VSGAX vs. VEXRX

Last updated Jun 23, 2026

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 11.89%/yr vs 13.66%/yr for VEXRX. With a 0.98 correlation, they move nearly in lockstep. 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.

Returns By Period

In the year-to-date period, VSGAX achieves a 18.37% return, which is significantly higher than VEXRX's 17.26% return. Over the past 10 years, VSGAX has underperformed VEXRX with an annualized return of 11.89%, while VEXRX has yielded a comparatively higher 13.66% annualized return.

VSGAX

• 1D: 1.99%
• 1M: 2.79%
• YTD: 18.37%
• 6M: 14.66%
• 1Y: 32.89%
• 3Y*: 16.98%
• 5Y*: 5.57%
• 10Y*: 11.89%

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%

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

VSGAX vs. VEXRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	18.37%	8.44%	14.94%	23.04%	-28.39%	5.70%	35.26%	32.76%	-5.69%	21.92%
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%

Correlation

The correlation between VSGAX and VEXRX 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 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	27.2%	20.6%
Industrials	24.6%	21.9%
Healthcare	14.4%	17.5%
Consumer Cyclical	7.9%	12.0%
Financial Services	5.4%	11.2%
Energy	4.4%	4.5%
Real Estate	3.5%	3.0%
Communication Services	3.0%	2.2%
Consumer Defensive	2.7%	2.7%
Basic Materials	2.7%	2.8%
Utilities	1.3%	1.6%

Return for Risk

VSGAX vs. VEXRX — Risk / Return Rank

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

VSGAX

VSGAX Risk / Return Rank: 44
VSGAX Sharpe Ratio Rank: 36
VSGAX Sortino Ratio Rank: 34
VSGAX Omega Ratio Rank: 32
VSGAX Calmar Ratio Rank: 62
VSGAX Martin Ratio Rank: 58

VEXRX

VEXRX Risk / Return Rank: 50
VEXRX Sharpe Ratio Rank: 42
VEXRX Sortino Ratio Rank: 41
VEXRX Omega Ratio Rank: 38
VEXRX Calmar Ratio Rank: 68
VEXRX Martin Ratio Rank: 63

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.

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.

	VSGAX	VEXRX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.75	-0.13
Sortino ratio: Return per unit of downside risk	2.26	2.48	-0.22
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.90	3.05	-0.15
Martin ratio: Return relative to average drawdown	10.83	11.76	-0.93

VSGAX vs. VEXRX - Sharpe Ratio Comparison

The current VSGAX Sharpe Ratio is 1.63, which is comparable to the VEXRX Sharpe Ratio of 1.75. 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.

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.

Drawdown Indicators

	VSGAX	VEXRX	Difference
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	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-8.53%	-9.92%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.63%	+0.41%

Volatility

VSGAX vs. VEXRX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a higher volatility of 7.28% compared to Vanguard Explorer Fund Admiral Shares (VEXRX) at 6.29%. 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.

Volatility by Period

	VSGAX	VEXRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	6.29%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	15.86%	13.50%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	20.28%	17.67%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.70%	21.43%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.07%	21.88%	+1.19%

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 6.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 VSGAX and VEXRX in my portfolio?

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.

Which is riskier, VSGAX or VEXRX?

VSGAX has higher volatility (7.28%) compared to VEXRX (6.29%). In terms of maximum drawdown, VSGAX dropped -38.70% vs VEXRX's -57.26%.

Which has better risk-adjusted returns?

VEXRX currently has the higher Sharpe Ratio (1.75 vs 1.63), 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.