VIEIX vs. VEXAX

Last updated Jun 24, 2026

VIEIX (Vanguard Extended Market Index Fund Institutional Shares) and VEXAX (Vanguard Extended Market Index Fund Admiral Shares) are both Mid Cap Blend Equities funds from Vanguard. Over the past 10 years, VIEIX returned 12.64%/yr vs 12.62%/yr for VEXAX. With a 1.00 correlation, they move nearly in lockstep. VIEIX charges 0.05%/yr vs 0.06%/yr for VEXAX.

Performance

VIEIX vs. VEXAX - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VIEIX at 15.56% and VEXAX at 15.56%. Both investments have delivered pretty close results over the past 10 years, with VIEIX having a 12.64% annualized return and VEXAX not far behind at 12.62%.

VIEIX

• 1D: -0.12%
• 1M: 4.29%
• YTD: 15.56%
• 6M: 13.21%
• 1Y: 29.40%
• 3Y*: 20.28%
• 5Y*: 6.40%
• 10Y*: 12.64%

VEXAX

• 1D: -0.12%
• 1M: 4.29%
• YTD: 15.56%
• 6M: 13.21%
• 1Y: 29.39%
• 3Y*: 20.27%
• 5Y*: 6.40%
• 10Y*: 12.62%

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

VIEIX vs. VEXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIEIX Vanguard Extended Market Index Fund Institutional Shares	15.56%	11.42%	15.49%	26.97%	-26.46%	12.46%	32.24%	28.05%	-9.36%	18.12%
VEXAX Vanguard Extended Market Index Fund Admiral Shares	15.56%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%

Correlation

The correlation between VIEIX and VEXAX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	1.00

The correlation between VIEIX and VEXAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VIEIX vs. VEXAX - Sectors Allocation Comparison

Sectors	VIEIX	VEXAX
Technology	22.8%	22.8%
Industrials	19.3%	19.3%
Financial Services	14.0%	14.0%
Healthcare	12.9%	12.9%
Consumer Cyclical	9.2%	9.2%
Real Estate	5.8%	5.8%
Energy	4.4%	4.4%
Basic Materials	4.2%	4.2%
Communication Services	3.2%	3.2%
Consumer Defensive	2.5%	2.5%
Utilities	1.9%	1.9%

Return for Risk

VIEIX vs. VEXAX — Risk / Return Rank

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

VIEIX

VIEIX Risk / Return Rank: 47
VIEIX Sharpe Ratio Rank: 41
VIEIX Sortino Ratio Rank: 38
VIEIX Omega Ratio Rank: 36
VIEIX Calmar Ratio Rank: 66
VIEIX Martin Ratio Rank: 55

VEXAX

VEXAX Risk / Return Rank: 47
VEXAX Sharpe Ratio Rank: 41
VEXAX Sortino Ratio Rank: 38
VEXAX Omega Ratio Rank: 36
VEXAX Calmar Ratio Rank: 66
VEXAX Martin Ratio Rank: 55

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.

VIEIX vs. VEXAX - Risk-Adjusted Trends Comparison

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

	VIEIX	VEXAX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.72	0.00
Sortino ratio: Return per unit of downside risk	2.40	2.40	0.00
Omega ratio: Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.99	2.99	0.00
Martin ratio: Return relative to average drawdown	10.48	10.49	0.00

VIEIX vs. VEXAX - Sharpe Ratio Comparison

The current VIEIX Sharpe Ratio is 1.72, which is comparable to the VEXAX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of VIEIX and VEXAX, 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

VIEIX vs. VEXAX - Drawdown Comparison

The maximum VIEIX drawdown since its inception was -58.03%, roughly equal to the maximum VEXAX drawdown of -58.08%. Use the drawdown chart below to compare losses from any high point for VIEIX and VEXAX.

Drawdown Indicators

	VIEIX	VEXAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-58.08%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-10.25%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-26.84%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-36.32%	-36.33%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-41.62%	0.00%
Current Drawdown Current decline from peak	-0.24%	-0.24%	0.00%
Average Drawdown Average peak-to-trough decline	-13.81%	-12.16%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.91%	0.00%

Volatility

VIEIX vs. VEXAX - Volatility Comparison

Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and Vanguard Extended Market Index Fund Admiral Shares (VEXAX) have volatilities of 6.09% and 6.09%, 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.

Volatility by Period

	VIEIX	VEXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	6.09%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	13.29%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	17.84%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	22.45%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	22.42%	-0.01%

VIEIX vs. VEXAX - Expense Ratio Comparison

VIEIX has a 0.05% expense ratio, which is lower than VEXAX's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIEIX vs. VEXAX - Dividend Comparison

VIEIX's dividend yield for the trailing twelve months is around 1.01%, which matches VEXAX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXAX Vanguard Extended Market Index Fund Admiral Shares	1.01%	1.14%	1.09%	1.25%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%
VIEIX Vanguard Extended Market Index Fund Institutional Shares	1.01%	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

Can I hold both VIEIX and VEXAX in my portfolio?

With a correlation of 1.00, VIEIX and VEXAX 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, VIEIX or VEXAX?

VEXAX has higher volatility (6.09%) compared to VIEIX (6.09%). In terms of maximum drawdown, VIEIX dropped -58.03% vs VEXAX's -58.08%.

Which has better risk-adjusted returns?

VEXAX currently has the higher Sharpe Ratio (1.72 vs 1.72), 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.