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EWM vs. VNM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. VNM

Last updated Aug 4, 2026
Documentation

EWM (iShares MSCI Malaysia ETF) and VNM (VanEck Vectors Vietnam ETF) are both Asia Pacific Equities funds - EWM tracks the MSCI Malaysia Index while VNM tracks the MVIS Vietnam Index. Both are passively managed. Over the past 10 years, EWM returned 2.51%/yr vs 3.26%/yr for VNM. Their 0.38 correlation means their historical movements had little consistent relationship. EWM charges 0.49%/yr vs 0.68%/yr for VNM.

Performance

EWM vs. VNM - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWM achieves a 4.87% return, which is significantly higher than VNM's -8.28% return. Over the past 10 years, EWM has underperformed VNM with an annualized return of 2.51%, while VNM has yielded a comparatively higher 3.26% annualized return.

EWM

1D
0.11%
1M
4.23%
6M
-2.14%
YTD
4.87%
1Y
21.56%
3Y*
13.59%
5Y*
6.70%
10Y*
2.51%
ALL TIME*
1.91%

VNM

1D
3.06%
1M
-5.35%
6M
-6.77%
YTD
-8.28%
1Y
9.95%
3Y*
7.02%
5Y*
-1.14%
10Y*
3.26%
ALL TIME*
-0.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWM

iShares MSCI Malaysia ETF
$7.74M$6.46M$7.58M

VNM

VanEck Vectors Vietnam ETF
$13.14M$11.75M$11.73M

EWM vs. VNM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		4.87%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
VNM
VanEck Vectors Vietnam ETF		-8.28%66.55%-11.15%15.01%-43.74%22.05%9.84%9.24%-16.83%38.80%

Correlation

The correlation between EWM and VNM is 0.24, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.24

Correlation (3Y)
Balances recent behavior with more history.

0.20

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.24

Correlation (10Y)
Provides a long-term view across more market conditions.

0.33

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2009

0.38

The correlation between EWM and VNM shifts across timeframes, from 0.20 (3 years) to 0.38 (all time), reflecting how their relationship changes across market environments.

EWM vs. VNM - Sectors Allocation Comparison

Sectors
EWM
VNM

Financial Services

51.8%
32.7%

Utilities

10.8%
0.9%

Industrials

9.9%
14.3%

Basic Materials

8.8%
7.0%

Consumer Defensive

7.3%
14.3%

Communication Services

5.3%

-

Healthcare

3.1%

-

Energy

2.9%
1.4%

Consumer Cyclical

1.1%
2.2%

Real Estate

-

24.8%

Technology

-

2.5%

Financial Services

EWM
51.8%
VNM
32.7%

Utilities

EWM
10.8%
VNM
0.9%

Industrials

EWM
9.9%
VNM
14.3%

Basic Materials

EWM
8.8%
VNM
7.0%

Consumer Defensive

EWM
7.3%
VNM
14.3%

Communication Services

EWM
5.3%
VNM

-

Healthcare

EWM
3.1%
VNM

-

Energy

EWM
2.9%
VNM
1.4%

Consumer Cyclical

EWM
1.1%
VNM
2.2%

Real Estate

EWM

-

VNM
24.8%

Technology

EWM

-

VNM
2.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Malaysia ETF

VanEck Vectors Vietnam ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. AAXJEWM vs. SCHD
Often compared with VNM:
VNM vs. VOOVNM vs. INDAVNM vs. IDXVNM vs. SPYVNM vs. VNAMVNM vs. EMXCVNM vs. VXUS

Return for Risk

EWM vs. VNM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWM
EWM Risk / Return Rank: 5757
Overall Rank
EWM Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 6262
Sortino Ratio Rank
EWM Omega Ratio Rank: 5858
Omega Ratio Rank
EWM Calmar Ratio Rank: 5555
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
Martin Ratio Rank
VNM
VNM Risk / Return Rank: 2020
Overall Rank
VNM Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
VNM Sortino Ratio Rank: 2121
Sortino Ratio Rank
VNM Omega Ratio Rank: 1919
Omega Ratio Rank
VNM Calmar Ratio Rank: 2121
Calmar Ratio Rank
VNM Martin Ratio Rank: 2020
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWM vs. VNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Malaysia ETF (EWM) 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.

EWMVNMDifference
Sharpe ratioReturn per unit of total volatility
1.54
0.37

+1.16

Sortino ratioReturn per unit of downside risk
2.17
0.74

+1.44

Omega ratioGain probability vs. loss probability

1.26

1.08

+0.18

Calmar ratioReturn relative to maximum drawdown

2.04

0.57

+1.47

Martin ratioReturn relative to average drawdown

5.39

1.25

+4.14

EWM vs. VNM - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.54, which is higher than the VNM Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of EWM 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.

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Drawdowns

EWM vs. VNM - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than VNM's maximum drawdown of -63.19%. Use the drawdown chart below to compare losses from any high point for EWM and VNM.

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Drawdown Indicators

EWMVNMDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-63.19%

-26.00%

Max Drawdown (1Y)

Largest decline over 1 year

-10.61%

-17.47%

+6.86%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-31.60%

+10.29%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-49.95%

+27.19%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-51.67%

+7.86%

Current Drawdown

Current decline from peak

-7.32%

-28.57%

+21.25%

Average Drawdown

Average peak-to-trough decline

-31.70%

-37.73%

+6.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

7.98%

-3.97%

Volatility

EWM vs. VNM - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 3.61%, while VanEck Vectors Vietnam ETF (VNM) has a volatility of 8.83%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than VNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWMVNMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

8.83%

-5.22%

Volatility (6M)

Calculated over the trailing 6-month period

10.74%

18.63%

-7.89%

Volatility (1Y)

Calculated over the trailing 1-year period

14.14%

26.88%

-12.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.79%

24.49%

-10.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.16%

23.53%

-7.37%

EWM vs. VNM - Expense Ratio Comparison

EWM has a 0.49% expense ratio, which is lower than VNM's 0.68% expense ratio.

Dividends

EWM vs. VNM - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.55%, more than VNM's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.55%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
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

EWM and VNM have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VNM has higher volatility (8.83%) compared to EWM (3.61%). In terms of maximum drawdown, EWM dropped -89.19% vs VNM's -63.19%.

On 10-year performance, VNM leads with 3.26% vs 2.51% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VNM has performed better with a 3.26% return vs 2.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.68% for VNM.

EWM has the higher dividend yield at 3.55%, compared with 0.22% for VNM.

EWM tracks MSCI Malaysia Index, while VNM tracks MVIS Vietnam Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.49% for EWM and 0.68% for VNM.

EWM currently has the higher Sharpe Ratio (1.53 vs 0.37), 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.

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