EMIM.L vs. VUSA.MI
EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) and VUSA.MI (Vanguard S&P 500 UCITS ETF) are both exchange-traded funds - EMIM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while VUSA.MI is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, EMIM.L returned 8.76%/yr vs 14.92%/yr for VUSA.MI. A 0.57 correlation means they provide meaningful diversification when combined. EMIM.L charges 0.18%/yr vs 0.07%/yr for VUSA.MI.
Performance
EMIM.L vs. VUSA.MI - Performance Comparison
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Different Trading Currencies
EMIM.L is traded in GBp, while VUSA.MI is traded in EUR. To make them comparable, the VUSA.MI values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMIM.L achieves a 24.23% return, which is significantly higher than VUSA.MI's 10.45% return.
EMIM.L
- 1D
- -1.35%
- 1M
- 5.54%
- YTD
- 24.23%
- 6M
- 26.48%
- 1Y
- 50.85%
- 3Y*
- 20.15%
- 5Y*
- 8.76%
- 10Y*
- 11.09%
VUSA.MI
- 1D
- 0.00%
- 1M
- 5.42%
- YTD
- 10.45%
- 6M
- 10.40%
- 1Y
- 29.04%
- 3Y*
- 19.07%
- 5Y*
- 14.92%
- 10Y*
- —
EMIM.L vs. VUSA.MI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 24.23% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 14.91% | 8.42% |
VUSA.MI Vanguard S&P 500 UCITS ETF | 10.45% | 9.81% | 27.74% | 19.88% | -10.07% | 31.04% | 13.53% | 20.33% |
Correlation
The correlation between EMIM.L and VUSA.MI is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2019 | 0.57 |
The correlation between EMIM.L and VUSA.MI has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.
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Return for Risk
EMIM.L vs. VUSA.MI — Risk / Return Rank
EMIM.L
VUSA.MI
EMIM.L vs. VUSA.MI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) and Vanguard S&P 500 UCITS ETF (VUSA.MI). 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.
| EMIM.L | VUSA.MI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.49 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.63 | 4.07 | +0.57 |
| Martin ratioReturn relative to average drawdown | 16.57 | 14.51 | +2.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMIM.L | VUSA.MI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.04 | 2.65 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 1.01 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.97 | -0.48 |
Drawdowns
EMIM.L vs. VUSA.MI - Drawdown Comparison
The maximum EMIM.L drawdown since its inception was -31.70%, which is greater than VUSA.MI's maximum drawdown of -26.26%. Use the drawdown chart below to compare losses from any high point for EMIM.L and VUSA.MI.
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Drawdown Indicators
| EMIM.L | VUSA.MI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.70% | -26.26% | -5.44% |
Max Drawdown (1Y)Largest decline over 1 year | -10.92% | -7.14% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -21.78% | +6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -21.98% | -21.78% | -0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | — | — |
Current DrawdownCurrent decline from peak | -2.39% | -0.24% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -3.56% | -5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 2.00% | +1.06% |
Volatility
EMIM.L vs. VUSA.MI - Volatility Comparison
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a higher volatility of 7.03% compared to Vanguard S&P 500 UCITS ETF (VUSA.MI) at 3.02%. This indicates that EMIM.L's price experiences larger fluctuations and is considered to be riskier than VUSA.MI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMIM.L | VUSA.MI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.03% | 3.02% | +4.01% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 7.37% | +6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.67% | 10.95% | +5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 14.72% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.81% | 16.46% | +1.35% |
EMIM.L vs. VUSA.MI - Expense Ratio Comparison
EMIM.L has a 0.18% expense ratio, which is higher than VUSA.MI's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EMIM.L vs. VUSA.MI - Dividend Comparison
EMIM.L has not paid dividends to shareholders, while VUSA.MI's dividend yield for the trailing twelve months is around 0.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VUSA.MI Vanguard S&P 500 UCITS ETF | 0.87% | 0.97% | 0.99% | 1.26% | 1.45% | 1.02% | 1.43% | 1.46% |
Frequently Asked Questions
EMIM.L and VUSA.MI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUSA.MI is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUSA.MI is cheaper with a 0.07% expense ratio, compared with 0.18% for EMIM.L.
EMIM.L is categorized as Emerging Markets Equities, while VUSA.MI is S&P 500. EMIM.L tracks MSCI EM NR USD, while VUSA.MI tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.18% for EMIM.L and 0.07% for VUSA.MI.
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