EEMA vs. VWO

Last updated Jul 12, 2026

EEMA (iShares MSCI Emerging Markets Asia ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - EEMA is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Asia Index, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, EEMA returned 9.91%/yr vs 8.20%/yr for VWO. Their correlation of 0.90 suggests significant overlap in exposure. EEMA charges 0.50%/yr vs 0.08%/yr for VWO.

Performance

EEMA vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Asia ETF (EEMA) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMA achieves a 22.74% return, which is significantly higher than VWO's 11.53% return. Over the past 10 years, EEMA has outperformed VWO with an annualized return of 9.91%, while VWO has yielded a comparatively lower 8.20% annualized return.

EEMA

• 1D: 0.15%
• 1M: -0.78%
• 6M: 17.70%
• YTD: 22.74%
• 1Y: 41.10%
• 3Y*: 22.19%
• 5Y*: 7.06%
• 10Y*: 9.91%

VWO

• 1D: 0.67%
• 1M: 0.69%
• 6M: 8.17%
• YTD: 11.53%
• 1Y: 23.93%
• 3Y*: 16.99%
• 5Y*: 5.73%
• 10Y*: 8.20%

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

EEMA vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMA iShares MSCI Emerging Markets Asia ETF	22.74%	33.27%	10.23%	6.57%	-21.49%	-4.22%	25.17%	18.60%	-15.76%	43.41%
VWO Vanguard FTSE Emerging Markets ETF	11.53%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between EEMA and VWO is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.90

The correlation between EEMA and VWO has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

EEMA vs. VWO - Sectors Allocation Comparison

Sectors	EEMA	VWO
Technology	43.4%	31.5%
Financial Services	15.3%	16.8%
Consumer Cyclical	10.4%	8.7%
Industrials	8.4%	7.0%
Communication Services	6.6%	5.7%
Basic Materials	4.4%	7.0%
Healthcare	3.5%	3.4%
Energy	2.8%	3.6%
Consumer Defensive	2.6%	3.2%
Utilities	1.7%	2.4%
Real Estate	0.9%	1.8%

Return for Risk

EEMA vs. VWO — Risk / Return Rank

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

EEMA

EEMA Risk / Return Rank: 69
EEMA Sharpe Ratio Rank: 69
EEMA Sortino Ratio Rank: 63
EEMA Omega Ratio Rank: 71
EEMA Calmar Ratio Rank: 71
EEMA Martin Ratio Rank: 69

VWO

VWO Risk / Return Rank: 51
VWO Sharpe Ratio Rank: 50
VWO Sortino Ratio Rank: 49
VWO Omega Ratio Rank: 50
VWO Calmar Ratio Rank: 53
VWO 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.

EEMA vs. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	EEMA	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.40	+0.39
Sortino ratio: Return per unit of downside risk	2.36	1.96	+0.40
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	2.86	2.14	+0.73
Martin ratio: Return relative to average drawdown	9.94	7.34	+2.60

EEMA vs. VWO - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 1.79, which is comparable to the VWO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of EEMA and VWO, 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

EEMA vs. VWO - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for EEMA and VWO.

Drawdown Indicators

	EEMA	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-44.18%	-67.68%	+23.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-11.17%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	-17.37%	-2.86%
Max Drawdown (5Y) Largest decline over 5 years	-38.81%	-30.90%	-7.91%
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	-36.39%	-7.79%
Current Drawdown Current decline from peak	-5.31%	-2.20%	-3.11%
Average Drawdown Average peak-to-trough decline	-13.91%	-15.76%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	3.25%	+0.87%

Volatility

EEMA vs. VWO - Volatility Comparison

iShares MSCI Emerging Markets Asia ETF (EEMA) has a higher volatility of 9.60% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 6.32%. This indicates that EEMA's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMA	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	6.32%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	20.45%	14.73%	+5.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.94%	17.05%	+5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	17.57%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	19.13%	+1.90%

EEMA vs. VWO - Expense Ratio Comparison

EEMA has a 0.50% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

EEMA vs. VWO - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.34%, less than VWO's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMA iShares MSCI Emerging Markets Asia ETF	1.34%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%
VWO Vanguard FTSE Emerging Markets ETF	2.31%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both EEMA and VWO in my portfolio?

With a correlation of 0.94, EEMA and VWO 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, EEMA or VWO?

EEMA has higher volatility (9.60%) compared to VWO (6.32%). In terms of maximum drawdown, EEMA dropped -44.18% vs VWO's -67.68%.

Which ETF is better, EEMA or VWO?

On 10-year performance, EEMA leads with 9.91% vs 8.20% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 6.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMA or VWO?

Over the 10-year period, EEMA has performed better with a 9.91% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMA or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.50% for EEMA.

Which ETF pays a higher dividend yield, EEMA or VWO?

VWO has the higher dividend yield at 2.31%, compared with 1.34% for EEMA.

What is the main difference between EEMA and VWO?

EEMA is categorized as Asia Pacific Equities, while VWO is Emerging Markets Equities. EEMA tracks MSCI Emerging Markets Asia Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EEMA and 0.08% for VWO.

Which has better risk-adjusted returns?

EEMA currently has the higher Sharpe Ratio (1.79 vs 1.40), 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.