VEXRX vs. VSGAX

Last updated Jun 24, 2026

VEXRX (Vanguard Explorer Fund Admiral Shares) and VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) are both Small Cap Growth Equities funds from Vanguard. Over the past 10 years, VEXRX returned 14.09%/yr vs 12.20%/yr for VSGAX. With a 0.98 correlation, they move nearly in lockstep. VEXRX charges 0.29%/yr vs 0.07%/yr for VSGAX.

Performance

VEXRX vs. VSGAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VEXRX having a 18.16% return and VSGAX slightly higher at 18.73%. Over the past 10 years, VEXRX has outperformed VSGAX with an annualized return of 14.09%, while VSGAX has yielded a comparatively lower 12.20% annualized return.

VEXRX

• 1D: 0.78%
• 1M: 4.50%
• YTD: 18.16%
• 6M: 15.82%
• 1Y: 30.78%
• 3Y*: 18.27%
• 5Y*: 7.18%
• 10Y*: 14.09%

VSGAX

• 1D: 0.31%
• 1M: 3.10%
• YTD: 18.73%
• 6M: 15.71%
• 1Y: 32.48%
• 3Y*: 18.20%
• 5Y*: 5.11%
• 10Y*: 12.20%

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

VEXRX vs. VSGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXRX Vanguard Explorer Fund Admiral Shares	18.16%	7.19%	17.40%	19.90%	-23.23%	16.07%	31.51%	31.42%	-2.34%	22.64%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	18.73%	8.44%	14.94%	23.04%	-28.39%	5.70%	35.26%	32.76%	-5.69%	21.92%

Correlation

The correlation between VEXRX and VSGAX 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 Sep 27, 2011	0.98

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

VEXRX vs. VSGAX - Sectors Allocation Comparison

Sectors	VEXRX	VSGAX
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

VEXRX vs. VSGAX — Risk / Return Rank

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

VEXRX

VEXRX Risk / Return Rank: 54
VEXRX Sharpe Ratio Rank: 44
VEXRX Sortino Ratio Rank: 44
VEXRX Omega Ratio Rank: 40
VEXRX Calmar Ratio Rank: 73
VEXRX Martin Ratio Rank: 67

VSGAX

VSGAX Risk / Return Rank: 46
VSGAX Sharpe Ratio Rank: 38
VSGAX Sortino Ratio Rank: 35
VSGAX Omega Ratio Rank: 32
VSGAX Calmar Ratio Rank: 64
VSGAX Martin Ratio Rank: 58

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. VSGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Explorer Fund Admiral Shares (VEXRX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). 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	VSGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.65	+0.16
Sortino ratio: Return per unit of downside risk	2.55	2.29	+0.27
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	3.16	2.94	+0.21
Martin ratio: Return relative to average drawdown	12.19	11.00	+1.19

VEXRX vs. VSGAX - Sharpe Ratio Comparison

The current VEXRX Sharpe Ratio is 1.81, which is comparable to the VSGAX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of VEXRX and VSGAX, 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. VSGAX - Drawdown Comparison

The maximum VEXRX drawdown since its inception was -57.26%, which is greater than VSGAX's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for VEXRX and VSGAX.

Drawdown Indicators

	VEXRX	VSGAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.26%	-38.70%	-18.56%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-11.37%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-27.47%	+3.12%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-38.36%	+5.69%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	-38.70%	-1.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.92%	-8.53%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.04%	-0.41%

Volatility

VEXRX vs. VSGAX - Volatility Comparison

The current volatility for Vanguard Explorer Fund Admiral Shares (VEXRX) is 5.96%, while Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a volatility of 6.93%. This indicates that VEXRX experiences smaller price fluctuations and is considered to be less risky than VSGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEXRX	VSGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	6.93%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	15.80%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	20.31%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	23.70%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	23.08%	-1.20%

VEXRX vs. VSGAX - Expense Ratio Comparison

VEXRX has a 0.29% expense ratio, which is higher than VSGAX's 0.07% expense ratio.

Dividends

VEXRX vs. VSGAX - Dividend Comparison

VEXRX's dividend yield for the trailing twelve months is around 6.38%, more than VSGAX's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXRX Vanguard Explorer Fund Admiral Shares	6.38%	7.54%	12.72%	0.89%	5.22%	16.17%	6.76%	5.08%	11.13%	11.46%	4.63%	10.89%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	0.44%	0.54%	0.54%	0.67%	0.55%	0.36%	0.44%	0.57%	0.79%	0.81%	1.08%	0.98%

Frequently Asked Questions

Can I hold both VEXRX and VSGAX in my portfolio?

With a correlation of 0.97, VEXRX and VSGAX 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, VEXRX or VSGAX?

VSGAX has higher volatility (6.93%) compared to VEXRX (5.96%). In terms of maximum drawdown, VEXRX dropped -57.26% vs VSGAX's -38.70%.

Which has better risk-adjusted returns?

VEXRX currently has the higher Sharpe Ratio (1.81 vs 1.65), 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.