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VSGAX vs. VEXRX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSGAX vs. VEXRX

Last updated Aug 2, 2026
Documentation

VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) and VEXRX (Vanguard Explorer Fund Admiral Shares) are both Small Cap Growth Equities funds from Vanguard. Over the past 10 years, VSGAX returned 10.76%/yr vs 12.84%/yr for VEXRX. Their 0.98 correlation means they have historically moved very closely together. VSGAX charges 0.07%/yr vs 0.29%/yr for VEXRX.

Performance

VSGAX vs. VEXRX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VSGAX achieves a 13.34% return, which is significantly lower than VEXRX's 14.71% return. Over the past 10 years, VSGAX has underperformed VEXRX with an annualized return of 10.76%, while VEXRX has yielded a comparatively higher 12.84% annualized return.

VSGAX

1D
2.22%
1M
-4.69%
6M
9.35%
YTD
13.34%
1Y
23.55%
3Y*
13.20%
5Y*
4.17%
10Y*
10.76%
ALL TIME*
11.94%

VEXRX

1D
1.67%
1M
-2.76%
6M
10.60%
YTD
14.71%
1Y
25.54%
3Y*
14.34%
5Y*
6.23%
10Y*
12.84%
ALL TIME*
10.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VEXRX

Vanguard Explorer Fund Admiral Shares
$0.00$0.00$0.00

VSGAX

Vanguard Small-Cap Growth Index Fund Admiral Shares
$0.00$0.00$0.00

VSGAX vs. VEXRX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSGAX
Vanguard Small-Cap Growth Index Fund Admiral Shares		13.34%8.44%14.94%23.04%-28.39%5.70%35.26%32.76%-5.69%21.92%
VEXRX
Vanguard Explorer Fund Admiral Shares		14.71%7.19%17.40%19.90%-23.23%16.07%31.51%31.42%-2.34%22.64%

Correlation

The correlation between VSGAX and VEXRX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.97

Correlation (3Y)
Balances recent behavior with more history.

0.97

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.98

Correlation (10Y)
Provides a long-term view across more market conditions.

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.98

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

VSGAX vs. VEXRX - Sectors Allocation Comparison

Sectors
VSGAX
VEXRX

Technology

27.1%
20.6%

Industrials

23.4%
21.9%

Healthcare

17.9%
17.5%

Consumer Cyclical

8.9%
12.0%

Financial Services

5.7%
11.2%

Real Estate

3.7%
3.0%

Communication Services

3.6%
2.2%

Energy

3.4%
4.5%

Basic Materials

3.1%
2.8%

Consumer Defensive

2.0%
2.7%

Utilities

1.1%
1.6%

Technology

VSGAX
27.1%
VEXRX
20.6%

Industrials

VSGAX
23.4%
VEXRX
21.9%

Healthcare

VSGAX
17.9%
VEXRX
17.5%

Consumer Cyclical

VSGAX
8.9%
VEXRX
12.0%

Financial Services

VSGAX
5.7%
VEXRX
11.2%

Real Estate

VSGAX
3.7%
VEXRX
3.0%

Communication Services

VSGAX
3.6%
VEXRX
2.2%

Energy

VSGAX
3.4%
VEXRX
4.5%

Basic Materials

VSGAX
3.1%
VEXRX
2.8%

Consumer Defensive

VSGAX
2.0%
VEXRX
2.7%

Utilities

VSGAX
1.1%
VEXRX
1.6%

Compare stocks, funds, or ETFs

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

Vanguard Small-Cap Growth Index Fund Admiral Shares

Vanguard Explorer Fund Admiral Shares

Often compared with VSGAX:
VSGAX vs. VSMAXVSGAX vs. VSIAXVSGAX vs. VIGAXVSGAX vs. VFIAXVSGAX vs. VTSAXVSGAX vs. VOOVSGAX vs. VIMAX
Often compared with VEXRX:
VEXRX vs. VINIXVEXRX vs. VIEIXVEXRX vs. SPYVEXRX vs. VISVXVEXRX vs. DFFVXVEXRX vs. VFIAXVEXRX vs. TISBX

