IPAC vs. VPL

Last updated Aug 2, 2026

IPAC (iShares Core MSCI Pacific ETF) and VPL (Vanguard FTSE Pacific ETF) are both Asia Pacific Equities funds - IPAC tracks the MSCI Pacific IMI Index (Net) while VPL tracks the FTSE Developed Asia Pacific Index. Both are passively managed. Over the past 10 years, IPAC returned 8.82%/yr vs 9.52%/yr for VPL. Their 0.97 correlation means they have historically moved very closely together. IPAC charges 0.09%/yr vs 0.08%/yr for VPL.

Performance

IPAC vs. VPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Pacific ETF (IPAC) and Vanguard FTSE Pacific ETF (VPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPAC achieves a 14.24% return, which is significantly lower than VPL's 20.61% return. Over the past 10 years, IPAC has underperformed VPL with an annualized return of 8.82%, while VPL has yielded a comparatively higher 9.52% annualized return.

IPAC

• 1D: -0.96%
• 1M: 0.87%
• 6M: 7.59%
• YTD: 14.24%
• 1Y: 26.06%
• 3Y*: 16.33%
• 5Y*: 8.37%
• 10Y*: 8.82%
• ALL TIME*: 7.31%

VPL

• 1D: -1.01%
• 1M: -2.62%
• 6M: 10.34%
• YTD: 20.61%
• 1Y: 37.66%
• 3Y*: 18.88%
• 5Y*: 9.33%
• 10Y*: 9.52%
• ALL TIME*: 6.48%

*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)
IPAC iShares Core MSCI Pacific ETF	$5.46M	$8.24M	$8.98M
VPL Vanguard FTSE Pacific ETF	$40.49M	$47.90M	$62.42M

IPAC vs. VPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPAC iShares Core MSCI Pacific ETF	14.24%	25.16%	6.18%	14.51%	-13.68%	3.09%	12.39%	19.44%	-12.78%	25.97%
VPL Vanguard FTSE Pacific ETF	20.61%	32.66%	1.68%	15.58%	-15.20%	1.10%	16.65%	18.16%	-14.40%	28.85%

Correlation

The correlation between IPAC and VPL is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.97

The correlation between IPAC and VPL has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

IPAC vs. VPL - Sectors Allocation Comparison

Sectors	IPAC	VPL
Financial Services	24.9%	17.8%
Industrials	20.5%	17.4%
Technology	13.7%	31.6%
Consumer Cyclical	10.6%	8.8%
Basic Materials	8.3%	6.5%
Healthcare	5.4%	4.3%
Real Estate	5.0%	3.6%
Consumer Defensive	4.0%	3.2%
Communication Services	3.8%	4.4%
Energy	1.7%	1.1%
Utilities	1.6%	1.3%

Return for Risk

IPAC vs. VPL — Risk / Return Rank

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

IPAC

IPAC Risk / Return Rank: 67
IPAC Sharpe Ratio Rank: 67
IPAC Sortino Ratio Rank: 66
IPAC Omega Ratio Rank: 69
IPAC Calmar Ratio Rank: 67
IPAC Martin Ratio Rank: 67

VPL

VPL Risk / Return Rank: 72
VPL Sharpe Ratio Rank: 71
VPL Sortino Ratio Rank: 65
VPL Omega Ratio Rank: 73
VPL Calmar Ratio Rank: 80
VPL Martin Ratio Rank: 71

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.

IPAC vs. VPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Pacific ETF (IPAC) and Vanguard FTSE Pacific ETF (VPL). 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.

	IPAC	VPL	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.59	-0.07
Sortino ratio: Return per unit of downside risk	2.15	2.16	0.00
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.32	2.84	-0.51
Martin ratio: Return relative to average drawdown	8.11	8.65	-0.54

IPAC vs. VPL - Sharpe Ratio Comparison

The current IPAC Sharpe Ratio is 1.52, which is comparable to the VPL Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of IPAC and VPL, 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

IPAC vs. VPL - Drawdown Comparison

The maximum IPAC drawdown since its inception was -30.99%, smaller than the maximum VPL drawdown of -55.49%. Use the drawdown chart below to compare losses from any high point for IPAC and VPL.

Drawdown Indicators

	IPAC	VPL	Difference
Max Drawdown Largest peak-to-trough decline	-30.99%	-55.49%	+24.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-13.33%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-16.35%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	-31.09%	+1.45%
Max Drawdown (10Y) Largest decline over 10 years	-30.99%	-33.90%	+2.91%
Current Drawdown Current decline from peak	-1.71%	-9.69%	+7.98%
Average Drawdown Average peak-to-trough decline	-7.41%	-11.59%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	4.37%	-1.08%

Volatility

IPAC vs. VPL - Volatility Comparison

The current volatility for iShares Core MSCI Pacific ETF (IPAC) is 5.93%, while Vanguard FTSE Pacific ETF (VPL) has a volatility of 9.21%. This indicates that IPAC experiences smaller price fluctuations and is considered to be less risky than VPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAC	VPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	9.21%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	14.93%	21.74%	-6.81%
Volatility (1Y) Calculated over the trailing 1-year period	17.58%	23.77%	-6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	18.34%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	17.73%	-1.08%

IPAC vs. VPL - Expense Ratio Comparison

IPAC has a 0.09% expense ratio, which is higher than VPL's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IPAC vs. VPL - Dividend Comparison

IPAC's dividend yield for the trailing twelve months is around 3.86%, more than VPL's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAC iShares Core MSCI Pacific ETF	3.86%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%
VPL Vanguard FTSE Pacific ETF	2.77%	4.01%	3.15%	3.12%	2.75%	3.19%	1.81%	2.84%	3.06%	2.57%	2.65%	2.43%

Frequently Asked Questions

Can I hold both IPAC and VPL in my portfolio?

With a correlation of 0.92, IPAC and VPL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IPAC or VPL?

VPL has higher volatility (9.21%) compared to IPAC (5.93%). In terms of maximum drawdown, IPAC dropped -30.99% vs VPL's -55.49%.

Which ETF is better, IPAC or VPL?

On 10-year performance, VPL leads with 9.52% vs 8.82% for IPAC. On fees, VPL is cheaper at 0.08% per year. On volatility, IPAC has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAC or VPL?

Over the 10-year period, VPL has performed better with a 9.52% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAC or VPL?

VPL is cheaper with a 0.08% expense ratio, compared with 0.09% for IPAC.

Which ETF pays a higher dividend yield, IPAC or VPL?

IPAC has the higher dividend yield at 3.86%, compared with 2.77% for VPL.

What is the main difference between IPAC and VPL?

IPAC tracks MSCI Pacific IMI Index (Net), while VPL tracks FTSE Developed Asia Pacific Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for IPAC and 0.08% for VPL.

Which has better risk-adjusted returns?

VPL currently has the higher Sharpe Ratio (1.59 vs 1.52), 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.