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VEXRX vs. VIEIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEXRX vs. VIEIX

Last updated Jun 23, 2026

VEXRX (Vanguard Explorer Fund Admiral Shares) and VIEIX (Vanguard Extended Market Index Fund Institutional Shares) are both mutual funds - VEXRX is a Small Cap Growth Equities fund managed by Vanguard, while VIEIX is a Mid Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VEXRX returned 13.66%/yr vs 12.34%/yr for VIEIX. With a 0.98 correlation, they move nearly in lockstep. VEXRX charges 0.29%/yr vs 0.05%/yr for VIEIX.

Performance

VEXRX vs. VIEIX - 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 Shares (VIEIX). 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 17.26% return, which is significantly higher than VIEIX's 15.70% return. Over the past 10 years, VEXRX has outperformed VIEIX with an annualized return of 13.66%, while VIEIX has yielded a comparatively lower 12.34% 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%

VIEIX

1D
1.66%
1M
4.42%
YTD
15.70%
6M
12.70%
1Y
30.64%
3Y*
19.14%
5Y*
6.96%
10Y*
12.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEXRX vs. VIEIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		15.70%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%

Correlation

The correlation between VEXRX and VIEIX 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 Nov 12, 2001

0.98

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

VEXRX vs. VIEIX - Sectors Allocation Comparison

Sectors
VEXRX
VIEIX

Industrials

21.9%
19.3%

Technology

20.6%
22.8%

Healthcare

17.5%
12.9%

Consumer Cyclical

12.0%
9.2%

Financial Services

11.2%
14.0%

Energy

4.5%
4.4%

Real Estate

3.0%
5.8%

Basic Materials

2.8%
4.2%

Consumer Defensive

2.7%
2.5%

Communication Services

2.2%
3.2%

Utilities

1.6%
1.9%

Industrials

VEXRX
21.9%
VIEIX
19.3%

Technology

VEXRX
20.6%
VIEIX
22.8%

Healthcare

VEXRX
17.5%
VIEIX
12.9%

Consumer Cyclical

VEXRX
12.0%
VIEIX
9.2%

Financial Services

VEXRX
11.2%
VIEIX
14.0%

Energy

VEXRX
4.5%
VIEIX
4.4%

Real Estate

VEXRX
3.0%
VIEIX
5.8%

Basic Materials

VEXRX
2.8%
VIEIX
4.2%

Consumer Defensive

VEXRX
2.7%
VIEIX
2.5%

Communication Services

VEXRX
2.2%
VIEIX
3.2%

Utilities

VEXRX
1.6%
VIEIX
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Explorer Fund Admiral Shares

Vanguard Extended Market Index Fund Institutional Shares

Often compared with VEXRX:
VEXRX vs. VSGAXVEXRX vs. VINIXVEXRX vs. SPYVEXRX vs. VISVXVEXRX vs. DFFVXVEXRX vs. VFIAXVEXRX vs. TISBX
Often compared with VIEIX:
VIEIX vs. FSMAXVIEIX vs. VOOVIEIX vs. VMCIXVIEIX vs. VEXAXVIEIX vs. VSCIXVIEIX vs. SPYVIEIX vs. AVUV

Return for Risk

VEXRX vs. VIEIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEXRX
VEXRX Risk / Return Rank: 5050
Overall Rank
VEXRX Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
VEXRX Sortino Ratio Rank: 4141
Sortino Ratio Rank
VEXRX Omega Ratio Rank: 3838
Omega Ratio Rank
VEXRX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VEXRX Martin Ratio Rank: 6363
Martin Ratio Rank
VIEIX
VIEIX Risk / Return Rank: 4747
Overall Rank
VIEIX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 3838
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3535
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 5555
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. VIEIX - 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 Shares (VIEIX). 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.

VEXRXVIEIXDifference
Sharpe ratioReturn per unit of total volatility
1.75
1.71

+0.04

Sortino ratioReturn per unit of downside risk
2.48
2.39

+0.08

Omega ratioGain probability vs. loss probability

1.30

1.29

+0.01

Calmar ratioReturn relative to maximum drawdown

3.05

2.98

+0.07

Martin ratioReturn relative to average drawdown

11.76

10.46

+1.31

VEXRX vs. VIEIX - Sharpe Ratio Comparison

The current VEXRX Sharpe Ratio is 1.75, which is comparable to the VIEIX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VEXRX and VIEIX, 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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Drawdowns

VEXRX vs. VIEIX - Drawdown Comparison

The maximum VEXRX drawdown since its inception was -57.26%, roughly equal to the maximum VIEIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for VEXRX and VIEIX.

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Drawdown Indicators

VEXRXVIEIXDifference

Max Drawdown

Largest peak-to-trough decline

-57.26%

-58.03%

+0.77%

Max Drawdown (1Y)

Largest decline over 1 year

-10.16%

-10.25%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-24.35%

-26.84%

+2.49%

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

0.00%

-0.12%

+0.12%

Average Drawdown

Average peak-to-trough decline

-9.92%

-13.81%

+3.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.63%

2.91%

-0.28%

Volatility

VEXRX vs. VIEIX - Volatility Comparison

Vanguard Explorer Fund Admiral Shares (VEXRX) and Vanguard Extended Market Index Fund Institutional Shares (VIEIX) have volatilities of 6.29% and 6.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEXRXVIEIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.29%

6.38%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

13.50%

13.33%

+0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

17.67%

17.81%

-0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.43%

22.45%

-1.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.88%

22.41%

-0.53%

VEXRX vs. VIEIX - Expense Ratio Comparison

VEXRX has a 0.29% expense ratio, which is higher than VIEIX's 0.05% expense ratio.

Dividends

VEXRX vs. VIEIX - Dividend Comparison

VEXRX's dividend yield for the trailing twelve months is around 6.43%, more than VIEIX's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		1.00%1.14%1.10%1.26%1.16%1.14%1.08%1.31%1.67%1.27%1.45%1.37%

Frequently Asked Questions

With a correlation of 0.97, VEXRX and VIEIX 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.

VIEIX has higher volatility (6.38%) compared to VEXRX (6.29%). In terms of maximum drawdown, VEXRX dropped -57.26% vs VIEIX's -58.03%.

VEXRX currently has the higher Sharpe Ratio (1.75 vs 1.71), 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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