VEXAX vs. VIEIX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Extended Market Index Fund Institutional Shares (VIEIX).

VEXAX is managed by Vanguard. It was launched on Nov 13, 2000. VIEIX is managed by Vanguard. It was launched on Jul 7, 1997.

Performance

VEXAX vs. VIEIX - 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 Extended Market Index Fund Institutional Shares (VIEIX). The values are adjusted to include any dividend payments, if applicable.

VEXAX vs. VIEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXAX Vanguard Extended Market Index Fund Admiral Shares	-4.54%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%
VIEIX Vanguard Extended Market Index Fund Institutional Shares	-4.54%	11.42%	15.49%	26.97%	-26.46%	12.46%	32.24%	28.05%	-9.36%	18.12%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VEXAX at -4.54% and VIEIX at -4.54%. Both investments have delivered pretty close results over the past 10 years, with VEXAX having a 10.55% annualized return and VIEIX not far ahead at 10.56%.

VEXAX

• 1D: -1.04%
• 1M: -7.75%
• YTD: -4.54%
• 6M: -4.39%
• 1Y: 16.80%
• 3Y*: 13.78%
• 5Y*: 3.65%
• 10Y*: 10.55%

VIEIX

• 1D: -1.04%
• 1M: -7.75%
• YTD: -4.54%
• 6M: -4.39%
• 1Y: 16.80%
• 3Y*: 13.79%
• 5Y*: 3.66%
• 10Y*: 10.56%

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

VEXAX vs. VIEIX - Expense Ratio Comparison

VEXAX has a 0.06% expense ratio, which is higher than VIEIX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VEXAX

Vanguard Extended Market Index Fund Admiral Shares

VIEIX

Vanguard Extended Market Index Fund Institutional Shares

Return for Risk

VEXAX vs. VIEIX — 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: 33
VEXAX Sortino Ratio Rank: 36
VEXAX Omega Ratio Rank: 33
VEXAX Calmar Ratio Rank: 36
VEXAX Martin Ratio Rank: 38

VIEIX

VIEIX Risk / Return Rank: 35
VIEIX Sharpe Ratio Rank: 33
VIEIX Sortino Ratio Rank: 35
VIEIX Omega Ratio Rank: 32
VIEIX Calmar Ratio Rank: 36
VIEIX Martin Ratio Rank: 37

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. VIEIX - 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 Extended Market Index Fund Institutional Shares (VIEIX). 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	VIEIX	Difference
Sharpe ratio Return per unit of total volatility	0.72	0.72	0.00
Sortino ratio Return per unit of downside risk	1.16	1.16	0.00
Omega ratio Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio Return relative to maximum drawdown	0.95	0.95	0.00
Martin ratio Return relative to average drawdown	3.91	3.91	0.00
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. VIEIX - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 0.72, which is comparable to the VIEIX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of VEXAX and VIEIX, 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	VIEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.72	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.16	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.48	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.37	-0.03

Correlation

The correlation between VEXAX and VIEIX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VEXAX vs. VIEIX - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.22%, which matches VIEIX's 1.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXAX Vanguard Extended Market Index Fund Admiral Shares	1.22%	1.14%	1.09%	1.25%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%
VIEIX Vanguard Extended Market Index Fund Institutional Shares	1.22%	1.14%	1.10%	1.26%	1.16%	1.14%	1.08%	1.31%	1.67%	1.27%	1.45%	1.37%

Drawdowns

VEXAX vs. VIEIX - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, roughly equal to the maximum VIEIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for VEXAX and VIEIX.

Drawdown Indicators

	VEXAX	VIEIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-58.03%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-14.63%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-36.32%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-41.62%	0.00%
Current Drawdown Current decline from peak	-10.25%	-10.25%	0.00%
Average Drawdown Average peak-to-trough decline	-12.25%	-13.91%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.54%	0.00%

Volatility

VEXAX vs. VIEIX - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Extended Market Index Fund Institutional Shares (VIEIX) have volatilities of 6.02% and 6.02%, 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.

Volatility by Period

	VEXAX	VIEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	6.02%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	13.07%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	22.79%	22.79%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	22.33%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	22.30%	0.00%