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VEE.TO vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEE.TO vs. EEM

Last updated Jun 4, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - VEE.TO is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, VEE.TO returned 9.01%/yr vs 10.72%/yr for EEM. Their correlation of 0.94 suggests significant overlap in exposure. VEE.TO charges 0.25%/yr vs 0.72%/yr for EEM.

Performance

VEE.TO vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VEE.TO is traded in CAD, while EEM is traded in USD. To make them comparable, the EEM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEE.TO achieves a 13.54% return, which is significantly lower than EEM's 29.43% return. Over the past 10 years, VEE.TO has underperformed EEM with an annualized return of 9.01%, while EEM has yielded a comparatively higher 10.72% annualized return.

VEE.TO

1D
-0.90%
1M
4.93%
YTD
13.54%
6M
12.96%
1Y
31.71%
3Y*
18.62%
5Y*
7.50%
10Y*
9.01%

EEM

1D
-0.84%
1M
11.26%
YTD
29.43%
6M
30.01%
1Y
57.81%
3Y*
25.39%
5Y*
10.07%
10Y*
10.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEE.TO vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		13.54%19.32%19.06%6.24%-12.78%0.05%12.32%14.33%-7.95%22.55%
EEM
iShares MSCI Emerging Markets ETF		29.43%27.83%15.64%6.55%-14.90%-4.50%15.04%12.41%-8.13%28.52%

Correlation

The correlation between VEE.TO and EEM is 0.89, 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

0.89

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

0.92

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

0.93

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

0.93

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2011

0.94

The correlation between VEE.TO and EEM has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

VEE.TO vs. EEM - Sectors Allocation Comparison

Sectors
VEE.TO
EEM

Technology

26.3%
43.6%

Financial Services

20.5%
17.5%

Consumer Cyclical

11.2%
8.1%

Basic Materials

8.4%
6.1%

Industrials

7.9%
6.2%

Communication Services

7.8%
5.7%

Energy

4.7%
3.3%

Healthcare

4.1%
2.5%

Consumer Defensive

3.9%
2.7%

Utilities

3.0%
2.0%

Real Estate

2.3%
0.9%

Technology

VEE.TO
26.3%
EEM
43.6%

Financial Services

VEE.TO
20.5%
EEM
17.5%

Consumer Cyclical

VEE.TO
11.2%
EEM
8.1%

Basic Materials

VEE.TO
8.4%
EEM
6.1%

Industrials

VEE.TO
7.9%
EEM
6.2%

Communication Services

VEE.TO
7.8%
EEM
5.7%

Energy

VEE.TO
4.7%
EEM
3.3%

Healthcare

VEE.TO
4.1%
EEM
2.5%

Consumer Defensive

VEE.TO
3.9%
EEM
2.7%

Utilities

VEE.TO
3.0%
EEM
2.0%

Real Estate

VEE.TO
2.3%
EEM
0.9%

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 All Cap Index ETF

iShares MSCI Emerging Markets ETF

Often compared with VEE.TO:
VEE.TO vs. XEC.TOVEE.TO vs. ZEM.TOVEE.TO vs. VFV.TOVEE.TO vs. XEQT.TOVEE.TO vs. VIDY.TOVEE.TO vs. VOOVEE.TO vs. VXUS
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

VEE.TO vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEE.TO
VEE.TO Risk / Return Rank: 6060
Overall Rank
VEE.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VEE.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
VEE.TO Omega Ratio Rank: 6363
Omega Ratio Rank
VEE.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
VEE.TO Martin Ratio Rank: 5959
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 8181
Overall Rank
EEM Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7979
Sortino Ratio Rank
EEM Omega Ratio Rank: 8383
Omega Ratio Rank
EEM Calmar Ratio Rank: 7979
Calmar Ratio Rank
EEM Martin Ratio Rank: 8080
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.

VEE.TO vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and iShares MSCI Emerging Markets ETF (EEM). 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.

VEE.TOEEMDifference
Sharpe ratioReturn per unit of total volatility
2.08
3.04

-0.96

Sortino ratioReturn per unit of downside risk
2.90
3.95

-1.04

Omega ratioGain probability vs. loss probability

1.39

1.57

-0.18

Calmar ratioReturn relative to maximum drawdown

2.97

4.86

-1.90

Martin ratioReturn relative to average drawdown

10.74

17.45

-6.71

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

VEE.TO vs. EEM - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 2.08, which is lower than the EEM Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of VEE.TO and EEM, 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

VEE.TOEEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

3.04

-0.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.61

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.60

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.46

-0.02

Drawdowns

VEE.TO vs. EEM - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, smaller than the maximum EEM drawdown of -35.06%. Use the drawdown chart below to compare losses from any high point for VEE.TO and EEM.

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Drawdown Indicators

VEE.TOEEMDifference

Max Drawdown

Largest peak-to-trough decline

-29.84%

-35.06%

+5.22%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-11.94%

+1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-14.97%

-15.19%

+0.22%

Max Drawdown (5Y)

Largest decline over 5 years

-26.10%

-30.87%

+4.77%

Max Drawdown (10Y)

Largest decline over 10 years

-29.84%

-35.06%

+5.22%

Current Drawdown

Current decline from peak

-0.90%

-0.84%

-0.06%

Average Drawdown

Average peak-to-trough decline

-8.73%

-10.08%

+1.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

3.32%

-0.36%

Volatility

VEE.TO vs. EEM - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) is 6.04%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 8.38%. This indicates that VEE.TO experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEE.TOEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

8.38%

-2.34%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

16.71%

-3.85%

Volatility (1Y)

Calculated over the trailing 1-year period

15.31%

19.13%

-3.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.29%

16.52%

-1.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

17.97%

-1.00%

VEE.TO vs. EEM - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

VEE.TO vs. EEM - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.91%, more than EEM's 1.74% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.74%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		1.91%2.26%2.45%2.83%3.35%2.18%1.61%2.71%2.21%1.89%1.99%2.53%

Frequently Asked Questions

VEE.TO and EEM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VEE.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.72% for EEM.

VEE.TO is categorized as Emerging Markets Equities, while EEM is Emerging Markets Diversified. VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index, while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VEE.TO and 0.72% for EEM.

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