GBFAX vs. VEMIX

Last updated Aug 1, 2026

GBFAX (VanEck Emerging Markets Fund) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 10 years, GBFAX returned 5.90%/yr vs 7.61%/yr for VEMIX. Their correlation of 0.88 means they have usually moved in the same direction. GBFAX charges 1.53%/yr vs 0.06%/yr for VEMIX.

Performance

GBFAX vs. VEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Emerging Markets Fund (GBFAX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBFAX achieves a 13.96% return, which is significantly higher than VEMIX's 7.82% return. Over the past 10 years, GBFAX has underperformed VEMIX with an annualized return of 5.90%, while VEMIX has yielded a comparatively higher 7.61% annualized return.

GBFAX

• 1D: 3.67%
• 1M: -3.84%
• 6M: 6.03%
• YTD: 13.96%
• 1Y: 30.85%
• 3Y*: 13.65%
• 5Y*: 1.94%
• 10Y*: 5.90%
• ALL TIME*: 6.46%

VEMIX

• 1D: 1.70%
• 1M: -1.72%
• 6M: 2.68%
• YTD: 7.82%
• 1Y: 19.98%
• 3Y*: 13.72%
• 5Y*: 5.81%
• 10Y*: 7.61%
• ALL TIME*: 7.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GBFAX VanEck Emerging Markets Fund	$0.00	$0.00	$0.00
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00

GBFAX vs. VEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBFAX VanEck Emerging Markets Fund	13.96%	30.27%	-0.31%	10.60%	-25.21%	-12.13%	16.43%	29.53%	-23.30%	49.70%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	7.82%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%

Correlation

The correlation between GBFAX and VEMIX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jun 22, 2000	0.88

The correlation between GBFAX and VEMIX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

GBFAX vs. VEMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GBFAX

GBFAX Risk / Return Rank: 43
GBFAX Sharpe Ratio Rank: 38
GBFAX Sortino Ratio Rank: 36
GBFAX Omega Ratio Rank: 43
GBFAX Calmar Ratio Rank: 56
GBFAX Martin Ratio Rank: 45

VEMIX

VEMIX Risk / Return Rank: 40
VEMIX Sharpe Ratio Rank: 39
VEMIX Sortino Ratio Rank: 38
VEMIX Omega Ratio Rank: 38
VEMIX Calmar Ratio Rank: 43
VEMIX Martin Ratio Rank: 39

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.

GBFAX vs. VEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Fund (GBFAX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). 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.

	GBFAX	VEMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.15	+0.02
Sortino ratio: Return per unit of downside risk	1.64	1.64	0.00
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	1.99	1.66	+0.33
Martin ratio: Return relative to average drawdown	6.44	5.53	+0.91

GBFAX vs. VEMIX - Sharpe Ratio Comparison

The current GBFAX Sharpe Ratio is 1.17, which is comparable to the VEMIX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of GBFAX and VEMIX, 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

GBFAX vs. VEMIX - Drawdown Comparison

The maximum GBFAX drawdown since its inception was -75.51%, which is greater than VEMIX's maximum drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for GBFAX and VEMIX.

Drawdown Indicators

	GBFAX	VEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-75.51%	-66.43%	-9.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.62%	-11.05%	-3.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-15.77%	-3.33%
Max Drawdown (5Y) Largest decline over 5 years	-44.43%	-30.68%	-13.75%
Max Drawdown (10Y) Largest decline over 10 years	-50.34%	-36.04%	-14.30%
Current Drawdown Current decline from peak	-10.38%	-5.42%	-4.96%
Average Drawdown Average peak-to-trough decline	-19.75%	-15.91%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	3.31%	+1.20%

Volatility

GBFAX vs. VEMIX - Volatility Comparison

VanEck Emerging Markets Fund (GBFAX) has a higher volatility of 9.97% compared to Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) at 5.22%. This indicates that GBFAX's price experiences larger fluctuations and is considered to be riskier than VEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBFAX	VEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.97%	5.22%	+4.75%
Volatility (6M) Calculated over the trailing 6-month period	22.86%	13.82%	+9.04%
Volatility (1Y) Calculated over the trailing 1-year period	24.89%	16.00%	+8.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	15.59%	+3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	16.50%	+2.42%

GBFAX vs. VEMIX - Expense Ratio Comparison

GBFAX has a 1.53% expense ratio, which is higher than VEMIX's 0.06% expense ratio.

Dividends

GBFAX vs. VEMIX - Dividend Comparison

GBFAX's dividend yield for the trailing twelve months is around 0.56%, less than VEMIX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBFAX VanEck Emerging Markets Fund	0.56%	0.64%	0.92%	1.17%	3.85%	8.09%	0.15%	1.56%	0.03%	0.10%	0.13%	0.01%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.38%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Frequently Asked Questions

Can I hold both GBFAX and VEMIX in my portfolio?

GBFAX and VEMIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBFAX or VEMIX?

GBFAX has higher volatility (9.97%) compared to VEMIX (5.22%). In terms of maximum drawdown, GBFAX dropped -75.51% vs VEMIX's -66.43%.

Which has better risk-adjusted returns?

GBFAX currently has the higher Sharpe Ratio (1.17 vs 1.15), 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.