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EMKT.AX vs. QHAL.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMKT.AX vs. QHAL.AX

Last updated Jul 16, 2026
Documentation

EMKT.AX (VanEck MSCI Multifactor Emerging Markets Equity ETF) and QHAL.AX (VanEck MSCI International Quality (AUD Hedged) ETF) are both exchange-traded funds - EMKT.AX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Multi-Factor Select Index, while QHAL.AX is a Global Equities fund tracking the VanEck MSCI International Quality (AUD Hedged) Index. Both are passively managed. Over the past 5 years, EMKT.AX returned 15.12%/yr vs 9.81%/yr for QHAL.AX. At a 0.35 correlation, their price movements are largely independent.

Performance

EMKT.AX vs. QHAL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) and VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMKT.AX achieves a 26.61% return, which is significantly higher than QHAL.AX's 9.09% return.

EMKT.AX

1D
-3.02%
1M
-5.25%
6M
18.61%
YTD
26.61%
1Y
37.00%
3Y*
25.77%
5Y*
15.12%
10Y*
—

QHAL.AX

1D
0.18%
1M
1.31%
6M
7.14%
YTD
9.09%
1Y
19.63%
3Y*
16.48%
5Y*
9.81%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMKT.AX vs. QHAL.AX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EMKT.AX
VanEck MSCI Multifactor Emerging Markets Equity ETF		26.61%21.60%25.43%18.32%-10.53%12.71%0.07%8.80%
QHAL.AX
VanEck MSCI International Quality (AUD Hedged) ETF		9.09%16.95%16.47%28.64%-22.97%27.30%15.85%16.88%

Correlation

The correlation between EMKT.AX and QHAL.AX is 0.56, 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

0.56

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

0.39

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

0.34

Correlation (All Time)
Calculated using the full available price history since Mar 21, 2019

0.35

Over the past year, EMKT.AX and QHAL.AX have become more correlated (0.56) than their long-term average of 0.35, meaning their price movements have been converging.

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VanEck MSCI Multifactor Emerging Markets Equity ETF

VanEck MSCI International Quality (AUD Hedged) ETF

Return for Risk

EMKT.AX vs. QHAL.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMKT.AX
EMKT.AX Risk / Return Rank: 5555
Overall Rank
EMKT.AX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
EMKT.AX Sortino Ratio Rank: 4848
Sortino Ratio Rank
EMKT.AX Omega Ratio Rank: 5454
Omega Ratio Rank
EMKT.AX Calmar Ratio Rank: 6363
Calmar Ratio Rank
EMKT.AX Martin Ratio Rank: 5959
Martin Ratio Rank
QHAL.AX
QHAL.AX Risk / Return Rank: 5555
Overall Rank
QHAL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
QHAL.AX Sortino Ratio Rank: 5555
Sortino Ratio Rank
QHAL.AX Omega Ratio Rank: 5555
Omega Ratio Rank
QHAL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
QHAL.AX Martin Ratio Rank: 6262
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.

EMKT.AX vs. QHAL.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) and VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX). 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.

EMKT.AXQHAL.AXDifference
Sharpe ratioReturn per unit of total volatility
1.46
1.51

-0.05

Sortino ratioReturn per unit of downside risk
2.01
2.17

-0.17

Omega ratioGain probability vs. loss probability

1.28

1.28

0.00

Calmar ratioReturn relative to maximum drawdown

2.57

2.05

+0.52

Martin ratioReturn relative to average drawdown

8.39

8.80

-0.41

EMKT.AX vs. QHAL.AX - Sharpe Ratio Comparison

The current EMKT.AX Sharpe Ratio is 1.46, which is comparable to the QHAL.AX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of EMKT.AX and QHAL.AX, 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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Drawdowns

EMKT.AX vs. QHAL.AX - Drawdown Comparison

The maximum EMKT.AX drawdown since its inception was -23.26%, smaller than the maximum QHAL.AX drawdown of -31.33%. Use the drawdown chart below to compare losses from any high point for EMKT.AX and QHAL.AX.

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Drawdown Indicators

EMKT.AXQHAL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-23.26%

-31.33%

+8.07%

Max Drawdown (1Y)

Largest decline over 1 year

-13.55%

-9.72%

-3.83%

Max Drawdown (3Y)

Largest decline over 3 years

-13.55%

-19.02%

+5.47%

Max Drawdown (5Y)

Largest decline over 5 years

-18.03%

-29.40%

+11.37%

Current Drawdown

Current decline from peak

-7.87%

0.00%

-7.87%

Average Drawdown

Average peak-to-trough decline

-5.78%

-6.09%

+0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.23%

2.29%

+1.94%

Volatility

EMKT.AX vs. QHAL.AX - Volatility Comparison

VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) has a higher volatility of 11.32% compared to VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) at 2.91%. This indicates that EMKT.AX's price experiences larger fluctuations and is considered to be riskier than QHAL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMKT.AXQHAL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.32%

2.91%

+8.41%

Volatility (6M)

Calculated over the trailing 6-month period

22.45%

11.08%

+11.37%

Volatility (1Y)

Calculated over the trailing 1-year period

23.92%

13.25%

+10.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.21%

18.30%

-2.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.18%

18.82%

-2.64%

Dividends

EMKT.AX vs. QHAL.AX - Dividend Comparison

EMKT.AX's dividend yield for the trailing twelve months is around 13.38%, more than QHAL.AX's 3.40% yield.

PositionTTM20252024202320222021202020192018
EMKT.AX
VanEck MSCI Multifactor Emerging Markets Equity ETF		13.38%2.92%2.48%5.28%4.20%1.67%2.40%1.41%0.52%
QHAL.AX
VanEck MSCI International Quality (AUD Hedged) ETF		3.40%1.93%4.95%1.04%1.12%0.86%0.93%1.34%0.00%

Frequently Asked Questions

EMKT.AX and QHAL.AX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMKT.AX is categorized as Emerging Markets Equities, while QHAL.AX is Global Equities. EMKT.AX tracks MSCI Emerging Markets Multi-Factor Select Index, while QHAL.AX tracks VanEck MSCI International Quality (AUD Hedged) Index.

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