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VEXAX vs. VEMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEXAX vs. VEMAX

Last updated Jun 23, 2026

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - VEXAX is a Mid Cap Blend Equities fund managed by Vanguard, while VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index. Over the past 10 years, VEXAX returned 12.33%/yr vs 8.92%/yr for VEMAX. A 0.69 correlation means they provide meaningful diversification when combined. VEXAX charges 0.06%/yr vs 0.13%/yr for VEMAX.

Performance

VEXAX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VEXAX achieves a 15.70% return, which is significantly higher than VEMAX's 13.14% return. Over the past 10 years, VEXAX has outperformed VEMAX with an annualized return of 12.33%, while VEMAX has yielded a comparatively lower 8.92% annualized return.

VEXAX

1D
1.66%
1M
4.42%
YTD
15.70%
6M
12.69%
1Y
30.64%
3Y*
19.13%
5Y*
6.95%
10Y*
12.33%

VEMAX

1D
1.49%
1M
3.21%
YTD
13.14%
6M
13.80%
1Y
30.92%
3Y*
16.73%
5Y*
5.79%
10Y*
8.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEXAX vs. VEMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEXAX
Vanguard Extended Market Index Fund Admiral Shares		15.70%11.42%15.47%26.95%-26.46%12.45%32.22%28.03%-9.37%18.11%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		13.14%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%31.37%

Correlation

The correlation between VEXAX and VEMAX is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2006

0.69

The correlation between VEXAX and VEMAX shifts across timeframes, from 0.59 (3 years) to 0.69 (all time), reflecting how their relationship changes across market environments.

VEXAX vs. VEMAX - Sectors Allocation Comparison

Sectors
VEXAX
VEMAX

Technology

22.8%
31.6%

Industrials

19.3%
6.8%

Financial Services

14.0%
16.8%

Healthcare

12.9%
3.4%

Consumer Cyclical

9.2%
8.7%

Real Estate

5.8%
1.8%

Energy

4.4%
3.6%

Basic Materials

4.2%
7.0%

Communication Services

3.2%
5.8%

Consumer Defensive

2.5%
3.1%

Utilities

1.9%
2.4%

Technology

VEXAX
22.8%
VEMAX
31.6%

Industrials

VEXAX
19.3%
VEMAX
6.8%

Financial Services

VEXAX
14.0%
VEMAX
16.8%

Healthcare

VEXAX
12.9%
VEMAX
3.4%

Consumer Cyclical

VEXAX
9.2%
VEMAX
8.7%

Real Estate

VEXAX
5.8%
VEMAX
1.8%

Energy

VEXAX
4.4%
VEMAX
3.6%

Basic Materials

VEXAX
4.2%
VEMAX
7.0%

Communication Services

VEXAX
3.2%
VEMAX
5.8%

Consumer Defensive

VEXAX
2.5%
VEMAX
3.1%

Utilities

VEXAX
1.9%
VEMAX
2.4%

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Vanguard Extended Market Index Fund Admiral Shares

Vanguard Emerging Markets Stock Index Fund Admiral Shares

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Often compared with VEMAX:
VEMAX vs. VWOVEMAX vs. VTMGXVEMAX vs. VFIAXVEMAX vs. FPADXVEMAX vs. FEMKXVEMAX vs. FSPSXVEMAX vs. VINEX

Return for Risk

VEXAX vs. VEMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEXAX
VEXAX Risk / Return Rank: 4747
Overall Rank
VEXAX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
VEXAX Sortino Ratio Rank: 3838
Sortino Ratio Rank
VEXAX Omega Ratio Rank: 3535
Omega Ratio Rank
VEXAX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VEXAX Martin Ratio Rank: 5555
Martin Ratio Rank
VEMAX
VEMAX Risk / Return Rank: 5252
Overall Rank
VEMAX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 4949
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 5252
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 5555
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 5151
Martin Ratio Rank
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. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

VEXAXVEMAXDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.98

-0.26

Sortino ratioReturn per unit of downside risk
2.40
2.72

-0.33

Omega ratioGain probability vs. loss probability

1.29

1.36

-0.07

Calmar ratioReturn relative to maximum drawdown

2.98

2.70

+0.27

Martin ratioReturn relative to average drawdown

10.46

9.85

+0.61

VEXAX vs. VEMAX - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.71, which is comparable to the VEMAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VEXAX and VEMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VEXAX vs. VEMAX - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for VEXAX and VEMAX.

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Drawdown Indicators

VEXAXVEMAXDifference

Max Drawdown

Largest peak-to-trough decline

-58.08%

-66.45%

+8.37%

Max Drawdown (1Y)

Largest decline over 1 year

-10.25%

-11.05%

+0.80%

Max Drawdown (3Y)

Largest decline over 3 years

-26.84%

-15.78%

-11.06%

Max Drawdown (5Y)

Largest decline over 5 years

-36.33%

-32.46%

-3.87%

Max Drawdown (10Y)

Largest decline over 10 years

-41.62%

-36.11%

-5.51%

Current Drawdown

Current decline from peak

-0.12%

-0.73%

+0.61%

Average Drawdown

Average peak-to-trough decline

-12.16%

-16.09%

+3.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.91%

3.03%

-0.12%

Volatility

VEXAX vs. VEMAX - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) have volatilities of 6.38% and 6.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEXAXVEMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.38%

6.10%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

13.33%

12.85%

+0.48%

Volatility (1Y)

Calculated over the trailing 1-year period

17.81%

15.10%

+2.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.45%

15.52%

+6.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.41%

16.50%

+5.91%

VEXAX vs. VEMAX - Expense Ratio Comparison

VEXAX has a 0.06% expense ratio, which is lower than VEMAX's 0.13% 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. VEMAX - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.00%, less than VEMAX's 2.24% yield.

PositionTTM20252024202320222021202020192018201720162015
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.24%2.74%3.13%3.47%4.05%2.57%1.87%3.20%2.85%2.31%2.51%3.25%
VEXAX
Vanguard Extended Market Index Fund Admiral Shares		1.00%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

VEXAX and VEMAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEXAX has higher volatility (6.38%) compared to VEMAX (6.10%). In terms of maximum drawdown, VEXAX dropped -58.08% vs VEMAX's -66.45%.

VEMAX currently has the higher Sharpe Ratio (1.98 vs 1.71), 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.

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