VXF vs. VEXMX

Last updated Jun 24, 2026

VXF (Vanguard Extended Market ETF) and VEXMX (Vanguard Extended Market Index Fund) are both funds - VXF is a Mid Cap Blend Equities fund tracking the S&P Completion Index, while VEXMX is a Mid Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VXF returned 12.53%/yr vs 12.45%/yr for VEXMX. With a 0.98 correlation, they move nearly in lockstep. VXF charges 0.05%/yr vs 0.19%/yr for VEXMX.

Performance

VXF vs. VEXMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market ETF (VXF) and Vanguard Extended Market Index Fund (VEXMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXF achieves a 14.55% return, which is significantly lower than VEXMX's 15.49% return. Both investments have delivered pretty close results over the past 10 years, with VXF having a 12.53% annualized return and VEXMX not far behind at 12.45%.

VXF

• 1D: -0.86%
• 1M: 3.45%
• YTD: 14.55%
• 6M: 12.20%
• 1Y: 28.19%
• 3Y*: 19.93%
• 5Y*: 5.96%
• 10Y*: 12.53%

VEXMX

• 1D: -0.12%
• 1M: 4.28%
• YTD: 15.49%
• 6M: 13.13%
• 1Y: 29.21%
• 3Y*: 19.90%
• 5Y*: 6.14%
• 10Y*: 12.45%

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

VXF vs. VEXMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXF Vanguard Extended Market ETF	14.55%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%
VEXMX Vanguard Extended Market Index Fund	15.49%	10.93%	15.05%	26.79%	-26.56%	12.31%	32.43%	27.87%	-9.48%	17.94%

Correlation

The correlation between VXF and VEXMX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 4, 2002	0.98

The correlation between VXF and VEXMX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

VXF vs. VEXMX — Risk / Return Rank

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

VXF

VXF Risk / Return Rank: 51
VXF Sharpe Ratio Rank: 48
VXF Sortino Ratio Rank: 46
VXF Omega Ratio Rank: 44
VXF Calmar Ratio Rank: 58
VXF Martin Ratio Rank: 57

VEXMX

VEXMX Risk / Return Rank: 47
VEXMX Sharpe Ratio Rank: 40
VEXMX Sortino Ratio Rank: 38
VEXMX Omega Ratio Rank: 35
VEXMX Calmar Ratio Rank: 65
VEXMX Martin Ratio Rank: 54

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.

VXF vs. VEXMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market ETF (VXF) and Vanguard Extended Market Index Fund (VEXMX). 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	VEXMX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.71	-0.12
Sortino ratio: Return per unit of downside risk	2.24	2.39	-0.15
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.96	-0.19
Martin ratio: Return relative to average drawdown	9.75	10.39	-0.64

VXF vs. VEXMX - Sharpe Ratio Comparison

The current VXF Sharpe Ratio is 1.59, which is comparable to the VEXMX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VXF and VEXMX, 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. VEXMX - Drawdown Comparison

The maximum VXF drawdown since its inception was -58.03%, roughly equal to the maximum VEXMX drawdown of -58.17%. Use the drawdown chart below to compare losses from any high point for VXF and VEXMX.

Drawdown Indicators

	VXF	VEXMX	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-58.17%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-10.27%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-27.09%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-36.38%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-41.63%	-0.09%
Current Drawdown Current decline from peak	-1.05%	-0.24%	-0.81%
Average Drawdown Average peak-to-trough decline	-9.54%	-11.13%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.92%	-0.02%

Volatility

VXF vs. VEXMX - Volatility Comparison

Vanguard Extended Market ETF (VXF) and Vanguard Extended Market Index Fund (VEXMX) have volatilities of 6.19% and 6.09%, 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	VEXMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	6.09%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	13.29%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	17.84%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	22.45%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	22.44%	-0.13%

VXF vs. VEXMX - Expense Ratio Comparison

VXF has a 0.05% expense ratio, which is lower than VEXMX's 0.19% 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. VEXMX - Dividend Comparison

VXF's dividend yield for the trailing twelve months is around 1.01%, more than VEXMX's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEXMX Vanguard Extended Market Index Fund	0.88%	0.74%	0.74%	1.14%	1.00%	0.99%	1.19%	1.18%	1.52%	1.12%	1.31%	1.20%
VXF Vanguard Extended Market ETF	1.01%	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 VEXMX in my portfolio?

With a correlation of 1.00, VXF and VEXMX 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 VEXMX?

VXF has higher volatility (6.19%) compared to VEXMX (6.09%). In terms of maximum drawdown, VXF dropped -58.03% vs VEXMX's -58.17%.

Which has better risk-adjusted returns?

VEXMX currently has the higher Sharpe Ratio (1.71 vs 1.59), 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.