VEXPX vs. VOT

Last updated Aug 2, 2026

VEXPX (Vanguard Explorer Fund Investor Shares) and VOT (Vanguard Mid-Cap Growth ETF) are both funds - VEXPX is a Small Cap Growth Equities fund managed by Vanguard, while VOT is a Mid Cap Growth Equities fund tracking the CRSP US Mid Cap Growth Index. Over the past 10 years, VEXPX returned 12.71%/yr vs 11.66%/yr for VOT. Their correlation of 0.94 means they have usually moved in the same direction. VEXPX charges 0.40%/yr vs 0.05%/yr for VOT.

Performance

VEXPX vs. VOT - Performance Comparison

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

Returns By Period

In the year-to-date period, VEXPX achieves a 14.62% return, which is significantly higher than VOT's 6.22% return. Over the past 10 years, VEXPX has outperformed VOT with an annualized return of 12.71%, while VOT has yielded a comparatively lower 11.66% annualized return.

VEXPX

• 1D: 1.66%
• 1M: -2.77%
• 6M: 10.54%
• YTD: 14.62%
• 1Y: 25.40%
• 3Y*: 14.21%
• 5Y*: 6.12%
• 10Y*: 12.71%
• ALL TIME*: 9.97%

VOT

• 1D: 0.21%
• 1M: -1.91%
• 6M: 7.03%
• YTD: 6.22%
• 1Y: 4.08%
• 3Y*: 12.46%
• 5Y*: 4.89%
• 10Y*: 11.66%
• ALL TIME*: 9.96%

*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)
VEXPX Vanguard Explorer Fund Investor Shares	$0.00	$0.00	$0.00
VOT Vanguard Mid-Cap Growth ETF	$53.27M	$59.32M	$61.74M

VEXPX vs. VOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXPX Vanguard Explorer Fund Investor Shares	14.62%	7.08%	17.25%	19.78%	-23.32%	15.96%	31.36%	31.27%	-2.46%	22.49%
VOT Vanguard Mid-Cap Growth ETF	6.22%	10.72%	16.38%	23.10%	-28.87%	20.50%	34.50%	33.76%	-5.56%	21.80%

Correlation

The correlation between VEXPX and VOT is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.94

The correlation between VEXPX and VOT has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

VEXPX vs. VOT - Sectors Allocation Comparison

Sectors	VEXPX	VOT
Industrials	21.9%	26.7%
Technology	20.6%	33.8%
Healthcare	17.5%	8.0%
Consumer Cyclical	12.0%	10.8%
Financial Services	11.2%	6.0%
Energy	4.5%	1.8%
Real Estate	3.0%	4.2%
Basic Materials	2.8%	1.6%
Consumer Defensive	2.7%	0.7%
Communication Services	2.2%	3.0%
Utilities	1.6%	2.9%

Return for Risk

VEXPX vs. VOT — Risk / Return Rank

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

VEXPX

VEXPX Risk / Return Rank: 51
VEXPX Sharpe Ratio Rank: 43
VEXPX Sortino Ratio Rank: 45
VEXPX Omega Ratio Rank: 39
VEXPX Calmar Ratio Rank: 66
VEXPX Martin Ratio Rank: 61

VOT

VOT Risk / Return Rank: 13
VOT Sharpe Ratio Rank: 14
VOT Sortino Ratio Rank: 13
VOT Omega Ratio Rank: 13
VOT Calmar Ratio Rank: 13
VOT Martin Ratio Rank: 14

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.

VEXPX vs. VOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Explorer Fund Investor Shares (VEXPX) and Vanguard Mid-Cap Growth ETF (VOT). 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	VOT	Difference
Sharpe ratio: Return per unit of total volatility	1.20	0.13	+1.08
Sortino ratio: Return per unit of downside risk	1.79	0.30	+1.50
Omega ratio: Gain probability vs. loss probability	1.21	1.03	+0.18
Calmar ratio: Return relative to maximum drawdown	2.13	0.14	+1.99
Martin ratio: Return relative to average drawdown	7.72	0.40	+7.32

VEXPX vs. VOT - Sharpe Ratio Comparison

The current VEXPX Sharpe Ratio is 1.20, which is higher than the VOT Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of VEXPX and VOT, 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. VOT - Drawdown Comparison

The maximum VEXPX drawdown since its inception was -57.40%, roughly equal to the maximum VOT drawdown of -60.16%. Use the drawdown chart below to compare losses from any high point for VEXPX and VOT.

Drawdown Indicators

	VEXPX	VOT	Difference
Max Drawdown Largest peak-to-trough decline	-57.40%	-60.16%	+2.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-15.96%	+5.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	-21.77%	-2.61%
Max Drawdown (5Y) Largest decline over 5 years	-32.71%	-37.19%	+4.48%
Max Drawdown (10Y) Largest decline over 10 years	-39.87%	-37.19%	-2.68%
Current Drawdown Current decline from peak	-4.74%	-3.52%	-1.22%
Average Drawdown Average peak-to-trough decline	-12.87%	-9.90%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	5.42%	-2.60%

Volatility

VEXPX vs. VOT - Volatility Comparison

Vanguard Explorer Fund Investor Shares (VEXPX) has a higher volatility of 4.47% compared to Vanguard Mid-Cap Growth ETF (VOT) at 4.19%. This indicates that VEXPX's price experiences larger fluctuations and is considered to be riskier than VOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXPX	VOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.19%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	13.89%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	17.20%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	21.56%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	21.02%	+0.78%

VEXPX vs. VOT - Expense Ratio Comparison

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

Dividends

VEXPX vs. VOT - Dividend Comparison

VEXPX's dividend yield for the trailing twelve months is around 6.44%, more than VOT's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXPX Vanguard Explorer Fund Investor Shares	6.44%	7.38%	12.59%	0.79%	5.09%	16.00%	6.64%	4.97%	10.95%	11.46%	4.49%	10.71%
VOT Vanguard Mid-Cap Growth ETF	0.62%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.81%

Frequently Asked Questions

Can I hold both VEXPX and VOT in my portfolio?

With a correlation of 0.90, VEXPX and VOT 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 VOT?

VEXPX has higher volatility (4.47%) compared to VOT (4.19%). In terms of maximum drawdown, VEXPX dropped -57.40% vs VOT's -60.16%.

Which has better risk-adjusted returns?

VEXPX currently has the higher Sharpe Ratio (1.20 vs 0.13), 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.