VEXPX vs. VBK

Last updated Jun 26, 2026

VEXPX (Vanguard Explorer Fund Investor Shares) and VBK (Vanguard Small-Cap Growth ETF) are both Small Cap Growth Equities funds from Vanguard. Over the past 10 years, VEXPX returned 13.84%/yr vs 12.54%/yr for VBK. With a 0.98 correlation, they move nearly in lockstep. VEXPX charges 0.40%/yr vs 0.05%/yr for VBK.

Performance

VEXPX vs. VBK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Explorer Fund Investor Shares (VEXPX) and Vanguard Small-Cap Growth ETF (VBK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEXPX achieves a 16.89% return, which is significantly lower than VBK's 18.58% return. Over the past 10 years, VEXPX has outperformed VBK with an annualized return of 13.84%, while VBK has yielded a comparatively lower 12.54% annualized return.

VEXPX

• 1D: 0.64%
• 1M: 1.86%
• YTD: 16.89%
• 6M: 14.34%
• 1Y: 28.75%
• 3Y*: 17.73%
• 5Y*: 6.51%
• 10Y*: 13.84%

VBK

• 1D: 0.97%
• 1M: 1.44%
• YTD: 18.58%
• 6M: 15.61%
• 1Y: 32.21%
• 3Y*: 18.18%
• 5Y*: 4.81%
• 10Y*: 12.54%

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

VEXPX vs. VBK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXPX Vanguard Explorer Fund Investor Shares	16.89%	7.08%	17.25%	19.78%	-23.32%	15.96%	31.36%	31.27%	-2.46%	22.49%
VBK Vanguard Small-Cap Growth ETF	18.58%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%

Correlation

The correlation between VEXPX and VBK is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.98

The correlation between VEXPX and VBK has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

VEXPX vs. VBK - Sectors Allocation Comparison

Sectors	VEXPX	VBK
Industrials	21.9%	24.6%
Technology	20.6%	27.2%
Healthcare	17.5%	14.4%
Consumer Cyclical	12.0%	7.9%
Financial Services	11.2%	5.4%
Energy	4.5%	4.4%
Real Estate	3.0%	3.5%
Basic Materials	2.8%	2.7%
Consumer Defensive	2.7%	2.7%
Communication Services	2.2%	3.0%
Utilities	1.6%	1.3%

Return for Risk

VEXPX vs. VBK — Risk / Return Rank

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

VEXPX

VEXPX Risk / Return Rank: 49
VEXPX Sharpe Ratio Rank: 40
VEXPX Sortino Ratio Rank: 41
VEXPX Omega Ratio Rank: 37
VEXPX Calmar Ratio Rank: 67
VEXPX Martin Ratio Rank: 62

VBK

VBK Risk / Return Rank: 58
VBK Sharpe Ratio Rank: 55
VBK Sortino Ratio Rank: 53
VBK Omega Ratio Rank: 49
VBK Calmar Ratio Rank: 66
VBK Martin Ratio Rank: 67

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.

VEXPX vs. VBK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Explorer Fund Investor Shares (VEXPX) and Vanguard Small-Cap Growth ETF (VBK). 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.

	VEXPX	VBK	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.62	-0.05
Sortino ratio: Return per unit of downside risk	2.24	2.23	+0.01
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.73	2.83	-0.10
Martin ratio: Return relative to average drawdown	10.53	10.59	-0.06

VEXPX vs. VBK - Sharpe Ratio Comparison

The current VEXPX Sharpe Ratio is 1.57, which is comparable to the VBK Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of VEXPX and VBK, 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

VEXPX vs. VBK - Drawdown Comparison

The maximum VEXPX drawdown since its inception was -57.40%, roughly equal to the maximum VBK drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for VEXPX and VBK.

Drawdown Indicators

	VEXPX	VBK	Difference
Max Drawdown Largest peak-to-trough decline	-57.40%	-58.68%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-11.44%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	-27.54%	+3.16%
Max Drawdown (5Y) Largest decline over 5 years	-32.71%	-38.39%	+5.68%
Max Drawdown (10Y) Largest decline over 10 years	-39.87%	-38.70%	-1.17%
Current Drawdown Current decline from peak	-1.03%	-0.08%	-0.95%
Average Drawdown Average peak-to-trough decline	-12.89%	-10.13%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.05%	-0.41%

Volatility

VEXPX vs. VBK - Volatility Comparison

The current volatility for Vanguard Explorer Fund Investor Shares (VEXPX) is 6.23%, while Vanguard Small-Cap Growth ETF (VBK) has a volatility of 6.97%. This indicates that VEXPX experiences smaller price fluctuations and is considered to be less risky than VBK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXPX	VBK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	6.97%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	15.52%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.76%	20.07%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	23.63%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	22.91%	-1.07%

VEXPX vs. VBK - Expense Ratio Comparison

VEXPX has a 0.40% expense ratio, which is higher than VBK's 0.05% expense ratio.

Dividends

VEXPX vs. VBK - Dividend Comparison

VEXPX's dividend yield for the trailing twelve months is around 6.32%, more than VBK's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBK Vanguard Small-Cap Growth ETF	0.44%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%
VEXPX Vanguard Explorer Fund Investor Shares	6.32%	7.38%	12.59%	0.79%	5.09%	16.00%	6.64%	4.97%	10.95%	11.46%	4.49%	10.71%

Frequently Asked Questions

Can I hold both VEXPX and VBK in my portfolio?

With a correlation of 0.97, VEXPX and VBK 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.

Which is riskier, VEXPX or VBK?

VBK has higher volatility (6.97%) compared to VEXPX (6.23%). In terms of maximum drawdown, VEXPX dropped -57.40% vs VBK's -58.68%.

Which has better risk-adjusted returns?

VBK currently has the higher Sharpe Ratio (1.62 vs 1.57), 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.