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VEXAX vs. VXF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEXAX vs. VXF

Last updated Jun 4, 2026

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and VXF (Vanguard Extended Market ETF) are both Mid Cap Blend Equities funds from Vanguard. Over the past 10 years, VEXAX returned 12.19%/yr vs 12.08%/yr for VXF. With a 0.99 correlation, they move nearly in lockstep. VEXAX charges 0.06%/yr vs 0.05%/yr for VXF.

Performance

VEXAX vs. VXF - 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 ETF (VXF). 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 14.93% return, which is significantly higher than VXF's 13.78% return. Both investments have delivered pretty close results over the past 10 years, with VEXAX having a 12.19% annualized return and VXF not far behind at 12.08%.

VEXAX

1D
1.07%
1M
5.80%
YTD
14.93%
6M
13.66%
1Y
30.14%
3Y*
20.14%
5Y*
6.91%
10Y*
12.19%

VXF

1D
-1.02%
1M
4.75%
YTD
13.78%
6M
12.61%
1Y
28.88%
3Y*
19.75%
5Y*
6.53%
10Y*
12.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEXAX vs. VXF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEXAX
Vanguard Extended Market Index Fund Admiral Shares		14.93%11.42%15.47%26.95%-26.46%12.45%32.22%28.03%-9.37%18.11%
VXF
Vanguard Extended Market ETF		13.78%11.40%16.89%25.51%-26.52%12.31%32.45%27.96%-9.34%18.06%

Correlation

The correlation between VEXAX and VXF is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

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

1.00

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

1.00

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

1.00

Correlation (All Time)
Calculated using the full available price history since Jan 7, 2002

0.99

The correlation between VEXAX and VXF has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VEXAX vs. VXF - Sectors Allocation Comparison

Sectors
VEXAX
VXF

Technology

19.8%
19.8%

Industrials

19.3%
19.3%

Financial Services

14.6%
14.6%

Healthcare

13.3%
13.3%

Consumer Cyclical

9.7%
9.7%

Real Estate

6.0%
6.0%

Energy

5.1%
5.1%

Basic Materials

4.2%
4.2%

Communication Services

3.3%
3.3%

Consumer Defensive

2.7%
2.7%

Utilities

2.0%
2.0%

Technology

VEXAX
19.8%
VXF
19.8%

Industrials

VEXAX
19.3%
VXF
19.3%

Financial Services

VEXAX
14.6%
VXF
14.6%

Healthcare

VEXAX
13.3%
VXF
13.3%

Consumer Cyclical

VEXAX
9.7%
VXF
9.7%

Real Estate

VEXAX
6.0%
VXF
6.0%

Energy

VEXAX
5.1%
VXF
5.1%

Basic Materials

VEXAX
4.2%
VXF
4.2%

Communication Services

VEXAX
3.3%
VXF
3.3%

Consumer Defensive

VEXAX
2.7%
VXF
2.7%

Utilities

VEXAX
2.0%
VXF
2.0%

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Vanguard Extended Market Index Fund Admiral Shares

Vanguard Extended Market ETF

Often compared with VEXAX:
VEXAX vs. VIMAXVEXAX vs. VIEIXVEXAX vs. VOOVEXAX vs. VEMAXVEXAX vs. VTIVEXAX vs. VINIXVEXAX vs. VASVX
Often compared with VXF:
VXF vs. VOOVXF vs. VTIVXF vs. VBVXF vs. VOVXF vs. FZIPXVXF vs. VOTVXF vs. IJR

Return for Risk

VEXAX vs. VXF — 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: 4141
Sharpe Ratio Rank
VEXAX Sortino Ratio Rank: 3939
Sortino Ratio Rank
VEXAX Omega Ratio Rank: 3636
Omega Ratio Rank
VEXAX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VEXAX Martin Ratio Rank: 5555
Martin Ratio Rank
VXF
VXF Risk / Return Rank: 5050
Overall Rank
VXF Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
VXF Sortino Ratio Rank: 4747
Sortino Ratio Rank
VXF Omega Ratio Rank: 4444
Omega Ratio Rank
VXF Calmar Ratio Rank: 5656
Calmar Ratio Rank
VXF Martin Ratio Rank: 5757
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. VXF - 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 ETF (VXF). 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.

VEXAXVXFDifference
Sharpe ratioReturn per unit of total volatility
1.87
1.69

+0.18

Sortino ratioReturn per unit of downside risk
2.61
2.38

+0.23

Omega ratioGain probability vs. loss probability

1.32

1.29

+0.03

Calmar ratioReturn relative to maximum drawdown

3.13

2.84

+0.29

Martin ratioReturn relative to average drawdown

11.08

10.07

+1.01

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. VXF - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.87, which is comparable to the VXF Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VEXAX and VXF, 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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Sharpe Ratios by Period

VEXAXVXFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.87

1.69

+0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.29

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.54

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.46

-0.08

Drawdowns

VEXAX vs. VXF - Drawdown Comparison

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

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Drawdown Indicators

VEXAXVXFDifference

Max Drawdown

Largest peak-to-trough decline

-58.08%

-58.03%

-0.05%

Max Drawdown (1Y)

Largest decline over 1 year

-10.25%

-10.21%

-0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-26.84%

-26.92%

+0.08%

Max Drawdown (5Y)

Largest decline over 5 years

-36.33%

-36.39%

+0.06%

Max Drawdown (10Y)

Largest decline over 10 years

-41.62%

-41.72%

+0.10%

Current Drawdown

Current decline from peak

0.00%

-1.02%

+1.02%

Average Drawdown

Average peak-to-trough decline

-12.18%

-9.55%

-2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

2.87%

+0.02%

Volatility

VEXAX vs. VXF - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and Vanguard Extended Market ETF (VXF) have volatilities of 4.69% and 4.87%, 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

VEXAXVXFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.69%

4.87%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

12.46%

12.44%

+0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

17.17%

17.22%

-0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.34%

22.33%

+0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.36%

22.29%

+0.07%

VEXAX vs. VXF - Expense Ratio Comparison

VEXAX has a 0.06% expense ratio, which is higher than VXF'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%.

Dividends

VEXAX vs. VXF - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.01%, which matches VXF's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
VEXAX
Vanguard Extended Market Index Fund Admiral Shares		1.01%1.14%1.09%1.25%1.15%1.13%1.07%1.30%1.66%1.25%1.43%1.35%
VXF
Vanguard Extended Market ETF		1.02%1.14%1.09%1.27%1.15%1.13%1.07%1.30%1.66%1.25%1.43%1.35%

Frequently Asked Questions

With a correlation of 1.00, VEXAX and VXF 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.

VXF has higher volatility (4.87%) compared to VEXAX (4.69%). In terms of maximum drawdown, VEXAX dropped -58.08% vs VXF's -58.03%.

VEXAX currently has the higher Sharpe Ratio (1.87 vs 1.69), 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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