VEXAX vs. VGAVX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX).

VEXAX is managed by Vanguard. It was launched on Nov 13, 2000. VGAVX is managed by Vanguard. It was launched on May 31, 2013.

Performance

VEXAX vs. VGAVX - 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 Government Bond Index Fund Admiral Shares (VGAVX). The values are adjusted to include any dividend payments, if applicable.

VEXAX vs. VGAVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXAX Vanguard Extended Market Index Fund Admiral Shares	-1.26%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	-1.88%	12.98%	6.27%	10.44%	-16.68%	-1.74%	5.82%	14.01%	-2.77%	8.45%

Returns By Period

In the year-to-date period, VEXAX achieves a -1.26% return, which is significantly higher than VGAVX's -1.88% return. Over the past 10 years, VEXAX has outperformed VGAVX with an annualized return of 10.92%, while VGAVX has yielded a comparatively lower 3.59% annualized return.

VEXAX

• 1D: 3.44%
• 1M: -5.35%
• YTD: -1.26%
• 6M: -1.36%
• 1Y: 20.16%
• 3Y*: 15.07%
• 5Y*: 3.99%
• 10Y*: 10.92%

VGAVX

• 1D: 0.36%
• 1M: -3.00%
• YTD: -1.88%
• 6M: 0.74%
• 1Y: 8.07%
• 3Y*: 8.36%
• 5Y*: 2.22%
• 10Y*: 3.59%

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

VEXAX vs. VGAVX - Expense Ratio Comparison

VEXAX has a 0.06% expense ratio, which is lower than VGAVX's 0.20% 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%.

VGAVX

Vanguard Emerging Markets Government Bond Index Fund Admiral Shares

VEXAX

Vanguard Extended Market Index Fund Admiral Shares

Return for Risk

VEXAX vs. VGAVX — Risk / Return Rank

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

VEXAX

VEXAX Risk / Return Rank: 49
VEXAX Sharpe Ratio Rank: 43
VEXAX Sortino Ratio Rank: 47
VEXAX Omega Ratio Rank: 41
VEXAX Calmar Ratio Rank: 56
VEXAX Martin Ratio Rank: 58

VGAVX

VGAVX Risk / Return Rank: 87
VGAVX Sharpe Ratio Rank: 90
VGAVX Sortino Ratio Rank: 91
VGAVX Omega Ratio Rank: 88
VGAVX Calmar Ratio Rank: 84
VGAVX Martin Ratio Rank: 84

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. VGAVX - 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 Government Bond Index Fund Admiral Shares (VGAVX). 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	VGAVX	Difference
Sharpe ratio Return per unit of total volatility	0.91	1.88	-0.97
Sortino ratio Return per unit of downside risk	1.41	2.66	-1.26
Omega ratio Gain probability vs. loss probability	1.19	1.39	-0.19
Calmar ratio Return relative to maximum drawdown	1.39	2.16	-0.77
Martin ratio Return relative to average drawdown	5.71	8.81	-3.10
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. VGAVX - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 0.91, which is lower than the VGAVX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of VEXAX and VGAVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VEXAX	VGAVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.88	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.36	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.57	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.64	-0.30

Correlation

The correlation between VEXAX and VGAVX is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VEXAX vs. VGAVX - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.18%, less than VGAVX's 5.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXAX Vanguard Extended Market Index Fund Admiral Shares	1.18%	1.14%	1.09%	1.25%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	5.42%	5.88%	6.56%	5.50%	5.29%	4.27%	4.20%	4.60%	4.54%	4.62%	4.73%	4.94%

Drawdowns

VEXAX vs. VGAVX - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, which is greater than VGAVX's maximum drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for VEXAX and VGAVX.

Drawdown Indicators

	VEXAX	VGAVX	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-26.77%	-31.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-3.97%	-10.66%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-26.77%	-9.56%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-26.77%	-14.85%
Current Drawdown Current decline from peak	-7.17%	-3.57%	-3.60%
Average Drawdown Average peak-to-trough decline	-12.25%	-4.73%	-7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	0.97%	+2.60%

Volatility

VEXAX vs. VGAVX - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) has a higher volatility of 7.02% compared to Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) at 1.91%. This indicates that VEXAX's price experiences larger fluctuations and is considered to be riskier than VGAVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXAX	VGAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.02%	1.91%	+5.11%
Volatility (6M) Calculated over the trailing 6-month period	13.51%	2.72%	+10.79%
Volatility (1Y) Calculated over the trailing 1-year period	22.99%	4.52%	+18.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	6.27%	+16.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	6.35%	+15.98%