VBK vs. XME

Last updated Jun 16, 2026

VBK (Vanguard Small-Cap Growth ETF) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, VBK returned 12.03%/yr vs 19.14%/yr for XME. A 0.67 correlation means they provide meaningful diversification when combined. VBK charges 0.05%/yr vs 0.35%/yr for XME.

Performance

VBK vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) and SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBK achieves a 18.24% return, which is significantly higher than XME's 16.50% return. Over the past 10 years, VBK has underperformed XME with an annualized return of 12.03%, while XME has yielded a comparatively higher 19.14% annualized return.

VBK

• 1D: 1.71%
• 1M: 5.71%
• YTD: 18.24%
• 6M: 17.85%
• 1Y: 34.10%
• 3Y*: 16.97%
• 5Y*: 5.40%
• 10Y*: 12.03%

XME

• 1D: 0.16%
• 1M: 4.36%
• YTD: 16.50%
• 6M: 19.83%
• 1Y: 85.37%
• 3Y*: 35.28%
• 5Y*: 22.93%
• 10Y*: 19.14%

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

VBK vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBK Vanguard Small-Cap Growth ETF	18.24%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%
XME SPDR S&P Metals & Mining ETF	16.50%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%

Correlation

The correlation between VBK and XME is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.67

The correlation between VBK and XME has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

VBK vs. XME - Sectors Allocation Comparison

Sectors	VBK	XME
Technology	25.9%	2.2%
Industrials	24.7%	0.4%
Healthcare	15.3%	-
Consumer Cyclical	9.6%	-
Financial Services	5.6%	-
Energy	4.8%	23.8%
Real Estate	3.9%	-
Communication Services	3.5%	-
Basic Materials	3.2%	74.9%
Consumer Defensive	2.4%	0.8%
Utilities	1.2%	-

Return for Risk

VBK vs. XME — Risk / Return Rank

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

VBK

VBK Risk / Return Rank: 59
VBK Sharpe Ratio Rank: 56
VBK Sortino Ratio Rank: 53
VBK Omega Ratio Rank: 51
VBK Calmar Ratio Rank: 66
VBK Martin Ratio Rank: 68

XME

XME Risk / Return Rank: 72
XME Sharpe Ratio Rank: 83
XME Sortino Ratio Rank: 70
XME Omega Ratio Rank: 69
XME Calmar Ratio Rank: 80
XME Martin Ratio Rank: 59

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.

VBK vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) and SPDR S&P Metals & Mining ETF (XME). 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.

	VBK	XME	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.38	-0.66
Sortino ratio: Return per unit of downside risk	2.35	2.84	-0.49
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.99	3.80	-0.80
Martin ratio: Return relative to average drawdown	11.23	9.44	+1.79

VBK vs. XME - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.72, which is comparable to the XME Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VBK and XME, 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

VBK vs. XME - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for VBK and XME.

Drawdown Indicators

	VBK	XME	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-85.89%	+27.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-22.60%	+11.16%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-30.47%	+2.93%
Max Drawdown (5Y) Largest decline over 5 years	-38.39%	-37.27%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-61.69%	+22.99%
Current Drawdown Current decline from peak	-0.36%	-9.18%	+8.82%
Average Drawdown Average peak-to-trough decline	-10.14%	-44.08%	+33.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	9.07%	-6.03%

Volatility

VBK vs. XME - Volatility Comparison

The current volatility for Vanguard Small-Cap Growth ETF (VBK) is 7.47%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 15.14%. This indicates that VBK experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBK	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	15.14%	-7.67%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	28.15%	-12.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	36.17%	-16.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.60%	32.83%	-9.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	32.93%	-10.00%

VBK vs. XME - Expense Ratio Comparison

VBK has a 0.05% expense ratio, which is lower than XME's 0.35% expense ratio.

Dividends

VBK vs. XME - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.44%, more than XME's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBK Vanguard Small-Cap Growth ETF	0.44%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%
XME SPDR S&P Metals & Mining ETF	0.32%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both VBK and XME in my portfolio?

VBK and XME have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBK or XME?

XME has higher volatility (15.14%) compared to VBK (7.47%). In terms of maximum drawdown, VBK dropped -58.68% vs XME's -85.89%.

Which ETF is better, VBK or XME?

On 10-year performance, XME leads with 19.14% vs 12.03% for VBK. On fees, VBK is cheaper at 0.05% per year. On volatility, VBK has been the lower-risk option at 7.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBK or XME?

Over the 10-year period, XME has performed better with a 19.14% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBK or XME?

VBK is cheaper with a 0.05% expense ratio, compared with 0.35% for XME.

Which ETF pays a higher dividend yield, VBK or XME?

VBK has the higher dividend yield at 0.44%, compared with 0.32% for XME.

What is the main difference between VBK and XME?

VBK is categorized as Small Cap Growth Equities, while XME is Materials. VBK tracks CRSP US Small Cap Growth Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for VBK and 0.35% for XME.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.38 vs 1.72), 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.