VXF vs. IJR

Last updated Aug 2, 2026

VXF (Vanguard Extended Market ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - VXF is a Mid Cap Blend Equities fund tracking the S&P Completion Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, VXF returned 11.74%/yr vs 10.86%/yr for IJR. Their correlation of 0.93 means they have usually moved in the same direction. VXF charges 0.05%/yr vs 0.06%/yr for IJR.

Performance

VXF vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market ETF (VXF) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXF achieves a 13.55% return, which is significantly lower than IJR's 21.59% return. Over the past 10 years, VXF has outperformed IJR with an annualized return of 11.74%, while IJR has yielded a comparatively lower 10.86% annualized return.

VXF

• 1D: -0.30%
• 1M: -2.91%
• 6M: 10.93%
• YTD: 13.55%
• 1Y: 23.35%
• 3Y*: 16.01%
• 5Y*: 6.11%
• 10Y*: 11.74%
• ALL TIME*: 9.98%

IJR

• 1D: -0.03%
• 1M: -0.70%
• 6M: 15.04%
• YTD: 21.59%
• 1Y: 35.87%
• 3Y*: 13.39%
• 5Y*: 7.39%
• 10Y*: 10.86%
• ALL TIME*: 10.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IJR iShares Core S&P Small-Cap ETF	$499.82M	$465.35M	$539.29M
VXF Vanguard Extended Market ETF	$71.64M	$76.55M	$103.41M

VXF vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXF Vanguard Extended Market ETF	13.55%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%
IJR iShares Core S&P Small-Cap ETF	21.59%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%

Correlation

The correlation between VXF and IJR is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 4, 2002	0.93

The correlation between VXF and IJR has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

VXF vs. IJR - Sectors Allocation Comparison

Sectors	VXF	IJR
Industrials	19.6%	15.6%
Technology	19.2%	15.5%
Financial Services	13.7%	17.0%
Healthcare	13.6%	12.4%
Consumer Cyclical	8.5%	13.2%
Real Estate	5.6%	7.6%
Basic Materials	4.7%	4.7%
Energy	4.3%	4.9%
Communication Services	2.8%	3.2%
Consumer Defensive	2.6%	4.2%
Utilities	1.8%	1.8%

Return for Risk

VXF vs. IJR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VXF

VXF Risk / Return Rank: 52
VXF Sharpe Ratio Rank: 48
VXF Sortino Ratio Rank: 49
VXF Omega Ratio Rank: 45
VXF Calmar Ratio Rank: 58
VXF Martin Ratio Rank: 59

IJR

IJR Risk / Return Rank: 86
IJR Sharpe Ratio Rank: 84
IJR Sortino Ratio Rank: 86
IJR Omega Ratio Rank: 81
IJR Calmar Ratio Rank: 91
IJR Martin Ratio Rank: 88

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.

VXF vs. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market ETF (VXF) and iShares Core S&P Small-Cap ETF (IJR). 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.

	VXF	IJR	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.95	-0.78
Sortino ratio: Return per unit of downside risk	1.72	2.87	-1.14
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	2.04	3.89	-1.85
Martin ratio: Return relative to average drawdown	6.94	13.29	-6.35

VXF vs. IJR - Sharpe Ratio Comparison

The current VXF Sharpe Ratio is 1.17, which is lower than the IJR Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of VXF and IJR, 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

VXF vs. IJR - Drawdown Comparison

The maximum VXF drawdown since its inception was -58.03%, roughly equal to the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for VXF and IJR.

Drawdown Indicators

	VXF	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-58.15%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-8.68%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-28.02%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-28.02%	-8.37%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-44.36%	+2.64%
Current Drawdown Current decline from peak	-4.08%	-1.92%	-2.16%
Average Drawdown Average peak-to-trough decline	-9.50%	-9.23%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.54%	+0.47%

Volatility

VXF vs. IJR - Volatility Comparison

Vanguard Extended Market ETF (VXF) has a higher volatility of 3.91% compared to iShares Core S&P Small-Cap ETF (IJR) at 3.40%. This indicates that VXF's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXF	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	3.40%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	11.62%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	17.33%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	21.25%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.27%	22.85%	-0.58%

VXF vs. IJR - Expense Ratio Comparison

VXF has a 0.05% expense ratio, which is lower than IJR'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

VXF vs. IJR - Dividend Comparison

VXF's dividend yield for the trailing twelve months is around 1.03%, less than IJR's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJR iShares Core S&P Small-Cap ETF	1.13%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%
VXF Vanguard Extended Market ETF	1.03%	1.14%	1.09%	1.27%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both VXF and IJR in my portfolio?

With a correlation of 0.90, VXF and IJR 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, VXF or IJR?

VXF has higher volatility (3.91%) compared to IJR (3.40%). In terms of maximum drawdown, VXF dropped -58.03% vs IJR's -58.15%.

Which ETF is better, VXF or IJR?

On 10-year performance, VXF leads with 11.74% vs 10.86% for IJR. On fees, VXF is cheaper at 0.05% per year. On volatility, IJR has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VXF or IJR?

Over the 10-year period, VXF has performed better with a 11.74% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXF or IJR?

VXF is cheaper with a 0.05% expense ratio, compared with 0.06% for IJR.

Which ETF pays a higher dividend yield, VXF or IJR?

IJR has the higher dividend yield at 1.13%, compared with 1.03% for VXF.

What is the main difference between VXF and IJR?

VXF is categorized as Mid Cap Blend Equities, while IJR is Small Cap Blend Equities. VXF tracks S&P Completion Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VXF and 0.06% for IJR.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (1.95 vs 1.17), 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.