VEXAX vs. AOR

Last updated Jun 9, 2026

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both funds - VEXAX is a Mid Cap Blend Equities fund managed by Vanguard, while AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index. Over the past 10 years, VEXAX returned 11.69%/yr vs 8.29%/yr for AOR. Their correlation of 0.85 suggests significant overlap in exposure. VEXAX charges 0.06%/yr vs 0.15%/yr for AOR.

Performance

VEXAX vs. AOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and iShares Core 60/40 Balanced Allocation ETF (AOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEXAX achieves a 11.26% return, which is significantly higher than AOR's 5.83% return. Over the past 10 years, VEXAX has outperformed AOR with an annualized return of 11.69%, while AOR has yielded a comparatively lower 8.29% annualized return.

VEXAX

• 1D: -3.30%
• 1M: 1.02%
• YTD: 11.26%
• 6M: 9.73%
• 1Y: 24.34%
• 3Y*: 18.43%
• 5Y*: 6.07%
• 10Y*: 11.69%

AOR

• 1D: 0.28%
• 1M: -0.54%
• YTD: 5.83%
• 6M: 6.57%
• 1Y: 17.08%
• 3Y*: 13.55%
• 5Y*: 6.66%
• 10Y*: 8.29%

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

VEXAX vs. AOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXAX Vanguard Extended Market Index Fund Admiral Shares	11.26%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%
AOR iShares Core 60/40 Balanced Allocation ETF	5.83%	16.44%	10.68%	15.75%	-15.64%	11.19%	11.42%	18.91%	-5.82%	15.80%

Correlation

The correlation between VEXAX and AOR is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 12, 2008	0.85

The correlation between VEXAX and AOR has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

VEXAX vs. AOR - Sectors Allocation Comparison

Sectors	VEXAX	AOR
Technology	19.8%	27.8%
Industrials	19.3%	11.9%
Financial Services	14.6%	16.2%
Healthcare	13.3%	8.0%
Consumer Cyclical	9.7%	9.5%
Real Estate	6.0%	2.4%
Energy	5.1%	4.3%
Basic Materials	4.2%	4.2%
Communication Services	3.3%	8.1%
Consumer Defensive	2.7%	5.0%
Utilities	2.0%	2.7%

Return for Risk

VEXAX vs. AOR — Risk / Return Rank

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

VEXAX

VEXAX Risk / Return Rank: 35
VEXAX Sharpe Ratio Rank: 30
VEXAX Sortino Ratio Rank: 28
VEXAX Omega Ratio Rank: 27
VEXAX Calmar Ratio Rank: 48
VEXAX Martin Ratio Rank: 44

AOR

AOR Risk / Return Rank: 65
AOR Sharpe Ratio Rank: 66
AOR Sortino Ratio Rank: 68
AOR Omega Ratio Rank: 69
AOR Calmar Ratio Rank: 58
AOR Martin Ratio Rank: 67

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.

VEXAX vs. AOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and iShares Core 60/40 Balanced Allocation ETF (AOR). 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.

	VEXAX	AOR	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.98	-0.50
Sortino ratio: Return per unit of downside risk	2.10	2.78	-0.68
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.54	2.58	-0.04
Martin ratio: Return relative to average drawdown	8.96	11.20	-2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEXAX vs. AOR - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.49, which is comparable to the AOR Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VEXAX and AOR, 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

	VEXAX	AOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.98	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.63	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.78	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.68	-0.31

Drawdowns

VEXAX vs. AOR - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, which is greater than AOR's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for VEXAX and AOR.

Drawdown Indicators

	VEXAX	AOR	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-24.44%	-33.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-6.64%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-9.77%	-17.07%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-21.72%	-14.61%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-22.95%	-18.67%
Current Drawdown Current decline from peak	-3.30%	-1.98%	-1.32%
Average Drawdown Average peak-to-trough decline	-12.18%	-3.47%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	1.53%	+1.37%

Volatility

VEXAX vs. AOR - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) has a higher volatility of 5.84% compared to iShares Core 60/40 Balanced Allocation ETF (AOR) at 3.07%. This indicates that VEXAX's price experiences larger fluctuations and is considered to be riskier than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXAX	AOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	3.07%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	7.11%	+5.82%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	8.67%	+8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	10.59%	+11.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	10.69%	+11.69%

VEXAX vs. AOR - Expense Ratio Comparison

VEXAX has a 0.06% expense ratio, which is lower than AOR's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VEXAX vs. AOR - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.04%, less than AOR's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core 60/40 Balanced Allocation ETF	2.51%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
VEXAX Vanguard Extended Market Index Fund Admiral Shares	1.04%	1.14%	1.09%	1.25%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both VEXAX and AOR in my portfolio?

VEXAX and AOR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEXAX or AOR?

VEXAX has higher volatility (5.84%) compared to AOR (3.07%). In terms of maximum drawdown, VEXAX dropped -58.08% vs AOR's -24.44%.

Which has better risk-adjusted returns?

AOR currently has the higher Sharpe Ratio (1.98 vs 1.49), 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.