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VEXRX vs. VEMPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEXRX vs. VEMPX

Last updated Jun 9, 2026

VEXRX (Vanguard Explorer Fund Admiral Shares) and VEMPX (Vanguard Extended Market Index Fund Institutional Plus Shares) are both mutual funds - VEXRX is a Small Cap Growth Equities fund managed by Vanguard, while VEMPX is a Mid Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VEXRX returned 12.88%/yr vs 11.71%/yr for VEMPX. With a 0.98 correlation, they move nearly in lockstep. VEXRX charges 0.29%/yr vs 0.04%/yr for VEMPX.

Performance

VEXRX vs. VEMPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Explorer Fund Admiral Shares (VEXRX) and Vanguard Extended Market Index Fund Institutional Plus Shares (VEMPX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VEXRX achieves a 12.04% return, which is significantly higher than VEMPX's 11.27% return. Over the past 10 years, VEXRX has outperformed VEMPX with an annualized return of 12.88%, while VEMPX has yielded a comparatively lower 11.71% annualized return.

VEXRX

1D
-3.04%
1M
-0.37%
YTD
12.04%
6M
10.30%
1Y
23.66%
3Y*
15.93%
5Y*
6.50%
10Y*
12.88%

VEMPX

1D
-3.30%
1M
1.03%
YTD
11.27%
6M
9.73%
1Y
24.36%
3Y*
18.45%
5Y*
6.09%
10Y*
11.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEXRX vs. VEMPX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEXRX
Vanguard Explorer Fund Admiral Shares		12.04%7.19%17.40%19.90%-23.23%16.07%31.51%31.42%-2.34%22.64%
VEMPX
Vanguard Extended Market Index Fund Institutional Plus Shares		11.27%11.43%15.50%26.98%-26.45%12.48%32.24%28.06%-9.35%18.13%

Correlation

The correlation between VEXRX and VEMPX 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

0.98

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 Dec 14, 2010

0.98

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

VEXRX vs. VEMPX - Sectors Allocation Comparison

Sectors
VEXRX
VEMPX

Industrials

21.9%
19.3%

Technology

20.6%
19.8%

Healthcare

17.5%
13.3%

Consumer Cyclical

12.0%
9.7%

Financial Services

11.2%
14.6%

Energy

4.5%
5.1%

Real Estate

3.0%
6.0%

Basic Materials

2.8%
4.2%

Consumer Defensive

2.7%
2.7%

Communication Services

2.2%
3.3%

Utilities

1.6%
2.0%

Industrials

VEXRX
21.9%
VEMPX
19.3%

Technology

VEXRX
20.6%
VEMPX
19.8%

Healthcare

VEXRX
17.5%
VEMPX
13.3%

Consumer Cyclical

VEXRX
12.0%
VEMPX
9.7%

Financial Services

VEXRX
11.2%
VEMPX
14.6%

Energy

VEXRX
4.5%
VEMPX
5.1%

Real Estate

VEXRX
3.0%
VEMPX
6.0%

Basic Materials

VEXRX
2.8%
VEMPX
4.2%

Consumer Defensive

VEXRX
2.7%
VEMPX
2.7%

Communication Services

VEXRX
2.2%
VEMPX
3.3%

Utilities

VEXRX
1.6%
VEMPX
2.0%

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Vanguard Explorer Fund Admiral Shares

Vanguard Extended Market Index Fund Institutional Plus Shares

Often compared with VEXRX:
VEXRX vs. VSGAXVEXRX vs. VINIXVEXRX vs. VIEIXVEXRX vs. SPYVEXRX vs. VISVXVEXRX vs. DFFVXVEXRX vs. VFIAX
Often compared with VEMPX:
VEMPX vs. VIIIXVEMPX vs. VMVAXVEMPX vs. VTPSXVEMPX vs. SPYVEMPX vs. VEMIXVEMPX vs. VSIAXVEMPX vs. VMIAX

