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VEXAX vs. VIMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEXAX vs. VIMAX

Last updated Aug 2, 2026
Documentation

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) are both Mid Cap Blend Equities funds from Vanguard - VEXAX tracks the S&P Completion Index while VIMAX tracks the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, VEXAX returned 11.63%/yr vs 11.37%/yr for VIMAX. Their 0.96 correlation means they have historically moved very closely together. Both charge a 0.05% expense ratio.

Performance

VEXAX vs. VIMAX - 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 Mid-Cap Index Fund Admiral Shares (VIMAX). 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 13.97% return, which is significantly higher than VIMAX's 12.41% return. Both investments have delivered pretty close results over the past 10 years, with VEXAX having a 11.63% annualized return and VIMAX not far behind at 11.37%.

VEXAX

1D
1.41%
1M
-2.63%
6M
11.31%
YTD
13.97%
1Y
23.77%
3Y*
15.98%
5Y*
6.19%
10Y*
11.63%
ALL TIME*
8.41%

VIMAX

1D
0.44%
1M
0.55%
6M
10.10%
YTD
12.41%
1Y
16.54%
3Y*
14.19%
5Y*
7.77%
10Y*
11.37%
ALL TIME*
10.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VEXAX

Vanguard Extended Market Index Fund Admiral Shares
$0.00$0.00$0.00

VIMAX

Vanguard Mid-Cap Index Fund Admiral Shares
$0.00$0.00$0.00

VEXAX vs. VIMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEXAX
Vanguard Extended Market Index Fund Admiral Shares		13.97%11.42%15.47%26.95%-26.46%12.45%32.22%28.03%-9.37%18.11%
VIMAX
Vanguard Mid-Cap Index Fund Admiral Shares		12.41%11.67%14.66%16.53%-18.70%24.51%18.18%31.03%-9.24%19.26%

Correlation

The correlation between VEXAX and VIMAX is 0.91, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.91

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (10Y)
Provides a long-term view across more market conditions.

0.95

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2001

0.96

The correlation between VEXAX and VIMAX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

VEXAX vs. VIMAX - Sectors Allocation Comparison

Sectors
VEXAX
VIMAX

Industrials

19.6%
19.9%

Technology

19.2%
18.2%

Financial Services

13.7%
13.1%

Healthcare

13.6%
7.8%

Consumer Cyclical

8.5%
9.0%

Real Estate

5.6%
5.1%

Basic Materials

4.7%
3.9%

Energy

4.3%
7.4%

Communication Services

2.8%
2.7%

Consumer Defensive

2.6%
4.6%

Utilities

1.8%
8.4%

Industrials

VEXAX
19.6%
VIMAX
19.9%

Technology

VEXAX
19.2%
VIMAX
18.2%

Financial Services

VEXAX
13.7%
VIMAX
13.1%

Healthcare

VEXAX
13.6%
VIMAX
7.8%

Consumer Cyclical

VEXAX
8.5%
VIMAX
9.0%

Real Estate

VEXAX
5.6%
VIMAX
5.1%

Basic Materials

VEXAX
4.7%
VIMAX
3.9%

Energy

VEXAX
4.3%
VIMAX
7.4%

Communication Services

VEXAX
2.8%
VIMAX
2.7%

Consumer Defensive

VEXAX
2.6%
VIMAX
4.6%

Utilities

VEXAX
1.8%
VIMAX
8.4%

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Vanguard Extended Market Index Fund Admiral Shares

Vanguard Mid-Cap Index Fund Admiral Shares

Often compared with VEXAX:
VEXAX vs. VIEIXVEXAX vs. VOOVEXAX vs. VINIXVEXAX vs. VTIVEXAX vs. VEMAXVEXAX vs. VASVXVEXAX vs. VO
Often compared with VIMAX:
VIMAX vs. VSMAXVIMAX vs. VOVIMAX vs. FSMDXVIMAX vs. VTSAXVIMAX vs. VOOVIMAX vs. SWMCXVIMAX vs. SSSYX

