VEXAX vs. VOO

Last updated Aug 4, 2026

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VEXAX is a Mid Cap Blend Equities fund tracking the S&P Completion Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VEXAX returned 11.72%/yr vs 15.17%/yr for VOO. Their correlation of 0.88 means they have usually moved in the same direction. VEXAX charges 0.05%/yr vs 0.03%/yr for VOO.

Performance

VEXAX vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEXAX achieves a 13.51% return, which is significantly higher than VOO's 11.72% return. Over the past 10 years, VEXAX has underperformed VOO with an annualized return of 11.72%, while VOO has yielded a comparatively higher 15.17% annualized return.

VEXAX

• 1D: -0.41%
• 1M: -3.02%
• 6M: 10.16%
• YTD: 13.51%
• 1Y: 23.27%
• 3Y*: 15.98%
• 5Y*: 6.10%
• 10Y*: 11.72%
• ALL TIME*: 8.39%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

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

Liquidity Comparison

Position	Avg. 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
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

VEXAX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXAX Vanguard Extended Market Index Fund Admiral Shares	13.51%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between VEXAX and VOO is 0.82, 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.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.88

The correlation between VEXAX and VOO has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

VEXAX vs. VOO - Sectors Allocation Comparison

Sectors	VEXAX	VOO
Industrials	19.6%	8.5%
Technology	19.2%	38.6%
Financial Services	13.7%	11.4%
Healthcare	13.6%	8.9%
Consumer Cyclical	8.5%	9.5%
Real Estate	5.6%	1.8%
Basic Materials	4.7%	1.7%
Energy	4.3%	3.0%
Communication Services	2.8%	9.9%
Consumer Defensive	2.6%	4.5%
Utilities	1.8%	2.2%

Return for Risk

VEXAX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEXAX

VEXAX Risk / Return Rank: 39
VEXAX Sharpe Ratio Rank: 34
VEXAX Sortino Ratio Rank: 35
VEXAX Omega Ratio Rank: 32
VEXAX Calmar Ratio Rank: 51
VEXAX Martin Ratio Rank: 45

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

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. VOO - 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 S&P 500 ETF (VOO). 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.

	VEXAX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.83	-0.66
Sortino ratio: Return per unit of downside risk	1.72	2.53	-0.80
Omega ratio: Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	2.03	2.63	-0.60
Martin ratio: Return relative to average drawdown	6.88	11.23	-4.35

VEXAX vs. VOO - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.17, which is lower than the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of VEXAX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEXAX vs. VOO - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VEXAX and VOO.

Drawdown Indicators

	VEXAX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-33.99%	-24.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-8.90%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-18.69%	-8.15%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-24.52%	-11.81%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-33.99%	-7.63%
Current Drawdown Current decline from peak	-4.13%	0.00%	-4.13%
Average Drawdown Average peak-to-trough decline	-12.12%	-3.67%	-8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.08%	+0.94%

Volatility

VEXAX vs. VOO - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.88% and 3.81%, 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	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.81%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	10.18%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	12.80%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.40%	16.95%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	18.02%	+4.33%

VEXAX vs. VOO - Expense Ratio Comparison

VEXAX has a 0.05% expense ratio, which is higher than VOO's 0.03% 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%.

Dividends

VEXAX vs. VOO - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.03%, less than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VEXAX and VOO in my portfolio?

VEXAX and VOO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEXAX or VOO?

VEXAX has higher volatility (3.88%) compared to VOO (3.81%). In terms of maximum drawdown, VEXAX dropped -58.08% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 1.17), 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.