VEXAX vs. TQSIX

Last updated Jun 4, 2026

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and TQSIX (T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, VEXAX returned 12.19%/yr vs 12.90%/yr for TQSIX. With a 0.95 correlation, they move nearly in lockstep. VEXAX charges 0.06%/yr vs 0.68%/yr for TQSIX.

Performance

VEXAX vs. TQSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX). 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 VEXAX having a 14.93% return and TQSIX slightly higher at 15.29%. Over the past 10 years, VEXAX has underperformed TQSIX with an annualized return of 12.19%, while TQSIX has yielded a comparatively higher 12.90% annualized return.

VEXAX

• 1D: 1.07%
• 1M: 5.80%
• YTD: 14.93%
• 6M: 13.66%
• 1Y: 30.14%
• 3Y*: 20.14%
• 5Y*: 6.91%
• 10Y*: 12.19%

TQSIX

• 1D: 1.11%
• 1M: 3.95%
• YTD: 15.29%
• 6M: 15.51%
• 1Y: 30.73%
• 3Y*: 20.39%
• 5Y*: 11.74%
• 10Y*: 12.90%

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

VEXAX vs. TQSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXAX Vanguard Extended Market Index Fund Admiral Shares	14.93%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	15.29%	12.94%	16.54%	21.99%	-12.97%	22.12%	11.92%	30.43%	-10.78%	15.52%

Correlation

The correlation between VEXAX and TQSIX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 1, 2016	0.95

The correlation between VEXAX and TQSIX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

VEXAX vs. TQSIX — Risk / Return Rank

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

VEXAX

VEXAX Risk / Return Rank: 47
VEXAX Sharpe Ratio Rank: 41
VEXAX Sortino Ratio Rank: 39
VEXAX Omega Ratio Rank: 36
VEXAX Calmar Ratio Rank: 66
VEXAX Martin Ratio Rank: 55

TQSIX

TQSIX Risk / Return Rank: 52
TQSIX Sharpe Ratio Rank: 46
TQSIX Sortino Ratio Rank: 46
TQSIX Omega Ratio Rank: 42
TQSIX Calmar Ratio Rank: 65
TQSIX Martin Ratio Rank: 64

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. TQSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX). 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	TQSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.98	-0.11
Sortino ratio: Return per unit of downside risk	2.61	2.84	-0.23
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	3.13	3.11	+0.03
Martin ratio: Return relative to average drawdown	11.08	12.50	-1.42
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. TQSIX - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.87, which is comparable to the TQSIX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VEXAX and TQSIX, 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	TQSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.98	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.60	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.64	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.68	-0.31

Drawdowns

VEXAX vs. TQSIX - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, which is greater than TQSIX's maximum drawdown of -40.65%. Use the drawdown chart below to compare losses from any high point for VEXAX and TQSIX.

Drawdown Indicators

	VEXAX	TQSIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-40.65%	-17.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-10.41%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-23.76%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-23.76%	-12.57%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-40.65%	-0.97%
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-12.18%	-5.11%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.58%	+0.31%

Volatility

VEXAX vs. TQSIX - Volatility Comparison

The current volatility for Vanguard Extended Market Index Fund Admiral Shares (VEXAX) is 4.69%, while T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) has a volatility of 5.08%. This indicates that VEXAX experiences smaller price fluctuations and is considered to be less risky than TQSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXAX	TQSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	5.08%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	12.61%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	16.30%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	19.52%	+2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	20.33%	+2.03%

VEXAX vs. TQSIX - Expense Ratio Comparison

VEXAX has a 0.06% expense ratio, which is lower than TQSIX's 0.68% expense ratio.

Dividends

VEXAX vs. TQSIX - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.01%, less than TQSIX's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	1.14%	1.32%	6.61%	3.55%	6.35%	1.58%	0.81%	1.24%	2.28%	0.42%	0.88%	0.00%
VEXAX Vanguard Extended Market Index Fund Admiral Shares	1.01%	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 TQSIX in my portfolio?

With a correlation of 0.94, VEXAX and TQSIX 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, VEXAX or TQSIX?

TQSIX has higher volatility (5.08%) compared to VEXAX (4.69%). In terms of maximum drawdown, VEXAX dropped -58.08% vs TQSIX's -40.65%.

Which has better risk-adjusted returns?

TQSIX currently has the higher Sharpe Ratio (1.98 vs 1.87), 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.