VB vs. VXF

Last updated Jun 3, 2026

VB (Vanguard Small-Cap ETF) and VXF (Vanguard Extended Market ETF) are both exchange-traded funds - VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap 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, VB returned 11.38%/yr vs 12.19%/yr for VXF. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.

Performance

VB vs. VXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap ETF (VB) 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 VB having a 14.91% return and VXF slightly higher at 14.95%. Over the past 10 years, VB has underperformed VXF with an annualized return of 11.38%, while VXF has yielded a comparatively higher 12.19% annualized return.

VB

• 1D: 0.75%
• 1M: 3.68%
• YTD: 14.91%
• 6M: 16.03%
• 1Y: 31.39%
• 3Y*: 17.31%
• 5Y*: 7.35%
• 10Y*: 11.38%

VXF

• 1D: 1.09%
• 1M: 5.51%
• YTD: 14.95%
• 6M: 15.28%
• 1Y: 32.08%
• 3Y*: 20.16%
• 5Y*: 6.92%
• 10Y*: 12.19%

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

VB vs. VXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VB Vanguard Small-Cap ETF	14.91%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%
VXF Vanguard Extended Market ETF	14.95%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%

Correlation

The correlation between VB and VXF is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.98

The correlation between VB and VXF has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

VB vs. VXF - Sectors Allocation Comparison

Sectors	VB	VXF
Industrials	20.8%	19.3%
Technology	17.2%	19.8%
Financial Services	12.6%	14.6%
Consumer Cyclical	11.3%	9.7%
Healthcare	11.1%	13.3%
Real Estate	7.6%	6.0%
Basic Materials	4.8%	4.2%
Energy	4.7%	5.1%
Consumer Defensive	3.4%	2.7%
Utilities	3.3%	2.0%
Communication Services	3.1%	3.3%

Return for Risk

VB vs. VXF — Risk / Return Rank

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

VB

VB Risk / Return Rank: 61
VB Sharpe Ratio Rank: 56
VB Sortino Ratio Rank: 57
VB Omega Ratio Rank: 54
VB Calmar Ratio Rank: 69
VB Martin Ratio Rank: 68

VXF

VXF Risk / Return Rank: 57
VXF Sharpe Ratio Rank: 54
VXF Sortino Ratio Rank: 54
VXF Omega Ratio Rank: 51
VXF Calmar Ratio Rank: 63
VXF Martin Ratio Rank: 62

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.

VB vs. VXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap ETF (VB) 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.

	VB	VXF	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.88	+0.06
Sortino ratio Return per unit of downside risk	2.75	2.61	+0.15
Omega ratio Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio Return relative to maximum drawdown	3.48	3.16	+0.31
Martin ratio Return relative to average drawdown	12.82	11.24	+1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VB vs. VXF - Sharpe Ratio Comparison

The current VB Sharpe Ratio is 1.94, which is comparable to the VXF Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of VB 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.

Sharpe Ratios by Period

	VB	VXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.88	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.31	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.55	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.46	-0.02

Drawdowns

VB vs. VXF - Drawdown Comparison

The maximum VB drawdown since its inception was -59.56%, roughly equal to the maximum VXF drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for VB and VXF.

Drawdown Indicators

	VB	VXF	Difference
Max Drawdown Largest peak-to-trough decline	-59.56%	-58.03%	-1.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-10.21%	+1.23%
Max Drawdown (3Y) Largest decline over 3 years	-25.36%	-26.92%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-28.15%	-36.39%	+8.24%
Max Drawdown (10Y) Largest decline over 10 years	-42.05%	-41.72%	-0.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.44%	-9.56%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.87%	-0.44%

Volatility

VB vs. VXF - Volatility Comparison

The current volatility for Vanguard Small-Cap ETF (VB) is 4.40%, while Vanguard Extended Market ETF (VXF) has a volatility of 4.73%. This indicates that VB experiences smaller price fluctuations and is considered to be less risky than VXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VB	VXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.73%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	12.42%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.27%	17.18%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	22.33%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	22.29%	-0.86%

VB vs. VXF - Expense Ratio Comparison

Both VB and VXF have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VB vs. VXF - Dividend Comparison

VB's dividend yield for the trailing twelve months is around 1.19%, more than VXF's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VB Vanguard Small-Cap ETF	1.19%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%
VXF Vanguard Extended Market ETF	1.01%	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 VB and VXF in my portfolio?

With a correlation of 0.97, VB and VXF 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, VB or VXF?

VXF has higher volatility (4.73%) compared to VB (4.40%). In terms of maximum drawdown, VB dropped -59.56% vs VXF's -58.03%.

Which ETF is better, VB or VXF?

On 10-year performance, VXF leads with 12.19% vs 11.38% for VB. Both ETFs have the same 0.05% expense ratio. On volatility, VB has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VB or VXF?

Over the 10-year period, VXF has performed better with a 12.19% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VB or VXF?

VB and VXF have the same expense ratio: 0.05% per year.

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

VB has the higher dividend yield at 1.19%, compared with 1.01% for VXF.

What is the main difference between VB and VXF?

VB is categorized as Small Cap Blend Equities, while VXF is Mid Cap Blend Equities. VB tracks CRSP US Small Cap Index, while VXF tracks S&P Completion Index.

Which has better risk-adjusted returns?

VB currently has the higher Sharpe Ratio (1.94 vs 1.88), 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.