Return for Risk

VEXRX vs. VEMPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEXRX
VEXRX Risk / Return Rank: 3535
Overall Rank
VEXRX Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
VEXRX Sortino Ratio Rank: 2828
Sortino Ratio Rank
VEXRX Omega Ratio Rank: 2626
Omega Ratio Rank
VEXRX Calmar Ratio Rank: 4545
Calmar Ratio Rank
VEXRX Martin Ratio Rank: 4848
Martin Ratio Rank
VEMPX
VEMPX Risk / Return Rank: 3535
Overall Rank
VEMPX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
VEMPX Sortino Ratio Rank: 2828
Sortino Ratio Rank
VEMPX Omega Ratio Rank: 2727
Omega Ratio Rank
VEMPX Calmar Ratio Rank: 4848
Calmar Ratio Rank
VEMPX Martin Ratio Rank: 4444
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.

VEXRX vs. VEMPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Explorer Fund Admiral Shares (VEXRX) and Vanguard Extended Market Index Fund Institutional Plus Shares (VEMPX). 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.

VEXRXVEMPXDifference
Sharpe ratioReturn per unit of total volatility
1.45
1.49

-0.03

Sortino ratioReturn per unit of downside risk
2.08
2.10

-0.02

Omega ratioGain probability vs. loss probability

1.25

1.26

0.00

Calmar ratioReturn relative to maximum drawdown

2.47

2.54

-0.07

Martin ratioReturn relative to average drawdown

9.59

8.96

+0.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEXRX vs. VEMPX - Sharpe Ratio Comparison

The current VEXRX Sharpe Ratio is 1.45, which is comparable to the VEMPX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VEXRX and VEMPX, 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

VEXRXVEMPXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.45

1.49

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.27

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.52

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.54

-0.08

Drawdowns

VEXRX vs. VEMPX - Drawdown Comparison

The maximum VEXRX drawdown since its inception was -57.26%, which is greater than VEMPX's maximum drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for VEXRX and VEMPX.

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Drawdown Indicators

VEXRXVEMPXDifference

Max Drawdown

Largest peak-to-trough decline

-57.26%

-41.62%

-15.64%

Max Drawdown (1Y)

Largest decline over 1 year

-10.16%

-10.25%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-24.35%

-26.83%

+2.48%

Max Drawdown (5Y)

Largest decline over 5 years

-32.67%

-36.32%

+3.65%

Max Drawdown (10Y)

Largest decline over 10 years

-39.86%

-41.62%

+1.76%

Current Drawdown

Current decline from peak

-3.04%

-3.30%

+0.26%

Average Drawdown

Average peak-to-trough decline

-9.93%

-7.96%

-1.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.61%

2.90%

-0.29%

Volatility

VEXRX vs. VEMPX - Volatility Comparison

The current volatility for Vanguard Explorer Fund Admiral Shares (VEXRX) is 5.45%, while Vanguard Extended Market Index Fund Institutional Plus Shares (VEMPX) has a volatility of 5.84%. This indicates that VEXRX experiences smaller price fluctuations and is considered to be less risky than VEMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEXRXVEMPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.45%

5.84%

-0.39%

Volatility (6M)

Calculated over the trailing 6-month period

13.02%

12.93%

+0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

17.29%

17.53%

-0.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.34%

22.39%

-1.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.84%

22.38%

-0.54%

VEXRX vs. VEMPX - Expense Ratio Comparison

VEXRX has a 0.29% expense ratio, which is higher than VEMPX's 0.04% expense ratio.

Dividends

VEXRX vs. VEMPX - Dividend Comparison

VEXRX's dividend yield for the trailing twelve months is around 6.73%, more than VEMPX's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
VEMPX
Vanguard Extended Market Index Fund Institutional Plus Shares		1.05%1.15%1.11%1.27%1.17%1.15%1.09%1.32%1.68%1.27%1.46%1.39%
VEXRX
Vanguard Explorer Fund Admiral Shares		6.73%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

With a correlation of 0.97, VEXRX and VEMPX 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.

VEMPX has higher volatility (5.84%) compared to VEXRX (5.45%). In terms of maximum drawdown, VEXRX dropped -57.26% vs VEMPX's -41.62%.

VEMPX currently has the higher Sharpe Ratio (1.49 vs 1.45), 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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