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CEA1.L vs. VFEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEA1.L vs. VFEM.L

Last updated Jun 5, 2026

CEA1.L (iShares MSCI EM Asia UCITS ETF (Acc)) and VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) are both exchange-traded funds - CEA1.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD, while VFEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, CEA1.L returned 12.09%/yr vs 11.67%/yr for VFEM.L. Their correlation of 0.94 suggests significant overlap in exposure. CEA1.L charges 0.20%/yr vs 0.22%/yr for VFEM.L.

Performance

CEA1.L vs. VFEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM Asia UCITS ETF (Acc) (CEA1.L) and Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CEA1.L is traded in GBp, while VFEM.L is traded in GBP. To make them comparable, the VFEM.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEA1.L achieves a 30.56% return, which is significantly higher than VFEM.L's 11.78% return. Both investments have delivered pretty close results over the past 10 years, with CEA1.L having a 12.09% annualized return and VFEM.L not far behind at 11.67%.

CEA1.L

1D
-1.69%
1M
8.28%
YTD
30.56%
6M
33.05%
1Y
59.80%
3Y*
23.16%
5Y*
9.12%
10Y*
12.09%

VFEM.L

1D
-0.13%
1M
2.65%
YTD
11.78%
6M
12.41%
1Y
30.99%
3Y*
16.84%
5Y*
8.88%
10Y*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEA1.L vs. VFEM.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CEA1.L
iShares MSCI EM Asia UCITS ETF (Acc)		30.56%25.23%13.67%0.79%-11.96%-4.22%23.90%13.81%-10.88%29.65%
VFEM.L
Vanguard FTSE Emerging Markets UCITS ETF Distributing		11.78%16.90%15.28%5.45%-3.23%3.99%15.04%16.30%-6.83%20.89%

Correlation

The correlation between CEA1.L and VFEM.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since May 3, 2013

0.94

The correlation between CEA1.L and VFEM.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

CEA1.L vs. VFEM.L - Sectors Allocation Comparison

Sectors
CEA1.L
VFEM.L

Technology

49.6%
29.6%

Financial Services

13.7%
20.8%

Consumer Cyclical

9.9%
10.8%

Industrials

7.2%
7.1%

Communication Services

6.5%
7.5%

Basic Materials

3.4%
7.8%

Healthcare

3.0%
3.4%

Energy

2.5%
4.9%

Consumer Defensive

2.2%
3.6%

Utilities

1.4%
3.0%

Real Estate

0.7%
1.7%

Technology

CEA1.L
49.6%
VFEM.L
29.6%

Financial Services

CEA1.L
13.7%
VFEM.L
20.8%

Consumer Cyclical

CEA1.L
9.9%
VFEM.L
10.8%

Industrials

CEA1.L
7.2%
VFEM.L
7.1%

Communication Services

CEA1.L
6.5%
VFEM.L
7.5%

Basic Materials

CEA1.L
3.4%
VFEM.L
7.8%

Healthcare

CEA1.L
3.0%
VFEM.L
3.4%

Energy

CEA1.L
2.5%
VFEM.L
4.9%

Consumer Defensive

CEA1.L
2.2%
VFEM.L
3.6%

Utilities

CEA1.L
1.4%
VFEM.L
3.0%

Real Estate

CEA1.L
0.7%
VFEM.L
1.7%

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iShares MSCI EM Asia UCITS ETF (Acc)

Vanguard FTSE Emerging Markets UCITS ETF Distributing

Often compared with CEA1.L:
CEA1.L vs. ADIVCEA1.L vs. EMV.LCEA1.L vs. XCX5.LCEA1.L vs. EMIM.LCEA1.L vs. IPACCEA1.L vs. IWDA.LCEA1.L vs. SPY
Often compared with VFEM.L:
VFEM.L vs. VWRP.LVFEM.L vs. EEMAVFEM.L vs. VUSA.LVFEM.L vs. VOOVFEM.L vs. VUKE.LVFEM.L vs. LGGG.LVFEM.L vs. VUAG.L

Return for Risk

CEA1.L vs. VFEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEA1.L
CEA1.L Risk / Return Rank: 8989
Overall Rank
CEA1.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
CEA1.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
CEA1.L Omega Ratio Rank: 9191
Omega Ratio Rank
CEA1.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
CEA1.L Martin Ratio Rank: 8686
Martin Ratio Rank
VFEM.L
VFEM.L Risk / Return Rank: 6868
Overall Rank
VFEM.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VFEM.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
VFEM.L Omega Ratio Rank: 6868
Omega Ratio Rank
VFEM.L Calmar Ratio Rank: 7070
Calmar Ratio Rank
VFEM.L Martin Ratio Rank: 6464
Martin Ratio Rank
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.

