EPHE vs. VNM

Last updated Jul 14, 2026

EPHE (iShares MSCI Philippines ETF) and VNM (VanEck Vectors Vietnam ETF) are both Asia Pacific Equities funds - EPHE tracks the MSCI Philippines Investable Market Index while VNM tracks the MVIS Vietnam Index. Both are passively managed. Over the past 10 years, EPHE returned -3.39%/yr vs 2.69%/yr for VNM. At a 0.32 correlation, their price movements are largely independent. EPHE charges 0.59%/yr vs 0.68%/yr for VNM.

Performance

EPHE vs. VNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Philippines ETF (EPHE) and VanEck Vectors Vietnam ETF (VNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPHE achieves a 2.00% return, which is significantly higher than VNM's -8.12% return. Over the past 10 years, EPHE has underperformed VNM with an annualized return of -3.39%, while VNM has yielded a comparatively higher 2.69% annualized return.

EPHE

• 1D: -1.35%
• 1M: 1.67%
• 6M: -3.76%
• YTD: 2.00%
• 1Y: -5.56%
• 3Y*: -0.26%
• 5Y*: -1.57%
• 10Y*: -3.39%

VNM

• 1D: -2.50%
• 1M: -1.57%
• 6M: -10.88%
• YTD: -8.12%
• 1Y: 15.42%
• 3Y*: 9.63%
• 5Y*: -0.49%
• 10Y*: 2.69%

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

EPHE vs. VNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPHE iShares MSCI Philippines ETF	2.00%	1.56%	-1.41%	1.27%	-15.87%	-2.23%	-3.95%	8.50%	-17.50%	20.20%
VNM VanEck Vectors Vietnam ETF	-8.12%	66.55%	-11.15%	15.01%	-43.74%	22.05%	9.84%	9.24%	-16.83%	38.80%

Correlation

The correlation between EPHE and VNM is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.32

Over the past year, the correlation between EPHE and VNM has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

EPHE vs. VNM - Sectors Allocation Comparison

Sectors	EPHE	VNM
Industrials	30.8%	14.9%
Financial Services	20.0%	28.1%
Utilities	13.5%	1.1%
Consumer Cyclical	12.7%	-
Real Estate	11.2%	31.5%
Communication Services	4.8%	-
Consumer Defensive	4.5%	13.9%
Energy	1.3%	1.2%
Basic Materials	1.1%	7.5%
Healthcare	-	-
Technology	-	1.7%

Return for Risk

EPHE vs. VNM — Risk / Return Rank

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

EPHE

EPHE Risk / Return Rank: 6
EPHE Sharpe Ratio Rank: 7
EPHE Sortino Ratio Rank: 6
EPHE Omega Ratio Rank: 6
EPHE Calmar Ratio Rank: 6
EPHE Martin Ratio Rank: 6

VNM

VNM Risk / Return Rank: 22
VNM Sharpe Ratio Rank: 21
VNM Sortino Ratio Rank: 22
VNM Omega Ratio Rank: 20
VNM Calmar Ratio Rank: 23
VNM Martin Ratio Rank: 22

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.

EPHE vs. VNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Philippines ETF (EPHE) and VanEck Vectors Vietnam ETF (VNM). 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.

	EPHE	VNM	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.58	-0.85
Sortino ratio: Return per unit of downside risk	-0.26	1.00	-1.26
Omega ratio: Gain probability vs. loss probability	0.97	1.12	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.35	0.91	-1.26
Martin ratio: Return relative to average drawdown	-0.61	2.15	-2.76

EPHE vs. VNM - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.27, which is lower than the VNM Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of EPHE and VNM, 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

EPHE vs. VNM - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum VNM drawdown of -63.19%. Use the drawdown chart below to compare losses from any high point for EPHE and VNM.

Drawdown Indicators

	EPHE	VNM	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-63.19%	+9.37%
Max Drawdown (1Y) Largest decline over 1 year	-15.90%	-17.07%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-21.42%	-31.60%	+10.18%
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	-49.95%	+16.99%
Max Drawdown (10Y) Largest decline over 10 years	-51.62%	-51.67%	+0.05%
Current Drawdown Current decline from peak	-32.56%	-28.45%	-4.11%
Average Drawdown Average peak-to-trough decline	-21.06%	-37.76%	+16.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.13%	7.18%	+1.95%

Volatility

EPHE vs. VNM - Volatility Comparison

iShares MSCI Philippines ETF (EPHE) has a higher volatility of 9.64% compared to VanEck Vectors Vietnam ETF (VNM) at 6.34%. This indicates that EPHE's price experiences larger fluctuations and is considered to be riskier than VNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPHE	VNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	6.34%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	15.92%	17.51%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	26.84%	-6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	24.32%	-5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	23.43%	-1.15%

EPHE vs. VNM - Expense Ratio Comparison

EPHE has a 0.59% expense ratio, which is lower than VNM's 0.68% expense ratio.

Dividends

EPHE vs. VNM - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.72%, more than VNM's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPHE iShares MSCI Philippines ETF	2.72%	2.11%	2.32%	2.01%	1.73%	1.05%	0.72%	0.78%	0.45%	0.36%	0.71%	1.03%
VNM VanEck Vectors Vietnam ETF	0.22%	0.20%	0.00%	5.21%	0.96%	0.49%	0.40%	0.76%	0.83%	1.14%	2.44%	3.69%

Frequently Asked Questions

Can I hold both EPHE and VNM in my portfolio?

EPHE and VNM have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPHE or VNM?

EPHE has higher volatility (9.64%) compared to VNM (6.34%). In terms of maximum drawdown, EPHE dropped -53.82% vs VNM's -63.19%.

Which ETF is better, EPHE or VNM?

On 10-year performance, VNM leads with 2.69% vs -3.39% for EPHE. On fees, EPHE is cheaper at 0.59% per year. On volatility, VNM has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPHE or VNM?

Over the 10-year period, VNM has performed better with a 2.69% return vs -3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPHE or VNM?

EPHE is cheaper with a 0.59% expense ratio, compared with 0.68% for VNM.

Which ETF pays a higher dividend yield, EPHE or VNM?

EPHE has the higher dividend yield at 2.72%, compared with 0.22% for VNM.

What is the main difference between EPHE and VNM?

EPHE tracks MSCI Philippines Investable Market Index, while VNM tracks MVIS Vietnam Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.59% for EPHE and 0.68% for VNM.

Which has better risk-adjusted returns?

VNM currently has the higher Sharpe Ratio (0.58 vs -0.27), 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.