SFENX vs. VEMAX

Last updated Jun 23, 2026

SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both Emerging Markets Equities funds - SFENX tracks the RAFI Fundamental High Liquidity Emerging Markets Index while VEMAX tracks the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, SFENX returned 10.90%/yr vs 8.92%/yr for VEMAX. Their correlation of 0.94 suggests significant overlap in exposure. SFENX charges 0.39%/yr vs 0.13%/yr for VEMAX.

Performance

SFENX vs. VEMAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SFENX having a 13.58% return and VEMAX slightly lower at 13.14%. Over the past 10 years, SFENX has outperformed VEMAX with an annualized return of 10.90%, while VEMAX has yielded a comparatively lower 8.92% annualized return.

SFENX

• 1D: 0.47%
• 1M: 1.10%
• YTD: 13.58%
• 6M: 14.59%
• 1Y: 32.77%
• 3Y*: 19.38%
• 5Y*: 9.93%
• 10Y*: 10.90%

VEMAX

• 1D: 1.49%
• 1M: 3.21%
• YTD: 13.14%
• 6M: 13.80%
• 1Y: 30.92%
• 3Y*: 16.73%
• 5Y*: 5.79%
• 10Y*: 8.92%

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

SFENX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.58%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	13.14%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-14.59%	31.37%

Correlation

The correlation between SFENX and VEMAX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.94

The correlation between SFENX and VEMAX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

SFENX vs. VEMAX — Risk / Return Rank

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

SFENX

SFENX Risk / Return Rank: 70
SFENX Sharpe Ratio Rank: 73
SFENX Sortino Ratio Rank: 67
SFENX Omega Ratio Rank: 69
SFENX Calmar Ratio Rank: 78
SFENX Martin Ratio Rank: 64

VEMAX

VEMAX Risk / Return Rank: 52
VEMAX Sharpe Ratio Rank: 53
VEMAX Sortino Ratio Rank: 49
VEMAX Omega Ratio Rank: 52
VEMAX Calmar Ratio Rank: 55
VEMAX Martin Ratio Rank: 51

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.

SFENX vs. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) 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.

	SFENX	VEMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.98	+0.32
Sortino ratio: Return per unit of downside risk	3.10	2.72	+0.38
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	3.36	2.70	+0.66
Martin ratio: Return relative to average drawdown	11.74	9.85	+1.88

SFENX vs. VEMAX - Sharpe Ratio Comparison

The current SFENX Sharpe Ratio is 2.30, which is comparable to the VEMAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SFENX 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

SFENX vs. VEMAX - Drawdown Comparison

The maximum SFENX drawdown since its inception was -47.19%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for SFENX and VEMAX.

Drawdown Indicators

	SFENX	VEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-66.45%	+19.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-11.05%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-15.78%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-32.46%	+3.20%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-36.11%	-3.48%
Current Drawdown Current decline from peak	-3.16%	-0.73%	-2.43%
Average Drawdown Average peak-to-trough decline	-12.86%	-16.09%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.03%	-0.33%

Volatility

SFENX vs. VEMAX - Volatility Comparison

The current volatility for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) is 5.34%, while Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a volatility of 6.10%. This indicates that SFENX experiences smaller price fluctuations and is considered to be less risky than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFENX	VEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	6.10%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.51%	12.85%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	15.10%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	15.52%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	16.50%	+0.41%

SFENX vs. VEMAX - Expense Ratio Comparison

SFENX has a 0.39% expense ratio, which is higher than VEMAX's 0.13% expense ratio.

Dividends

SFENX vs. VEMAX - Dividend Comparison

SFENX's dividend yield for the trailing twelve months is around 3.46%, more than VEMAX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.46%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.24%	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 SFENX and VEMAX in my portfolio?

With a correlation of 0.93, SFENX and VEMAX 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, SFENX or VEMAX?

VEMAX has higher volatility (6.10%) compared to SFENX (5.34%). In terms of maximum drawdown, SFENX dropped -47.19% vs VEMAX's -66.45%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.30 vs 1.98), 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.