GPEOX vs. VEMAX

Last updated Jun 24, 2026

GPEOX (Grandeur Peak Emerging Markets Opportunities Fund) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - GPEOX is a Emerging Markets Diversified fund managed by Grandeur Peak Funds, while VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index. Over the past 10 years, GPEOX returned 6.92%/yr vs 9.14%/yr for VEMAX. A 0.79 correlation means they provide meaningful diversification when combined. GPEOX charges 1.68%/yr vs 0.13%/yr for VEMAX.

Performance

GPEOX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPEOX achieves a 20.06% return, which is significantly higher than VEMAX's 13.77% return. Over the past 10 years, GPEOX has underperformed VEMAX with an annualized return of 6.92%, while VEMAX has yielded a comparatively higher 9.14% annualized return.

GPEOX

• 1D: -0.99%
• 1M: -0.58%
• YTD: 20.06%
• 6M: 20.66%
• 1Y: 24.04%
• 3Y*: 8.88%
• 5Y*: -0.22%
• 10Y*: 6.92%

VEMAX

• 1D: 0.56%
• 1M: 3.79%
• YTD: 13.77%
• 6M: 13.97%
• 1Y: 31.15%
• 3Y*: 18.36%
• 5Y*: 5.80%
• 10Y*: 9.14%

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

GPEOX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPEOX Grandeur Peak Emerging Markets Opportunities Fund	20.06%	9.08%	-7.19%	12.00%	-24.72%	8.87%	30.71%	23.35%	-20.66%	28.27%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	13.77%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-14.59%	31.37%

Correlation

The correlation between GPEOX and VEMAX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.79

The correlation between GPEOX and VEMAX shifts across timeframes, from 0.64 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GPEOX vs. VEMAX — Risk / Return Rank

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

GPEOX

GPEOX Risk / Return Rank: 31
GPEOX Sharpe Ratio Rank: 27
GPEOX Sortino Ratio Rank: 28
GPEOX Omega Ratio Rank: 30
GPEOX Calmar Ratio Rank: 41
GPEOX Martin Ratio Rank: 31

VEMAX

VEMAX Risk / Return Rank: 58
VEMAX Sharpe Ratio Rank: 60
VEMAX Sortino Ratio Rank: 56
VEMAX Omega Ratio Rank: 59
VEMAX Calmar Ratio Rank: 62
VEMAX Martin Ratio Rank: 55

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.

GPEOX vs. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

	GPEOX	VEMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.11	-0.73
Sortino ratio: Return per unit of downside risk	2.05	2.88	-0.83
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.32	2.88	-0.55
Martin ratio: Return relative to average drawdown	6.56	10.49	-3.92

GPEOX vs. VEMAX - Sharpe Ratio Comparison

The current GPEOX Sharpe Ratio is 1.38, which is lower than the VEMAX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of GPEOX and VEMAX, 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

GPEOX vs. VEMAX - Drawdown Comparison

The maximum GPEOX drawdown since its inception was -35.84%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for GPEOX and VEMAX.

Drawdown Indicators

	GPEOX	VEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.84%	-66.45%	+30.61%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-11.05%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-15.78%	-3.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-32.46%	-3.38%
Max Drawdown (10Y) Largest decline over 10 years	-35.84%	-36.11%	+0.27%
Current Drawdown Current decline from peak	-3.83%	-0.17%	-3.66%
Average Drawdown Average peak-to-trough decline	-13.14%	-16.08%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.03%	+0.58%

Volatility

GPEOX vs. VEMAX - Volatility Comparison

Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) has a higher volatility of 7.53% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 6.06%. This indicates that GPEOX's price experiences larger fluctuations and is considered to be riskier than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPEOX	VEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	6.06%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	12.85%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	15.10%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	15.53%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.66%	16.50%	-1.84%

GPEOX vs. VEMAX - Expense Ratio Comparison

GPEOX has a 1.68% expense ratio, which is higher than VEMAX's 0.13% expense ratio.

Dividends

GPEOX vs. VEMAX - Dividend Comparison

GPEOX's dividend yield for the trailing twelve months is around 21.66%, more than VEMAX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPEOX Grandeur Peak Emerging Markets Opportunities Fund	21.66%	26.01%	3.76%	3.73%	0.16%	12.45%	0.02%	0.06%	1.03%	0.23%	0.39%	3.58%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.23%	2.74%	3.13%	3.47%	4.05%	2.57%	1.87%	3.20%	2.85%	2.31%	2.51%	3.25%

Frequently Asked Questions

Can I hold both GPEOX and VEMAX in my portfolio?

GPEOX and VEMAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPEOX or VEMAX?

GPEOX has higher volatility (7.53%) compared to VEMAX (6.06%). In terms of maximum drawdown, GPEOX dropped -35.84% vs VEMAX's -66.45%.

Which has better risk-adjusted returns?

VEMAX currently has the higher Sharpe Ratio (2.11 vs 1.38), 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.