QHAL.AX vs. EMKT.AX

Last updated Jul 18, 2026

QHAL.AX (VanEck MSCI International Quality (AUD Hedged) ETF) and EMKT.AX (VanEck MSCI Multifactor Emerging Markets Equity ETF) are both exchange-traded funds - QHAL.AX is a Global Equities fund tracking the VanEck MSCI International Quality (AUD Hedged) Index, while EMKT.AX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Multi-Factor Select Index. Both are passively managed. Over the past 5 years, QHAL.AX returned 9.54%/yr vs 13.99%/yr for EMKT.AX. At a 0.35 correlation, their price movements are largely independent.

Performance

QHAL.AX vs. EMKT.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QHAL.AX achieves a 7.77% return, which is significantly lower than EMKT.AX's 20.51% return.

QHAL.AX

• 1D: -1.21%
• 1M: 0.11%
• 6M: 5.43%
• YTD: 7.77%
• 1Y: 18.96%
• 3Y*: 15.95%
• 5Y*: 9.54%
• 10Y*: —

EMKT.AX

• 1D: -4.82%
• 1M: -10.45%
• 6M: 12.55%
• YTD: 20.51%
• 1Y: 29.90%
• 3Y*: 23.76%
• 5Y*: 13.99%
• 10Y*: —

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

QHAL.AX vs. EMKT.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QHAL.AX VanEck MSCI International Quality (AUD Hedged) ETF	7.77%	16.95%	16.47%	28.64%	-22.97%	27.30%	15.85%	16.88%
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF	20.51%	21.60%	25.43%	18.32%	-10.53%	12.71%	0.07%	8.80%

Correlation

The correlation between QHAL.AX and EMKT.AX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.35

Over the past year, QHAL.AX and EMKT.AX have become more correlated (0.56) than their long-term average of 0.35, meaning their price movements have been converging.

Return for Risk

QHAL.AX vs. EMKT.AX — Risk / Return Rank

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

QHAL.AX

QHAL.AX Risk / Return Rank: 54
QHAL.AX Sharpe Ratio Rank: 52
QHAL.AX Sortino Ratio Rank: 53
QHAL.AX Omega Ratio Rank: 53
QHAL.AX Calmar Ratio Rank: 49
QHAL.AX Martin Ratio Rank: 61

EMKT.AX

EMKT.AX Risk / Return Rank: 48
EMKT.AX Sharpe Ratio Rank: 44
EMKT.AX Sortino Ratio Rank: 41
EMKT.AX Omega Ratio Rank: 47
EMKT.AX Calmar Ratio Rank: 56
EMKT.AX Martin Ratio Rank: 53

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.

QHAL.AX vs. EMKT.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). 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.

	QHAL.AX	EMKT.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.18	+0.19
Sortino ratio: Return per unit of downside risk	1.98	1.66	+0.32
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.86	2.12	-0.26
Martin ratio: Return relative to average drawdown	8.00	6.81	+1.19

QHAL.AX vs. EMKT.AX - Sharpe Ratio Comparison

The current QHAL.AX Sharpe Ratio is 1.36, which is comparable to the EMKT.AX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of QHAL.AX and EMKT.AX, 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

QHAL.AX vs. EMKT.AX - Drawdown Comparison

The maximum QHAL.AX drawdown since its inception was -31.33%, which is greater than EMKT.AX's maximum drawdown of -23.26%. Use the drawdown chart below to compare losses from any high point for QHAL.AX and EMKT.AX.

Drawdown Indicators

	QHAL.AX	EMKT.AX	Difference
Max Drawdown Largest peak-to-trough decline	-31.33%	-23.26%	-8.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-13.55%	+3.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-13.55%	-5.47%
Max Drawdown (5Y) Largest decline over 5 years	-29.40%	-18.03%	-11.37%
Current Drawdown Current decline from peak	-1.21%	-12.31%	+11.10%
Average Drawdown Average peak-to-trough decline	-6.08%	-5.78%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	4.29%	-2.00%

Volatility

QHAL.AX vs. EMKT.AX - Volatility Comparison

The current volatility for VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) is 3.17%, while VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) has a volatility of 12.02%. This indicates that QHAL.AX experiences smaller price fluctuations and is considered to be less risky than EMKT.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QHAL.AX	EMKT.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	12.02%	-8.85%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	23.02%	-11.88%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	24.40%	-11.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	16.35%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.82%	16.26%	+2.56%

Dividends

QHAL.AX vs. EMKT.AX - Dividend Comparison

QHAL.AX's dividend yield for the trailing twelve months is around 3.44%, less than EMKT.AX's 14.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF	14.06%	2.92%	2.48%	5.28%	4.20%	1.67%	2.40%	1.41%	0.52%
QHAL.AX VanEck MSCI International Quality (AUD Hedged) ETF	3.44%	1.93%	4.95%	1.04%	1.12%	0.86%	0.93%	1.34%	0.00%

Frequently Asked Questions

Can I hold both QHAL.AX and EMKT.AX in my portfolio?

QHAL.AX and EMKT.AX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between QHAL.AX and EMKT.AX?

QHAL.AX is categorized as Global Equities, while EMKT.AX is Emerging Markets Equities. QHAL.AX tracks VanEck MSCI International Quality (AUD Hedged) Index, while EMKT.AX tracks MSCI Emerging Markets Multi-Factor Select Index.