Return for Risk

VEXAX vs. VIMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VEXAX
VEXAX Risk / Return Rank: 4747
Overall Rank
VEXAX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VEXAX Sortino Ratio Rank: 4242
Sortino Ratio Rank
VEXAX Omega Ratio Rank: 3737
Omega Ratio Rank
VEXAX Calmar Ratio Rank: 6262
Calmar Ratio Rank
VEXAX Martin Ratio Rank: 5252
Martin Ratio Rank
VIMAX
VIMAX Risk / Return Rank: 4444
Overall Rank
VIMAX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VIMAX Sortino Ratio Rank: 4141
Sortino Ratio Rank
VIMAX Omega Ratio Rank: 3838
Omega Ratio Rank
VIMAX Calmar Ratio Rank: 5151
Calmar Ratio Rank
VIMAX Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEXAX vs. VIMAX - 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 Mid-Cap Index Fund Admiral Shares (VIMAX). 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.

VEXAXVIMAXDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.17

0.00

Sortino ratioReturn per unit of downside risk
1.72
1.70

+0.02

Omega ratioGain probability vs. loss probability

1.20

1.21

0.00

Calmar ratioReturn relative to maximum drawdown

2.02

1.81

+0.22

Martin ratioReturn relative to average drawdown

6.86

6.88

-0.02

VEXAX vs. VIMAX - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.16, which is comparable to the VIMAX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of VEXAX and VIMAX, 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. VIMAX - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, roughly equal to the maximum VIMAX drawdown of -58.88%. Use the drawdown chart below to compare losses from any high point for VEXAX and VIMAX.

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Drawdown Indicators

VEXAXVIMAXDifference

Max Drawdown

Largest peak-to-trough decline

-58.08%

-58.88%

+0.80%

Max Drawdown (1Y)

Largest decline over 1 year

-10.25%

-8.13%

-2.12%

Max Drawdown (3Y)

Largest decline over 3 years

-26.84%

-18.93%

-7.91%

Max Drawdown (5Y)

Largest decline over 5 years

-36.33%

-27.55%

-8.78%

Max Drawdown (10Y)

Largest decline over 10 years

-41.62%

-39.30%

-2.32%

Current Drawdown

Current decline from peak

-3.74%

-0.44%

-3.30%

Average Drawdown

Average peak-to-trough decline

-12.12%

-8.07%

-4.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.13%

+0.89%

Volatility

VEXAX vs. VIMAX - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) has a higher volatility of 3.90% compared to Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) at 2.10%. This indicates that VEXAX's price experiences larger fluctuations and is considered to be riskier than VIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEXAXVIMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.90%

2.10%

+1.80%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

9.49%

+3.83%

Volatility (1Y)

Calculated over the trailing 1-year period

17.81%

12.60%

+5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.41%

17.63%

+4.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.35%

18.84%

+3.51%

VEXAX vs. VIMAX - Expense Ratio Comparison

Both VEXAX and VIMAX have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VEXAX vs. VIMAX - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.03%, less than VIMAX's 1.31% yield.

PositionTTM20252024202320222021202020192018201720162015
VEXAX
Vanguard Extended Market Index Fund Admiral Shares		1.03%1.14%1.09%1.25%1.15%1.13%1.07%1.30%1.66%1.25%1.43%1.35%
VIMAX
Vanguard Mid-Cap Index Fund Admiral Shares		1.31%1.51%1.48%1.50%1.59%1.11%1.44%1.47%1.82%1.35%1.45%1.47%

Frequently Asked Questions

With a correlation of 0.91, VEXAX and VIMAX 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.

VEXAX has higher volatility (3.90%) compared to VIMAX (2.10%). In terms of maximum drawdown, VEXAX dropped -58.08% vs VIMAX's -58.88%.

VIMAX currently has the higher Sharpe Ratio (1.17 vs 1.16), 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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