PAIJX vs. VEMRX

Last updated Aug 1, 2026

PAIJX (T. Rowe Price Emerging Markets Discovery Stock Fund) and VEMRX (Vanguard Emerging Markets Index Fund Institutional Plus Shares) are both Emerging Markets Equities funds. Over the past 10 years, PAIJX returned 9.71%/yr vs 7.63%/yr for VEMRX. Their correlation of 0.93 means they have usually moved in the same direction. PAIJX charges 1.60%/yr vs 0.08%/yr for VEMRX.

Performance

PAIJX vs. VEMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) and Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAIJX achieves a 18.11% return, which is significantly higher than VEMRX's 7.83% return. Over the past 10 years, PAIJX has outperformed VEMRX with an annualized return of 9.71%, while VEMRX has yielded a comparatively lower 7.63% annualized return.

PAIJX

• 1D: 4.01%
• 1M: -1.36%
• 6M: 7.20%
• YTD: 18.11%
• 1Y: 42.06%
• 3Y*: 19.21%
• 5Y*: 9.52%
• 10Y*: 9.71%
• ALL TIME*: 9.38%

VEMRX

• 1D: 1.69%
• 1M: -1.72%
• 6M: 2.69%
• YTD: 7.83%
• 1Y: 20.01%
• 3Y*: 13.74%
• 5Y*: 5.83%
• 10Y*: 7.63%
• ALL TIME*: 4.08%

*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)
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	$0.00	$0.00	$0.00
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

PAIJX vs. VEMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	18.11%	37.89%	5.37%	10.72%	-16.04%	4.03%	6.46%	15.99%	-10.23%	32.42%
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	7.83%	24.84%	11.40%	8.88%	-17.74%	0.92%	15.29%	20.39%	-14.55%	31.44%

Correlation

The correlation between PAIJX and VEMRX is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015	0.93

The correlation between PAIJX and VEMRX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

PAIJX vs. VEMRX — Risk / Return Rank

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

PAIJX

PAIJX Risk / Return Rank: 73
PAIJX Sharpe Ratio Rank: 73
PAIJX Sortino Ratio Rank: 64
PAIJX Omega Ratio Rank: 74
PAIJX Calmar Ratio Rank: 84
PAIJX Martin Ratio Rank: 70

VEMRX

VEMRX Risk / Return Rank: 39
VEMRX Sharpe Ratio Rank: 39
VEMRX Sortino Ratio Rank: 38
VEMRX Omega Ratio Rank: 38
VEMRX Calmar Ratio Rank: 43
VEMRX 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.

PAIJX vs. VEMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) and Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX). 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.

	PAIJX	VEMRX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.15	+0.61
Sortino ratio: Return per unit of downside risk	2.30	1.64	+0.65
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.97	1.66	+1.31
Martin ratio: Return relative to average drawdown	8.90	5.54	+3.35

PAIJX vs. VEMRX - Sharpe Ratio Comparison

The current PAIJX Sharpe Ratio is 1.76, which is higher than the VEMRX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of PAIJX and VEMRX, 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

PAIJX vs. VEMRX - Drawdown Comparison

The maximum PAIJX drawdown since its inception was -42.19%, which is greater than VEMRX's maximum drawdown of -36.01%. Use the drawdown chart below to compare losses from any high point for PAIJX and VEMRX.

Drawdown Indicators

	PAIJX	VEMRX	Difference
Max Drawdown Largest peak-to-trough decline	-42.19%	-36.01%	-6.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.29%	-11.04%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-15.74%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-30.91%	-30.65%	-0.26%
Max Drawdown (10Y) Largest decline over 10 years	-42.19%	-36.01%	-6.18%
Current Drawdown Current decline from peak	-9.76%	-5.42%	-4.34%
Average Drawdown Average peak-to-trough decline	-10.29%	-12.73%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	3.30%	+1.13%

Volatility

PAIJX vs. VEMRX - Volatility Comparison

T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) has a higher volatility of 9.40% compared to Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) at 5.22%. This indicates that PAIJX's price experiences larger fluctuations and is considered to be riskier than VEMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAIJX	VEMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	5.22%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	20.53%	13.81%	+6.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	15.99%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	15.59%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	16.50%	+1.58%

PAIJX vs. VEMRX - Expense Ratio Comparison

PAIJX has a 1.60% expense ratio, which is higher than VEMRX's 0.08% expense ratio.

Dividends

PAIJX vs. VEMRX - Dividend Comparison

PAIJX's dividend yield for the trailing twelve months is around 3.56%, more than VEMRX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	3.56%	4.20%	2.72%	2.71%	1.85%	2.24%	0.00%	2.49%	1.24%	3.68%	3.00%	1.53%
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	2.40%	2.79%	3.19%	3.53%	4.11%	2.63%	1.92%	3.26%	2.92%	2.35%	2.56%	3.31%

Frequently Asked Questions

Can I hold both PAIJX and VEMRX in my portfolio?

With a correlation of 0.91, PAIJX and VEMRX 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, PAIJX or VEMRX?

PAIJX has higher volatility (9.40%) compared to VEMRX (5.22%). In terms of maximum drawdown, PAIJX dropped -42.19% vs VEMRX's -36.01%.

Which has better risk-adjusted returns?

PAIJX currently has the higher Sharpe Ratio (1.76 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.