, EWMC returned 11.33%/yr vs 11.74%/yr for VXF. Their correlation of 0.90 means they have usually moved in the same direction. EWMC charges 0.35%/yr vs 0.05%/yr for VXF.

Performance

EWMC vs. VXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 GARP ETF (EWMC) and Vanguard Extended Market ETF (VXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EWMC having a 13.17% return and VXF slightly higher at 13.55%. Both investments have delivered pretty close results over the past 10 years, with EWMC having a 11.33% annualized return and VXF not far ahead at 11.74%.

EWMC

• 1D: -0.35%
• 1M: 2.06%
• 6M: 11.71%
• YTD: 13.17%
• 1Y: 21.04%
• 3Y*: 13.73%
• 5Y*: 9.29%
• 10Y*: 11.33%
• ALL TIME*: 11.48%

VXF

• 1D: -0.30%
• 1M: -2.91%
• 6M: 10.93%
• YTD: 13.55%
• 1Y: 23.35%
• 3Y*: 16.01%
• 5Y*: 6.11%
• 10Y*: 11.74%
• ALL TIME*: 9.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWMC Invesco S&P MidCap 400 GARP ETF	$1.43M	$1.18M	$1.33M
VXF Vanguard Extended Market ETF	$71.64M	$76.55M	$103.41M

EWMC vs. VXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWMC Invesco S&P MidCap 400 GARP ETF	13.17%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	13.05%
VXF Vanguard Extended Market ETF	13.55%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%

Correlation

The correlation between EWMC and VXF is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.90

The correlation between EWMC and VXF shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

EWMC vs. VXF - Sectors Allocation Comparison

Sectors	EWMC	VXF
Industrials	17.9%	19.6%
Consumer Cyclical	16.0%	8.5%
Financial Services	13.8%	13.7%
Technology	13.3%	19.2%
Healthcare	9.8%	13.6%
Real Estate	7.8%	5.6%
Basic Materials	5.9%	4.7%
Energy	5.1%	4.3%
Consumer Defensive	5.0%	2.6%
Utilities	3.4%	1.8%
Communication Services	2.0%	2.8%

Return for Risk

EWMC vs. VXF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWMC

EWMC Risk / Return Rank: 58
EWMC Sharpe Ratio Rank: 52
EWMC Sortino Ratio Rank: 53
EWMC Omega Ratio Rank: 48
EWMC Calmar Ratio Rank: 73
EWMC Martin Ratio Rank: 63

VXF

VXF Risk / Return Rank: 52
VXF Sharpe Ratio Rank: 48
VXF Sortino Ratio Rank: 49
VXF Omega Ratio Rank: 45
VXF Calmar Ratio Rank: 58
VXF Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWMC vs. VXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 GARP ETF (EWMC) and Vanguard Extended Market ETF (VXF). 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.

	EWMC	VXF	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.17	+0.09
Sortino ratio: Return per unit of downside risk	1.88	1.72	+0.15
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	2.58	2.04	+0.53
Martin ratio: Return relative to average drawdown	7.67	6.94	+0.73

EWMC vs. VXF - Sharpe Ratio Comparison

The current EWMC Sharpe Ratio is 1.26, which is comparable to the VXF Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of EWMC and VXF, 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

EWMC vs. VXF - Drawdown Comparison

The maximum EWMC drawdown since its inception was -43.12%, smaller than the maximum VXF drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for EWMC and VXF.

Drawdown Indicators

	EWMC	VXF	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-58.03%	+14.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-10.21%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-26.92%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-36.39%	+8.30%
Max Drawdown (10Y) Largest decline over 10 years	-43.12%	-41.72%	-1.40%
Current Drawdown Current decline from peak	-1.19%	-4.08%	+2.89%
Average Drawdown Average peak-to-trough decline	-5.66%	-9.50%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.01%	-0.45%

Volatility

EWMC vs. VXF - Volatility Comparison

Invesco S&P MidCap 400 GARP ETF (EWMC) and Vanguard Extended Market ETF (VXF) have volatilities of 4.04% and 3.91%, 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

	EWMC	VXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	3.91%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	13.29%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	17.80%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	22.38%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	22.27%	-0.08%

EWMC vs. VXF - Expense Ratio Comparison

EWMC has a 0.35% expense ratio, which is higher than VXF's 0.05% expense ratio.

Dividends

EWMC vs. VXF - Dividend Comparison

EWMC's dividend yield for the trailing twelve months is around 0.70%, less than VXF's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWMC Invesco S&P MidCap 400 GARP ETF	0.70%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%
VXF Vanguard Extended Market ETF	1.03%	1.14%	1.09%	1.27%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both EWMC and VXF in my portfolio?

EWMC and VXF have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWMC or VXF?

EWMC has higher volatility (4.04%) compared to VXF (3.91%). In terms of maximum drawdown, EWMC dropped -43.12% vs VXF's -58.03%.

Which ETF is better, EWMC or VXF?

On 10-year performance, VXF leads with 11.74% vs 11.33% for EWMC. On fees, VXF is cheaper at 0.05% per year. On volatility, VXF has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWMC or VXF?

Over the 10-year period, VXF has performed better with a 11.74% return vs 11.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWMC or VXF?

VXF is cheaper with a 0.05% expense ratio, compared with 0.35% for EWMC.

Which ETF pays a higher dividend yield, EWMC or VXF?

VXF has the higher dividend yield at 1.03%, compared with 0.70% for EWMC.

What is the main difference between EWMC and VXF?

EWMC is categorized as Small Cap Blend Equities, while VXF is Mid Cap Blend Equities. EWMC tracks S&P MidCap 400 GARP Index, while VXF tracks S&P Completion Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.35% for EWMC and 0.05% for VXF.

Which has better risk-adjusted returns?

EWMC currently has the higher Sharpe Ratio (1.26 vs 1.17), 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.