Not even close. The Vita is quite large which I think is for heat (your hands get very hot while gaming on a slim phone). It has the same GPU as the third gen iPad while the much more powerful iPad Air basically has the same GPU as the iPhone 5S (maybe clocked slightly higher). The iPad 3 only had two CPU cores (same cores, clockspeeds were probably similar if not higher on the iPad) while the Vita has four, but that shouldn't make up for the huge increase in performance the newest iOS devices running A7 has. I used iOS devices because they have used similar GPUs, but the performance i high end devices with Qualcomm SoCs should also easily beat the Vita.
That is the disadvantage of a 5 year lifespan. Mobile chips have made huge progress lately with the Cortex A9 in the Vita not being used in hardly any device because the Cortex A7 is much more efficient and nearly as powerful and soon there'll be the Cortex A53 which is as powerful as the A9 in a cheaper (smaller die), uses less power and is 64bit. It can't replace the Vita CPU though because it isn't identical just like the much more efficient upcoming AMD Puma cores can't replace the XBone and PS4 Jaguar cores.