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VDEM.L vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VDEM.L vs. IEUR

Last updated Jun 5, 2026

VDEM.L (Vanguard FTSE Emerging Markets UCITS) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - VDEM.L is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, VDEM.L returned 8.68%/yr vs 9.26%/yr for IEUR. A 0.56 correlation means they provide meaningful diversification when combined. VDEM.L charges 0.22%/yr vs 0.09%/yr for IEUR.

Performance

VDEM.L vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets UCITS (VDEM.L) and iShares Core MSCI Europe ETF (IEUR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VDEM.L achieves a 11.28% return, which is significantly higher than IEUR's 6.90% return. Over the past 10 years, VDEM.L has underperformed IEUR with an annualized return of 8.68%, while IEUR has yielded a comparatively higher 9.26% annualized return.

VDEM.L

1D
-0.39%
1M
1.51%
YTD
11.28%
6M
12.84%
1Y
29.05%
3Y*
18.24%
5Y*
5.04%
10Y*
8.68%

IEUR

1D
1.20%
1M
2.40%
YTD
6.90%
6M
9.92%
1Y
18.10%
3Y*
16.83%
5Y*
8.29%
10Y*
9.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VDEM.L vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VDEM.L
Vanguard FTSE Emerging Markets UCITS		11.28%25.92%12.28%7.28%-17.20%-0.89%14.86%18.83%-12.55%31.59%
IEUR
iShares Core MSCI Europe ETF		6.90%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between VDEM.L and IEUR is 0.53, 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

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.53

Correlation (5Y)
Calculated over the trailing 5-year period

0.54

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2014

0.56

The correlation between VDEM.L and IEUR has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.

VDEM.L vs. IEUR - Sectors Allocation Comparison

Sectors
VDEM.L
IEUR

Technology

29.6%
8.4%

Financial Services

20.8%
22.5%

Consumer Cyclical

10.8%
6.9%

Basic Materials

7.8%
5.8%

Communication Services

7.5%
3.8%

Industrials

7.1%
20.4%

Energy

4.9%
5.3%

Consumer Defensive

3.6%
8.0%

Healthcare

3.4%
12.5%

Utilities

3.0%
4.8%

Real Estate

1.7%
1.6%

Technology

VDEM.L
29.6%
IEUR
8.4%

Financial Services

VDEM.L
20.8%
IEUR
22.5%

Consumer Cyclical

VDEM.L
10.8%
IEUR
6.9%

Basic Materials

VDEM.L
7.8%
IEUR
5.8%

Communication Services

VDEM.L
7.5%
IEUR
3.8%

Industrials

VDEM.L
7.1%
IEUR
20.4%

Energy

VDEM.L
4.9%
IEUR
5.3%

Consumer Defensive

VDEM.L
3.6%
IEUR
8.0%

Healthcare

VDEM.L
3.4%
IEUR
12.5%

Utilities

VDEM.L
3.0%
IEUR
4.8%

Real Estate

VDEM.L
1.7%
IEUR
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Emerging Markets UCITS

iShares Core MSCI Europe ETF

Often compared with VDEM.L:
VDEM.L vs. EIMI.LVDEM.L vs. JPEE.LVDEM.L vs. VFEA.DEVDEM.L vs. BRIC.LVDEM.L vs. EMHYVDEM.L vs. IHYA.LVDEM.L vs. VUSA.L
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. IMEU.LIEUR vs. FEZIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

VDEM.L vs. IEUR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VDEM.L
VDEM.L Risk / Return Rank: 5454
Overall Rank
VDEM.L Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VDEM.L Sortino Ratio Rank: 5454
Sortino Ratio Rank
VDEM.L Omega Ratio Rank: 5353
Omega Ratio Rank
VDEM.L Calmar Ratio Rank: 5656
Calmar Ratio Rank
VDEM.L Martin Ratio Rank: 5555
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 3333
Overall Rank
IEUR Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3333
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3232
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3131
Calmar Ratio Rank
IEUR Martin Ratio Rank: 3737
Martin Ratio Rank
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.

VDEM.L vs. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets UCITS (VDEM.L) and iShares Core MSCI Europe ETF (IEUR). 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.

VDEM.LIEURDifference
Sharpe ratioReturn per unit of total volatility
1.80
1.19

+0.61

Sortino ratioReturn per unit of downside risk
2.56
1.74

+0.82

Omega ratioGain probability vs. loss probability

1.32

1.21

+0.11

Calmar ratioReturn relative to maximum drawdown

2.72

1.51

+1.20

Martin ratioReturn relative to average drawdown

9.29

5.67

+3.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDEM.L vs. IEUR - Sharpe Ratio Comparison

The current VDEM.L Sharpe Ratio is 1.80, which is higher than the IEUR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of VDEM.L and IEUR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VDEM.LIEURDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

1.19

+0.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

0.47

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.50

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.36

-0.01

Drawdowns

VDEM.L vs. IEUR - Drawdown Comparison

The maximum VDEM.L drawdown since its inception was -36.63%, roughly equal to the maximum IEUR drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for VDEM.L and IEUR.

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Drawdown Indicators

VDEM.LIEURDifference

Max Drawdown

Largest peak-to-trough decline

-36.63%

-36.96%

+0.33%

Max Drawdown (1Y)

Largest decline over 1 year

-10.65%

-12.04%

+1.39%

Max Drawdown (3Y)

Largest decline over 3 years

-15.97%

-14.25%

-1.72%

Max Drawdown (5Y)

Largest decline over 5 years

-33.19%

-32.75%

-0.44%

Max Drawdown (10Y)

Largest decline over 10 years

-36.35%

-36.96%

+0.61%

Current Drawdown

Current decline from peak

-1.85%

-1.13%

-0.72%

Average Drawdown

Average peak-to-trough decline

-12.68%

-8.22%

-4.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

3.20%

-0.08%

Volatility

VDEM.L vs. IEUR - Volatility Comparison

Vanguard FTSE Emerging Markets UCITS (VDEM.L) has a higher volatility of 6.21% compared to iShares Core MSCI Europe ETF (IEUR) at 5.51%. This indicates that VDEM.L's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VDEM.LIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

5.51%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

13.31%

12.79%

+0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

16.15%

15.34%

+0.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.80%

17.73%

+0.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.75%

18.68%

+0.07%

VDEM.L vs. IEUR - Expense Ratio Comparison

VDEM.L has a 0.22% expense ratio, which is higher than IEUR's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VDEM.L vs. IEUR - Dividend Comparison

VDEM.L's dividend yield for the trailing twelve months is around 2.04%, less than IEUR's 2.78% yield.

PositionTTM20252024202320222021202020192018201720162015
IEUR
iShares Core MSCI Europe ETF		2.78%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%
VDEM.L
Vanguard FTSE Emerging Markets UCITS		2.04%2.34%2.38%2.58%3.27%2.30%1.81%2.33%2.82%2.16%2.40%2.94%

Frequently Asked Questions

VDEM.L and IEUR have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEUR is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEUR is cheaper with a 0.09% expense ratio, compared with 0.22% for VDEM.L.

VDEM.L is categorized as Emerging Markets Equities, while IEUR is Europe Equities. VDEM.L tracks FTSE Emerging Index, while IEUR tracks MSCI Europe Investable Market Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VDEM.L and 0.09% for IEUR.

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