CEA1.L vs. VFEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM Asia UCITS ETF (Acc) (CEA1.L) and Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L). 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.

CEA1.LVFEM.LDifference
Sharpe ratioReturn per unit of total volatility
3.23
2.23

+1.00

Sortino ratioReturn per unit of downside risk
4.12
3.00

+1.11

Omega ratioGain probability vs. loss probability

1.58

1.40

+0.18

Calmar ratioReturn relative to maximum drawdown

5.09

3.46

+1.63

Martin ratioReturn relative to average drawdown

17.73

11.41

+6.32

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEA1.L vs. VFEM.L - Sharpe Ratio Comparison

The current CEA1.L Sharpe Ratio is 3.23, which is higher than the VFEM.L Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CEA1.L and VFEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CEA1.LVFEM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.23

2.23

+1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.57

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.67

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.54

-0.02

Drawdowns

CEA1.L vs. VFEM.L - Drawdown Comparison

The maximum CEA1.L drawdown since its inception was -33.94%, which is greater than VFEM.L's maximum drawdown of -31.32%. Use the drawdown chart below to compare losses from any high point for CEA1.L and VFEM.L.

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Drawdown Indicators

CEA1.LVFEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-31.32%

-2.62%

Max Drawdown (1Y)

Largest decline over 1 year

-11.68%

-8.92%

-2.76%

Max Drawdown (3Y)

Largest decline over 3 years

-17.35%

-14.68%

-2.67%

Max Drawdown (5Y)

Largest decline over 5 years

-28.87%

-15.28%

-13.59%

Max Drawdown (10Y)

Largest decline over 10 years

-33.94%

-25.91%

-8.03%

Current Drawdown

Current decline from peak

-2.67%

-1.46%

-1.21%

Average Drawdown

Average peak-to-trough decline

-11.09%

-6.87%

-4.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

2.71%

+0.65%

Volatility

CEA1.L vs. VFEM.L - Volatility Comparison

iShares MSCI EM Asia UCITS ETF (Acc) (CEA1.L) has a higher volatility of 8.22% compared to Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) at 5.23%. This indicates that CEA1.L's price experiences larger fluctuations and is considered to be riskier than VFEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CEA1.LVFEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.22%

5.23%

+2.99%

Volatility (6M)

Calculated over the trailing 6-month period

15.73%

11.12%

+4.61%

Volatility (1Y)

Calculated over the trailing 1-year period

18.45%

13.85%

+4.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.81%

15.47%

+2.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.53%

17.50%

+1.03%

CEA1.L vs. VFEM.L - Expense Ratio Comparison

CEA1.L has a 0.20% expense ratio, which is lower than VFEM.L's 0.22% 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

CEA1.L vs. VFEM.L - Dividend Comparison

CEA1.L has not paid dividends to shareholders, while VFEM.L's dividend yield for the trailing twelve months is around 2.04%.

PositionTTM20252024202320222021202020192018201720162015
CEA1.L
iShares MSCI EM Asia UCITS ETF (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VFEM.L
Vanguard FTSE Emerging Markets UCITS ETF Distributing		2.04%2.36%2.93%6.58%7.88%6.20%4.92%3.39%3.61%2.98%2.96%4.36%

Frequently Asked Questions

With a correlation of 0.91, CEA1.L and VFEM.L 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.

On fees, CEA1.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CEA1.L is cheaper with a 0.20% expense ratio, compared with 0.22% for VFEM.L.

CEA1.L is categorized as Asia Pacific Equities, while VFEM.L is Emerging Markets Equities. CEA1.L tracks MSCI AC Asia Ex Japan NR USD, while VFEM.L tracks MSCI EM NR USD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for CEA1.L and 0.22% for VFEM.L.

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