VEXMX vs. MMGPX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Extended Market Index Fund (VEXMX) and Morgan Stanley Discovery Portfolio (MMGPX).

VEXMX is managed by Vanguard. It was launched on Dec 21, 1987. MMGPX is managed by Morgan Stanley. It was launched on Apr 30, 2017.

Performance

VEXMX vs. MMGPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund (VEXMX) and Morgan Stanley Discovery Portfolio (MMGPX). The values are adjusted to include any dividend payments, if applicable.

VEXMX vs. MMGPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXMX Vanguard Extended Market Index Fund	-4.57%	10.93%	15.05%	26.79%	-26.56%	12.31%	32.43%	27.87%	-9.48%	15.64%
MMGPX Morgan Stanley Discovery Portfolio	-14.93%	12.58%	41.83%	44.34%	-81.34%	-11.55%	152.67%	40.20%	10.89%	28.18%

Returns By Period

In the year-to-date period, VEXMX achieves a -4.57% return, which is significantly higher than MMGPX's -14.93% return.

VEXMX

• 1D: -1.03%
• 1M: -7.76%
• YTD: -4.57%
• 6M: -4.46%
• 1Y: 16.63%
• 3Y*: 13.43%
• 5Y*: 3.40%
• 10Y*: 10.38%

MMGPX

• 1D: -1.27%
• 1M: -9.08%
• YTD: -14.93%
• 6M: -23.43%
• 1Y: 3.91%
• 3Y*: 19.10%
• 5Y*: -19.96%
• 10Y*: —

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

VEXMX vs. MMGPX - Expense Ratio Comparison

VEXMX has a 0.19% expense ratio, which is higher than MMGPX's 0.04% 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%.

VEXMX

Vanguard Extended Market Index Fund

MMGPX

Morgan Stanley Discovery Portfolio

Return for Risk

VEXMX vs. MMGPX — Risk / Return Rank

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

VEXMX

VEXMX Risk / Return Rank: 34
VEXMX Sharpe Ratio Rank: 32
VEXMX Sortino Ratio Rank: 35
VEXMX Omega Ratio Rank: 32
VEXMX Calmar Ratio Rank: 35
VEXMX Martin Ratio Rank: 37

MMGPX

MMGPX Risk / Return Rank: 7
MMGPX Sharpe Ratio Rank: 7
MMGPX Sortino Ratio Rank: 8
MMGPX Omega Ratio Rank: 8
MMGPX Calmar Ratio Rank: 6
MMGPX Martin Ratio Rank: 6

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.

VEXMX vs. MMGPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund (VEXMX) and Morgan Stanley Discovery Portfolio (MMGPX). 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.

	VEXMX	MMGPX	Difference
Sharpe ratio Return per unit of total volatility	0.72	0.10	+0.61
Sortino ratio Return per unit of downside risk	1.15	0.38	+0.77
Omega ratio Gain probability vs. loss probability	1.16	1.05	+0.11
Calmar ratio Return relative to maximum drawdown	0.94	-0.02	+0.96
Martin ratio Return relative to average drawdown	3.86	-0.05	+3.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEXMX vs. MMGPX - Sharpe Ratio Comparison

The current VEXMX Sharpe Ratio is 0.72, which is higher than the MMGPX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of VEXMX and MMGPX, 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

	VEXMX	MMGPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.10	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	-0.44	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.14	+0.37

Correlation

The correlation between VEXMX and MMGPX is 0.78, 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

VEXMX vs. MMGPX - Dividend Comparison

VEXMX's dividend yield for the trailing twelve months is around 1.07%, more than MMGPX's 0.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXMX Vanguard Extended Market Index Fund	1.07%	0.74%	0.74%	1.14%	1.00%	0.99%	1.19%	1.18%	1.52%	1.12%	1.31%	1.20%
MMGPX Morgan Stanley Discovery Portfolio	0.50%	0.43%	0.00%	0.00%	0.00%	64.53%	7.93%	15.63%	28.02%	0.00%	0.00%	0.00%

Drawdowns

VEXMX vs. MMGPX - Drawdown Comparison

The maximum VEXMX drawdown since its inception was -58.17%, smaller than the maximum MMGPX drawdown of -87.45%. Use the drawdown chart below to compare losses from any high point for VEXMX and MMGPX.

Drawdown Indicators

	VEXMX	MMGPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.17%	-87.45%	+29.28%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-27.79%	+13.16%
Max Drawdown (5Y) Largest decline over 5 years	-36.38%	-86.09%	+49.71%
Max Drawdown (10Y) Largest decline over 10 years	-41.63%	—	—
Current Drawdown Current decline from peak	-10.27%	-74.10%	+63.83%
Average Drawdown Average peak-to-trough decline	-11.19%	-38.69%	+27.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	11.11%	-7.56%

Volatility

VEXMX vs. MMGPX - Volatility Comparison

The current volatility for Vanguard Extended Market Index Fund (VEXMX) is 6.02%, while Morgan Stanley Discovery Portfolio (MMGPX) has a volatility of 7.90%. This indicates that VEXMX experiences smaller price fluctuations and is considered to be less risky than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXMX	MMGPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	7.90%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	21.47%	-8.40%
Volatility (1Y) Calculated over the trailing 1-year period	22.79%	31.90%	-9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	45.71%	-23.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	39.03%	-16.70%