NAESX vs. VEVFX

Last updated Aug 1, 2026

NAESX (Vanguard Small Cap Index Fund) and VEVFX (Vanguard Explorer Value Fund) are both mutual funds - NAESX is a Small Cap Blend Equities fund managed by Vanguard, while VEVFX is a Small Cap Value Equities fund managed by Vanguard. Over the past 10 years, NAESX returned 10.81%/yr vs 10.38%/yr for VEVFX. Their 0.96 correlation means they have historically moved very closely together. NAESX charges 0.17%/yr vs 0.52%/yr for VEVFX.

Performance

NAESX vs. VEVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small Cap Index Fund (NAESX) and Vanguard Explorer Value Fund (VEVFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NAESX achieves a 15.36% return, which is significantly lower than VEVFX's 21.50% return. Both investments have delivered pretty close results over the past 10 years, with NAESX having a 10.81% annualized return and VEVFX not far behind at 10.38%.

NAESX

• 1D: 0.91%
• 1M: -1.58%
• 6M: 10.29%
• YTD: 15.36%
• 1Y: 25.98%
• 3Y*: 13.81%
• 5Y*: 7.35%
• 10Y*: 10.81%
• ALL TIME*: 9.36%

VEVFX

• 1D: -0.20%
• 1M: 0.83%
• 6M: 14.49%
• YTD: 21.50%
• 1Y: 33.94%
• 3Y*: 15.62%
• 5Y*: 9.20%
• 10Y*: 10.38%
• ALL TIME*: 10.99%

*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)
NAESX Vanguard Small Cap Index Fund	$0.00	$0.00	$0.00
VEVFX Vanguard Explorer Value Fund	$0.00	$0.00	$0.00

NAESX vs. VEVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAESX Vanguard Small Cap Index Fund	15.36%	8.71%	12.83%	19.35%	-17.71%	17.60%	18.92%	27.22%	-9.44%	16.10%
VEVFX Vanguard Explorer Value Fund	21.50%	7.40%	13.81%	15.29%	-14.11%	28.14%	3.29%	26.92%	-13.03%	12.43%

Correlation

The correlation between NAESX and VEVFX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Mar 30, 2010	0.96

The correlation between NAESX and VEVFX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

NAESX vs. VEVFX — Risk / Return Rank

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

NAESX

NAESX Risk / Return Rank: 64
NAESX Sharpe Ratio Rank: 56
NAESX Sortino Ratio Rank: 58
NAESX Omega Ratio Rank: 51
NAESX Calmar Ratio Rank: 79
NAESX Martin Ratio Rank: 78

VEVFX

VEVFX Risk / Return Rank: 78
VEVFX Sharpe Ratio Rank: 77
VEVFX Sortino Ratio Rank: 78
VEVFX Omega Ratio Rank: 72
VEVFX Calmar Ratio Rank: 86
VEVFX Martin Ratio Rank: 78

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.

NAESX vs. VEVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small Cap Index Fund (NAESX) and Vanguard Explorer Value Fund (VEVFX). 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.

	NAESX	VEVFX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.78	-0.39
Sortino ratio: Return per unit of downside risk	2.04	2.66	-0.63
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	2.54	2.98	-0.44
Martin ratio: Return relative to average drawdown	9.32	9.39	-0.07

NAESX vs. VEVFX - Sharpe Ratio Comparison

The current NAESX Sharpe Ratio is 1.39, which is comparable to the VEVFX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of NAESX and VEVFX, 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

NAESX vs. VEVFX - Drawdown Comparison

The maximum NAESX drawdown since its inception was -59.77%, which is greater than VEVFX's maximum drawdown of -47.53%. Use the drawdown chart below to compare losses from any high point for NAESX and VEVFX.

Drawdown Indicators

	NAESX	VEVFX	Difference
Max Drawdown Largest peak-to-trough decline	-59.77%	-47.53%	-12.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-10.31%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-25.28%	-27.32%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-28.19%	-27.32%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	-47.53%	+5.71%
Current Drawdown Current decline from peak	-2.36%	-1.41%	-0.95%
Average Drawdown Average peak-to-trough decline	-11.79%	-6.56%	-5.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	3.27%	-0.81%

Volatility

NAESX vs. VEVFX - Volatility Comparison

The current volatility for Vanguard Small Cap Index Fund (NAESX) is 3.31%, while Vanguard Explorer Value Fund (VEVFX) has a volatility of 3.78%. This indicates that NAESX experiences smaller price fluctuations and is considered to be less risky than VEVFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAESX	VEVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.78%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	11.86%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	17.32%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.67%	20.56%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	22.42%	-0.87%

NAESX vs. VEVFX - Expense Ratio Comparison

NAESX has a 0.17% expense ratio, which is lower than VEVFX's 0.52% expense ratio.

Dividends

NAESX vs. VEVFX - Dividend Comparison

NAESX's dividend yield for the trailing twelve months is around 1.10%, less than VEVFX's 8.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAESX Vanguard Small Cap Index Fund	1.10%	1.22%	1.19%	1.43%	1.41%	1.12%	1.05%	1.27%	1.53%	1.24%	1.39%	1.35%
VEVFX Vanguard Explorer Value Fund	8.45%	10.26%	14.55%	2.49%	3.85%	3.83%	0.86%	1.47%	8.92%	3.00%	2.26%	6.31%

Frequently Asked Questions

Can I hold both NAESX and VEVFX in my portfolio?

With a correlation of 0.90, NAESX and VEVFX 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, NAESX or VEVFX?

VEVFX has higher volatility (3.78%) compared to NAESX (3.31%). In terms of maximum drawdown, NAESX dropped -59.77% vs VEVFX's -47.53%.

Which has better risk-adjusted returns?

VEVFX currently has the higher Sharpe Ratio (1.78 vs 1.39), 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.