VEXRX vs. SPY

Last updated Jun 23, 2026

VEXRX (Vanguard Explorer Fund Admiral Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VEXRX is a Small Cap Growth Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VEXRX returned 13.66%/yr vs 15.70%/yr for SPY. Their correlation of 0.88 suggests significant overlap in exposure. VEXRX charges 0.29%/yr vs 0.09%/yr for SPY.

Performance

VEXRX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Explorer Fund Admiral Shares (VEXRX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEXRX achieves a 17.26% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, VEXRX has underperformed SPY with an annualized return of 13.66%, while SPY has yielded a comparatively higher 15.70% annualized return.

VEXRX

• 1D: 2.00%
• 1M: 3.70%
• YTD: 17.26%
• 6M: 14.38%
• 1Y: 30.91%
• 3Y*: 17.12%
• 5Y*: 7.51%
• 10Y*: 13.66%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

VEXRX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXRX Vanguard Explorer Fund Admiral Shares	17.26%	7.19%	17.40%	19.90%	-23.23%	16.07%	31.51%	31.42%	-2.34%	22.64%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VEXRX and SPY is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.88

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

VEXRX vs. SPY - Sectors Allocation Comparison

Sectors	VEXRX	SPY
Industrials	21.9%	7.8%
Technology	20.6%	39.0%
Healthcare	17.5%	8.3%
Consumer Cyclical	12.0%	9.9%
Financial Services	11.2%	11.1%
Energy	4.5%	3.1%
Real Estate	3.0%	1.8%
Basic Materials	2.8%	1.7%
Consumer Defensive	2.7%	4.5%
Communication Services	2.2%	10.6%
Utilities	1.6%	2.1%

Return for Risk

VEXRX vs. SPY — Risk / Return Rank

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

VEXRX

VEXRX Risk / Return Rank: 50
VEXRX Sharpe Ratio Rank: 42
VEXRX Sortino Ratio Rank: 41
VEXRX Omega Ratio Rank: 38
VEXRX Calmar Ratio Rank: 68
VEXRX Martin Ratio Rank: 63

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

VEXRX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Explorer Fund Admiral Shares (VEXRX) and State Street SPDR S&P 500 ETF (SPY). 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.

	VEXRX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.16	-0.41
Sortino ratio: Return per unit of downside risk	2.48	2.91	-0.43
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	3.05	3.01	+0.03
Martin ratio: Return relative to average drawdown	11.76	13.54	-1.77

VEXRX vs. SPY - Sharpe Ratio Comparison

The current VEXRX Sharpe Ratio is 1.75, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VEXRX and SPY, 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

VEXRX vs. SPY - Drawdown Comparison

The maximum VEXRX drawdown since its inception was -57.26%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VEXRX and SPY.

Drawdown Indicators

	VEXRX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.26%	-55.19%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-8.88%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-18.76%	-5.59%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-24.50%	-8.17%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	-33.72%	-6.14%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-9.92%	-9.04%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	1.97%	+0.66%

Volatility

VEXRX vs. SPY - Volatility Comparison

Vanguard Explorer Fund Admiral Shares (VEXRX) has a higher volatility of 6.29% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that VEXRX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXRX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	4.64%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	9.75%	+3.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	12.43%	+5.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	17.14%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	17.99%	+3.89%

VEXRX vs. SPY - Expense Ratio Comparison

VEXRX has a 0.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VEXRX vs. SPY - Dividend Comparison

VEXRX's dividend yield for the trailing twelve months is around 6.43%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VEXRX Vanguard Explorer Fund Admiral Shares	6.43%	7.54%	12.72%	0.89%	5.22%	16.17%	6.76%	5.08%	11.13%	11.46%	4.63%	10.89%

Frequently Asked Questions

Can I hold both VEXRX and SPY in my portfolio?

VEXRX and SPY 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, VEXRX or SPY?

VEXRX has higher volatility (6.29%) compared to SPY (4.64%). In terms of maximum drawdown, VEXRX dropped -57.26% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.75), 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.