VXF vs. LSAF

Last updated Aug 4, 2026

VXF (Vanguard Extended Market ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - VXF tracks the S&P Completion Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, VXF returned 6.57%/yr vs 11.15%/yr for LSAF. Their correlation of 0.86 means they have usually moved in the same direction. VXF charges 0.05%/yr vs 0.75%/yr for LSAF.

Performance

VXF vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market ETF (VXF) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXF achieves a 15.62% return, which is significantly lower than LSAF's 21.44% return.

VXF

• 1D: 1.82%
• 1M: -1.15%
• 6M: 12.27%
• YTD: 15.62%
• 1Y: 25.59%
• 3Y*: 17.56%
• 5Y*: 6.57%
• 10Y*: 11.73%
• ALL TIME*: 10.05%

LSAF

• 1D: 1.24%
• 1M: 3.75%
• 6M: 17.38%
• YTD: 21.44%
• 1Y: 31.64%
• 3Y*: 19.37%
• 5Y*: 11.15%
• 10Y*: —
• ALL TIME*: 11.18%

*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)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$285.75K	$222.00K	$207.69K
VXF Vanguard Extended Market ETF	$77.57M	$79.52M	$104.92M

VXF vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VXF Vanguard Extended Market ETF	15.62%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-17.45%
LSAF LeaderShares AlphaFactor US Core Equity ETF	21.44%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between VXF and LSAF is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.86

The correlation between VXF and LSAF has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

VXF vs. LSAF - Sectors Allocation Comparison

Sectors	VXF	LSAF
Industrials	19.6%	10.7%
Technology	19.2%	15.4%
Financial Services	13.7%	16.2%
Healthcare	13.6%	7.8%
Consumer Cyclical	8.5%	19.9%
Real Estate	5.6%	2.1%
Basic Materials	4.7%	5.8%
Energy	4.3%	3.3%
Communication Services	2.8%	4.7%
Consumer Defensive	2.6%	4.1%
Utilities	1.8%	0.9%

Return for Risk

VXF vs. LSAF — Risk / Return Rank

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

VXF

VXF Risk / Return Rank: 63
VXF Sharpe Ratio Rank: 61
VXF Sortino Ratio Rank: 61
VXF Omega Ratio Rank: 56
VXF Calmar Ratio Rank: 70
VXF Martin Ratio Rank: 69

LSAF

LSAF Risk / Return Rank: 89
LSAF Sharpe Ratio Rank: 87
LSAF Sortino Ratio Rank: 89
LSAF Omega Ratio Rank: 84
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

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. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market ETF (VXF) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.22	-0.77
Sortino ratio: Return per unit of downside risk	2.08	3.23	-1.15
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	2.52	4.83	-2.31
Martin ratio: Return relative to average drawdown	8.54	16.27	-7.73

VXF vs. LSAF - Sharpe Ratio Comparison

The current VXF Sharpe Ratio is 1.45, which is lower than the LSAF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of VXF and LSAF, 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. LSAF - Drawdown Comparison

The maximum VXF drawdown since its inception was -58.03%, which is greater than LSAF's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for VXF and LSAF.

Drawdown Indicators

	VXF	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-41.67%	-16.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-6.58%	-3.63%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-20.26%	-6.66%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-24.94%	-11.45%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	—	—
Current Drawdown Current decline from peak	-2.34%	-0.26%	-2.08%
Average Drawdown Average peak-to-trough decline	-9.50%	-6.20%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	1.95%	+1.06%

Volatility

VXF vs. LSAF - Volatility Comparison

Vanguard Extended Market ETF (VXF) and LeaderShares AlphaFactor US Core Equity ETF (LSAF) have volatilities of 4.34% and 4.27%, 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

	VXF	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.27%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.31%	10.52%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	14.37%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.40%	18.39%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	21.73%	+0.55%

VXF vs. LSAF - Expense Ratio Comparison

VXF has a 0.05% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

VXF vs. LSAF - Dividend Comparison

VXF's dividend yield for the trailing twelve months is around 1.02%, more than LSAF's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.56%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%	0.00%	0.00%
VXF Vanguard Extended Market ETF	1.02%	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 LSAF in my portfolio?

VXF and LSAF have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXF or LSAF?

VXF has higher volatility (4.34%) compared to LSAF (4.27%). In terms of maximum drawdown, VXF dropped -58.03% vs LSAF's -41.67%.

Which ETF is better, VXF or LSAF?

On 5-year performance, LSAF leads with 11.15% vs 6.57% for VXF. On fees, VXF is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VXF or LSAF?

Over the 5-year period, LSAF has performed better with a 11.15% return vs 6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXF or LSAF?

VXF is cheaper with a 0.05% expense ratio, compared with 0.75% for LSAF.

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

VXF has the higher dividend yield at 1.02%, compared with 0.56% for LSAF.

What is the main difference between VXF and LSAF?

VXF tracks S&P Completion Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Vanguard and Redwood. Their fees differ too: 0.05% for VXF and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.22 vs 1.45), 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.