UAE vs. VEGI

Last updated Jun 5, 2026

UAE (iShares MSCI UAE ETF) and VEGI (iShares MSCI Agriculture Producers ETF) are both exchange-traded funds - UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped Index, while VEGI is a Mid Cap Value Equities fund tracking the MSCI ACWI Select Agriculture Producers Investable Market Index. Both are passively managed. Over the past 10 years, UAE returned 5.49%/yr vs 8.32%/yr for VEGI. At a 0.32 correlation, their price movements are largely independent. UAE charges 0.59%/yr vs 0.39%/yr for VEGI.

Performance

UAE vs. VEGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI UAE ETF (UAE) and iShares MSCI Agriculture Producers ETF (VEGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAE achieves a -1.41% return, which is significantly lower than VEGI's 16.20% return. Over the past 10 years, UAE has underperformed VEGI with an annualized return of 5.49%, while VEGI has yielded a comparatively higher 8.32% annualized return.

UAE

• 1D: 1.45%
• 1M: -1.62%
• YTD: -1.41%
• 6M: -0.08%
• 1Y: 5.92%
• 3Y*: 12.95%
• 5Y*: 9.14%
• 10Y*: 5.49%

VEGI

• 1D: -0.66%
• 1M: -2.63%
• YTD: 16.20%
• 6M: 15.37%
• 1Y: 14.32%
• 3Y*: 8.08%
• 5Y*: 3.48%
• 10Y*: 8.32%

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

UAE vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UAE iShares MSCI UAE ETF	-1.41%	21.35%	15.25%	2.91%	-5.36%	44.16%	-7.23%	1.59%	-14.42%	4.99%
VEGI iShares MSCI Agriculture Producers ETF	16.20%	11.34%	-4.85%	-8.59%	6.34%	21.56%	20.06%	13.52%	-9.76%	19.79%

Correlation

The correlation between UAE and VEGI is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since May 2, 2014	0.32

Over the past year, the correlation between UAE and VEGI has dropped to 0.06 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

UAE vs. VEGI - Sectors Allocation Comparison

Sectors	UAE	VEGI
Financial Services	38.0%	-
Real Estate	20.5%	-
Industrials	11.4%	34.2%
Communication Services	9.6%	-
Energy	8.3%	-
Consumer Cyclical	5.2%	-
Utilities	4.3%	-
Consumer Defensive	1.7%	33.3%
Technology	1.0%	-
Basic Materials	0.1%	31.7%
Healthcare	-	-

Return for Risk

UAE vs. VEGI — Risk / Return Rank

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

UAE

UAE Risk / Return Rank: 13
UAE Sharpe Ratio Rank: 13
UAE Sortino Ratio Rank: 13
UAE Omega Ratio Rank: 14
UAE Calmar Ratio Rank: 13
UAE Martin Ratio Rank: 13

VEGI

VEGI Risk / Return Rank: 30
VEGI Sharpe Ratio Rank: 28
VEGI Sortino Ratio Rank: 29
VEGI Omega Ratio Rank: 27
VEGI Calmar Ratio Rank: 39
VEGI Martin Ratio Rank: 27

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.

UAE vs. VEGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) and iShares MSCI Agriculture Producers ETF (VEGI). 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.

	UAE	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.97	-0.70
Sortino ratio: Return per unit of downside risk	0.54	1.51	-0.98
Omega ratio: Gain probability vs. loss probability	1.07	1.18	-0.11
Calmar ratio: Return relative to maximum drawdown	0.28	1.92	-1.64
Martin ratio: Return relative to average drawdown	0.70	3.68	-2.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UAE vs. VEGI - Sharpe Ratio Comparison

The current UAE Sharpe Ratio is 0.27, which is lower than the VEGI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of UAE and VEGI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UAE	VEGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	0.97	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.20	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.44	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.34	-0.27

Drawdowns

UAE vs. VEGI - Drawdown Comparison

The maximum UAE drawdown since its inception was -60.49%, which is greater than VEGI's maximum drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for UAE and VEGI.

Drawdown Indicators

	UAE	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-60.49%	-37.37%	-23.12%
Max Drawdown (1Y) Largest decline over 1 year	-21.50%	-7.49%	-14.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-17.71%	-3.79%
Max Drawdown (5Y) Largest decline over 5 years	-27.47%	-28.86%	+1.39%
Max Drawdown (10Y) Largest decline over 10 years	-49.71%	-37.37%	-12.34%
Current Drawdown Current decline from peak	-15.20%	-4.96%	-10.24%
Average Drawdown Average peak-to-trough decline	-23.91%	-9.82%	-14.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	3.90%	+4.52%

Volatility

UAE vs. VEGI - Volatility Comparison

iShares MSCI UAE ETF (UAE) has a higher volatility of 6.59% compared to iShares MSCI Agriculture Producers ETF (VEGI) at 4.49%. This indicates that UAE's price experiences larger fluctuations and is considered to be riskier than VEGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAE	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	4.49%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	19.10%	11.82%	+7.28%
Volatility (1Y) Calculated over the trailing 1-year period	22.03%	14.77%	+7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	17.88%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	18.94%	+0.60%

UAE vs. VEGI - Expense Ratio Comparison

UAE has a 0.59% expense ratio, which is higher than VEGI's 0.39% expense ratio.

Dividends

UAE vs. VEGI - Dividend Comparison

UAE's dividend yield for the trailing twelve months is around 4.16%, more than VEGI's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UAE iShares MSCI UAE ETF	4.16%	4.10%	3.32%	3.25%	2.67%	4.88%	4.75%	3.54%	5.56%	3.38%	4.74%	3.77%
VEGI iShares MSCI Agriculture Producers ETF	2.01%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both UAE and VEGI in my portfolio?

UAE and VEGI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAE or VEGI?

UAE has higher volatility (6.59%) compared to VEGI (4.49%). In terms of maximum drawdown, UAE dropped -60.49% vs VEGI's -37.37%.

Which ETF is better, UAE or VEGI?

On 10-year performance, VEGI leads with 8.32% vs 5.49% for UAE. On fees, VEGI is cheaper at 0.39% per year. On volatility, VEGI has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAE or VEGI?

Over the 10-year period, VEGI has performed better with a 8.32% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAE or VEGI?

VEGI is cheaper with a 0.39% expense ratio, compared with 0.59% for UAE.

Which ETF pays a higher dividend yield, UAE or VEGI?

UAE has the higher dividend yield at 4.16%, compared with 2.01% for VEGI.

What is the main difference between UAE and VEGI?

UAE is categorized as Emerging Markets Equities, while VEGI is Mid Cap Value Equities. UAE tracks MSCI All UAE Capped Index, while VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index. Their fees differ too: 0.59% for UAE and 0.39% for VEGI.

Which has better risk-adjusted returns?

VEGI currently has the higher Sharpe Ratio (0.97 vs 0.27), 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.