EMAS.L vs. VFEM.L

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR MSCI EM Asia UCITS ETF (EMAS.L) and Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L).

EMAS.L and VFEM.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMAS.L is a passively managed fund by State Street that tracks the performance of the MSCI AC Asia Ex Japan NR USD. It was launched on May 13, 2011. VFEM.L is a passively managed fund by Vanguard that tracks the performance of the MSCI EM NR USD. It was launched on May 22, 2012. Both EMAS.L and VFEM.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMAS.L vs. VFEM.L - Performance Comparison

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMAS.L SPDR MSCI EM Asia UCITS ETF	3.37%	22.99%	12.85%	0.63%	-12.26%	-4.94%	23.72%	13.21%	-9.79%	29.84%
VFEM.L Vanguard FTSE Emerging Markets UCITS ETF Distributing	0.31%	16.90%	15.28%	5.45%	-3.23%	3.99%	15.04%	16.30%	-6.83%	20.89%

Returns By Period

In the year-to-date period, EMAS.L achieves a 3.37% return, which is significantly higher than VFEM.L's 0.31% return. Over the past 10 years, EMAS.L has underperformed VFEM.L with an annualized return of 9.12%, while VFEM.L has yielded a comparatively higher 10.43% annualized return.

EMAS.L

• 1D: -0.08%
• 1M: -10.85%
• YTD: 3.37%
• 6M: 6.17%
• 1Y: 27.60%
• 3Y*: 12.02%
• 5Y*: 3.19%
• 10Y*: 9.12%

VFEM.L

• 1D: 0.71%
• 1M: -6.92%
• YTD: 0.31%
• 6M: 1.78%
• 1Y: 18.30%
• 3Y*: 12.16%
• 5Y*: 6.88%
• 10Y*: 10.43%

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

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

EMAS.L has a 0.55% expense ratio, which is higher than VFEM.L's 0.22% expense ratio.

EMAS.L

SPDR MSCI EM Asia UCITS ETF

VFEM.L

Vanguard FTSE Emerging Markets UCITS ETF Distributing

Return for Risk

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

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

EMAS.L

EMAS.L Risk / Return Rank: 76
EMAS.L Sharpe Ratio Rank: 80
EMAS.L Sortino Ratio Rank: 77
EMAS.L Omega Ratio Rank: 76
EMAS.L Calmar Ratio Rank: 78
EMAS.L Martin Ratio Rank: 68

VFEM.L

VFEM.L Risk / Return Rank: 66
VFEM.L Sharpe Ratio Rank: 71
VFEM.L Sortino Ratio Rank: 68
VFEM.L Omega Ratio Rank: 65
VFEM.L Calmar Ratio Rank: 68
VFEM.L Martin Ratio Rank: 59

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI EM Asia UCITS ETF (EMAS.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.

	EMAS.L	VFEM.L	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.22	+0.28
Sortino ratio Return per unit of downside risk	1.96	1.66	+0.30
Omega ratio Gain probability vs. loss probability	1.29	1.23	+0.05
Calmar ratio Return relative to maximum drawdown	2.12	1.67	+0.45
Martin ratio Return relative to average drawdown	6.96	5.67	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current EMAS.L Sharpe Ratio is 1.51, which is comparable to the VFEM.L Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of EMAS.L and VFEM.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMAS.L	VFEM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.22	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.45	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.60	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.50	-0.07

Correlation

The correlation between EMAS.L and VFEM.L is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EMAS.L vs. VFEM.L - Dividend Comparison

EMAS.L has not paid dividends to shareholders, while VFEM.L's dividend yield for the trailing twelve months is around 2.27%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMAS.L SPDR MSCI EM Asia UCITS ETF	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	2.27%	2.36%	2.93%	6.58%	7.88%	6.20%	4.92%	3.39%	3.61%	2.98%	2.96%	4.36%

Drawdowns

EMAS.L vs. VFEM.L - Drawdown Comparison

The maximum EMAS.L drawdown since its inception was -34.79%, 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 EMAS.L and VFEM.L.

Drawdown Indicators

	EMAS.L	VFEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.79%	-31.32%	-3.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-10.67%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-29.16%	-15.28%	-13.88%
Max Drawdown (10Y) Largest decline over 10 years	-34.79%	-25.91%	-8.88%
Current Drawdown Current decline from peak	-11.14%	-7.52%	-3.62%
Average Drawdown Average peak-to-trough decline	-11.81%	-6.94%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.07%	+0.74%

Volatility

EMAS.L vs. VFEM.L - Volatility Comparison

SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a higher volatility of 8.24% compared to Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) at 6.46%. This indicates that EMAS.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.

Volatility by Period

	EMAS.L	VFEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	6.46%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	10.75%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	14.92%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	15.39%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	17.48%	+0.79%