Return for Risk

VSGAX vs. VEXRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VSGAX
VSGAX Risk / Return Rank: 3737
Overall Rank
VSGAX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
VSGAX Sortino Ratio Rank: 3232
Sortino Ratio Rank
VSGAX Omega Ratio Rank: 2929
Omega Ratio Rank
VSGAX Calmar Ratio Rank: 4848
Calmar Ratio Rank
VSGAX Martin Ratio Rank: 4343
Martin Ratio Rank
VEXRX
VEXRX Risk / Return Rank: 5252
Overall Rank
VEXRX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
VEXRX Sortino Ratio Rank: 4646
Sortino Ratio Rank
VEXRX Omega Ratio Rank: 3939
Omega Ratio Rank
VEXRX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VEXRX Martin Ratio Rank: 6363
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VSGAX vs. VEXRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) and Vanguard Explorer Fund Admiral Shares (VEXRX). 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.

VSGAXVEXRXDifference
Sharpe ratioReturn per unit of total volatility
0.97
1.21

-0.24

Sortino ratioReturn per unit of downside risk
1.46
1.80

-0.34

Omega ratioGain probability vs. loss probability

1.17

1.21

-0.04

Calmar ratioReturn relative to maximum drawdown

1.77

2.15

-0.37

Martin ratioReturn relative to average drawdown

6.03

7.79

-1.75

VSGAX vs. VEXRX - Sharpe Ratio Comparison

The current VSGAX Sharpe Ratio is 0.97, which is comparable to the VEXRX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of VSGAX and VEXRX, 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

VSGAX vs. VEXRX - Drawdown Comparison

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

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Drawdown Indicators

VSGAXVEXRXDifference

Max Drawdown

Largest peak-to-trough decline

-38.70%

-57.26%

+18.56%

Max Drawdown (1Y)

Largest decline over 1 year

-11.37%

-10.16%

-1.21%

Max Drawdown (3Y)

Largest decline over 3 years

-27.47%

-24.35%

-3.12%

Max Drawdown (5Y)

Largest decline over 5 years

-38.36%

-32.67%

-5.69%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

-39.86%

+1.16%

Current Drawdown

Current decline from peak

-6.66%

-4.73%

-1.93%

Average Drawdown

Average peak-to-trough decline

-8.49%

-9.89%

+1.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

2.81%

+0.54%

Volatility

VSGAX vs. VEXRX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a higher volatility of 5.24% compared to Vanguard Explorer Fund Admiral Shares (VEXRX) at 4.48%. This indicates that VSGAX's price experiences larger fluctuations and is considered to be riskier than VEXRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VSGAXVEXRXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.24%

4.48%

+0.76%

Volatility (6M)

Calculated over the trailing 6-month period

16.13%

13.88%

+2.25%

Volatility (1Y)

Calculated over the trailing 1-year period

20.70%

18.00%

+2.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.74%

21.44%

+2.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.05%

21.80%

+1.25%

VSGAX vs. VEXRX - Expense Ratio Comparison

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

Dividends

VSGAX vs. VEXRX - Dividend Comparison

VSGAX's dividend yield for the trailing twelve months is around 0.44%, less than VEXRX's 6.57% yield.

PositionTTM20252024202320222021202020192018201720162015
VEXRX
Vanguard Explorer Fund Admiral Shares		6.57%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

With a correlation of 0.97, VSGAX and VEXRX 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.

VSGAX has higher volatility (5.24%) compared to VEXRX (4.48%). In terms of maximum drawdown, VSGAX dropped -38.70% vs VEXRX's -57.26%.

VEXRX currently has the higher Sharpe Ratio (1.21 vs 0.97), 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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