VAS.AX vs. EMKT

Last updated Jul 16, 2026

VAS.AX (Vanguard Australian Shares Index ETF) and EMKT (Lazard Emerging Markets Opportunities ETF) are both exchange-traded funds - VAS.AX is a Australia Equities fund tracking the S&P/ASX 300 Index, while EMKT is a Emerging Markets Diversified fund actively managed by Lazard. VAS.AX is passively managed, while EMKT is actively managed. At a 0.08 correlation, their price movements are largely independent. VAS.AX charges 0.07%/yr vs 0.74%/yr for EMKT.

Performance

VAS.AX vs. EMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard Australian Shares Index ETF (VAS.AX) and Lazard Emerging Markets Opportunities ETF (EMKT). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VAS.AX is traded in AUD, while EMKT is traded in USD. To make them comparable, the EMKT values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VAS.AX achieves a 1.86% return, which is significantly lower than EMKT's 17.91% return.

VAS.AX

• 1D: 0.13%
• 1M: -0.77%
• 6M: 1.35%
• YTD: 1.86%
• 1Y: 4.90%
• 3Y*: 9.38%
• 5Y*: 6.75%
• 10Y*: 8.30%

EMKT

• 1D: -0.39%
• 1M: -3.88%
• 6M: 13.42%
• YTD: 17.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VAS.AX vs. EMKT - Yearly Performance Comparison

	2026 (YTD)	2025
VAS.AX Vanguard Australian Shares Index ETF	1.86%	-3.11%
EMKT Lazard Emerging Markets Opportunities ETF	17.91%	-3.00%

Correlation

The correlation between VAS.AX and EMKT is 0.08, 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 (All Time) Calculated using the full available price history since Oct 27, 2025	0.08

Return for Risk

VAS.AX vs. EMKT — Risk / Return Rank

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

VAS.AX

VAS.AX Risk / Return Rank: 17
VAS.AX Sharpe Ratio Rank: 17
VAS.AX Sortino Ratio Rank: 16
VAS.AX Omega Ratio Rank: 16
VAS.AX Calmar Ratio Rank: 19
VAS.AX Martin Ratio Rank: 18

EMKT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard Australian Shares Index ETF (VAS.AX) and Lazard Emerging Markets Opportunities ETF (EMKT). 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.

	VAS.AX	EMKT	Difference
Sharpe ratio: Return per unit of total volatility	0.46	—	—
Sortino ratio: Return per unit of downside risk	0.73	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.65	—	—
Martin ratio: Return relative to average drawdown	1.54	—	—

Drawdowns

VAS.AX vs. EMKT - Drawdown Comparison

The maximum VAS.AX drawdown since its inception was -35.75%, which is greater than EMKT's maximum drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for VAS.AX and EMKT.

Drawdown Indicators

	VAS.AX	EMKT	Difference
Max Drawdown Largest peak-to-trough decline	-35.75%	-11.62%	-24.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	—	—
Current Drawdown Current decline from peak	-2.89%	-6.88%	+3.99%
Average Drawdown Average peak-to-trough decline	-4.80%	-3.13%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	—	—

Volatility

Volatility by Period

	VAS.AX	EMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.14%	21.11%	-8.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	21.11%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.39%	21.11%	-6.72%

VAS.AX vs. EMKT - Expense Ratio Comparison

VAS.AX has a 0.07% expense ratio, which is lower than EMKT's 0.74% expense ratio.

Dividends

VAS.AX vs. EMKT - Dividend Comparison

VAS.AX's dividend yield for the trailing twelve months is around 2.22%, more than EMKT's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMKT Lazard Emerging Markets Opportunities ETF	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VAS.AX Vanguard Australian Shares Index ETF	2.22%	3.17%	1.68%	2.92%	6.39%	3.30%	2.56%	4.12%	3.90%	2.57%	2.82%	3.19%

Frequently Asked Questions

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

VAS.AX and EMKT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VAS.AX or EMKT?

On fees, VAS.AX is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VAS.AX or EMKT?

VAS.AX is cheaper with a 0.07% expense ratio, compared with 0.74% for EMKT.

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

VAS.AX is categorized as Australia Equities, while EMKT is Emerging Markets Diversified. They also come from different issuers: Vanguard and Lazard. Their fees differ too: 0.07% for VAS.AX and 0.74% for EMKT.