VTBIX vs. VEXRX

Last updated Jun 13, 2026

VTBIX (Vanguard Total Bond Market II Index Fund Investor Shares) and VEXRX (Vanguard Explorer Fund Admiral Shares) are both mutual funds - VTBIX is a Total Bond Market fund managed by Vanguard, while VEXRX is a Small Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VTBIX returned 1.40%/yr vs 13.50%/yr for VEXRX. At a correlation of -0.08, they often move in opposite directions. VTBIX charges 0.09%/yr vs 0.29%/yr for VEXRX.

Performance

VTBIX vs. VEXRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) 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, VTBIX achieves a 0.30% return, which is significantly lower than VEXRX's 14.57% return. Over the past 10 years, VTBIX has underperformed VEXRX with an annualized return of 1.40%, while VEXRX has yielded a comparatively higher 13.50% annualized return.

VTBIX

• 1D: 0.53%
• 1M: 1.19%
• YTD: 0.30%
• 6M: 0.95%
• 1Y: 4.81%
• 3Y*: 3.87%
• 5Y*: -0.14%
• 10Y*: 1.40%

VEXRX

• 1D: 3.26%
• 1M: 3.82%
• YTD: 14.57%
• 6M: 12.38%
• 1Y: 28.65%
• 3Y*: 16.51%
• 5Y*: 6.50%
• 10Y*: 13.50%

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

VTBIX vs. VEXRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTBIX Vanguard Total Bond Market II Index Fund Investor Shares	0.30%	7.11%	1.25%	5.03%	-13.18%	-1.88%	7.47%	8.62%	-0.32%	3.53%
VEXRX Vanguard Explorer Fund Admiral Shares	14.57%	7.19%	17.40%	19.90%	-23.23%	16.07%	31.51%	31.42%	-2.34%	22.64%

Correlation

The correlation between VTBIX and VEXRX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	-0.08

The correlation between VTBIX and VEXRX shifts across timeframes, from -0.08 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VTBIX vs. VEXRX — Risk / Return Rank

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

VTBIX

VTBIX Risk / Return Rank: 29
VTBIX Sharpe Ratio Rank: 30
VTBIX Sortino Ratio Rank: 32
VTBIX Omega Ratio Rank: 27
VTBIX Calmar Ratio Rank: 31
VTBIX Martin Ratio Rank: 25

VEXRX

VEXRX Risk / Return Rank: 51
VEXRX Sharpe Ratio Rank: 42
VEXRX Sortino Ratio Rank: 42
VEXRX Omega Ratio Rank: 39
VEXRX Calmar Ratio Rank: 68
VEXRX Martin Ratio Rank: 65

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.

VTBIX vs. VEXRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) 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.

	VTBIX	VEXRX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.50	-0.26
Sortino ratio: Return per unit of downside risk	1.89	2.15	-0.27
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	1.70	2.60	-0.90
Martin ratio: Return relative to average drawdown	4.87	10.04	-5.16

VTBIX vs. VEXRX - Sharpe Ratio Comparison

The current VTBIX Sharpe Ratio is 1.24, which is comparable to the VEXRX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of VTBIX 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

VTBIX vs. VEXRX - Drawdown Comparison

The maximum VTBIX drawdown since its inception was -18.72%, smaller than the maximum VEXRX drawdown of -57.26%. Use the drawdown chart below to compare losses from any high point for VTBIX and VEXRX.

Drawdown Indicators

	VTBIX	VEXRX	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-57.26%	+38.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-10.16%	+7.32%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	-24.35%	+18.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	-32.67%	+14.56%
Max Drawdown (10Y) Largest decline over 10 years	-18.72%	-39.86%	+21.14%
Current Drawdown Current decline from peak	-3.00%	-0.86%	-2.14%
Average Drawdown Average peak-to-trough decline	-4.42%	-9.93%	+5.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	2.63%	-1.64%

Volatility

VTBIX vs. VEXRX - Volatility Comparison

The current volatility for Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) is 1.35%, while Vanguard Explorer Fund Admiral Shares (VEXRX) has a volatility of 6.31%. This indicates that VTBIX experiences smaller price fluctuations and is considered to be less risky than VEXRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTBIX	VEXRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	6.31%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	13.50%	-10.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.89%	17.65%	-13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	21.41%	-15.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.92%	21.86%	-16.94%

VTBIX vs. VEXRX - Expense Ratio Comparison

VTBIX has a 0.09% expense ratio, which is lower than VEXRX's 0.29% expense ratio.

Dividends

VTBIX vs. VEXRX - Dividend Comparison

VTBIX's dividend yield for the trailing twelve months is around 3.99%, less than VEXRX's 6.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXRX Vanguard Explorer Fund Admiral Shares	6.58%	7.54%	12.72%	0.89%	5.22%	16.17%	6.76%	5.08%	11.13%	11.46%	4.63%	10.89%
VTBIX Vanguard Total Bond Market II Index Fund Investor Shares	3.99%	3.88%	3.70%	2.53%	2.47%	1.75%	3.20%	2.72%	2.51%	2.43%	2.48%	2.64%

Frequently Asked Questions

Can I hold both VTBIX and VEXRX in my portfolio?

VTBIX and VEXRX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTBIX or VEXRX?

VEXRX has higher volatility (6.31%) compared to VTBIX (1.35%). In terms of maximum drawdown, VTBIX dropped -18.72% vs VEXRX's -57.26%.

Which has better risk-adjusted returns?

VEXRX currently has the higher Sharpe Ratio (1.50 vs 1.24), 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.