VEE.TO vs. EMCL.NEO

Last updated Aug 5, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Emerging Markets Equities funds. VEE.TO is passively managed, while EMCL.NEO is actively managed. Over the past year, VEE.TO returned 26.33% vs 43.02% for EMCL.NEO. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VEE.TO charges 0.25%/yr vs 1.83%/yr for EMCL.NEO.

Performance

VEE.TO vs. EMCL.NEO - 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 Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEE.TO achieves a 14.60% return, which is significantly lower than EMCL.NEO's 24.18% return.

VEE.TO

• 1D: 2.73%
• 1M: -1.61%
• 6M: 9.36%
• YTD: 14.60%
• 1Y: 26.33%
• 3Y*: 17.57%
• 5Y*: 8.23%
• 10Y*: 8.00%
• ALL TIME*: 7.52%

EMCL.NEO

• 1D: 4.56%
• 1M: 0.01%
• 6M: 17.22%
• YTD: 24.18%
• 1Y: 43.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	CA$76.62K	CA$60.32K	CA$48.53K
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	CA$2.11M	CA$2.98M	CA$3.67M

VEE.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	14.60%	19.32%	7.88%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	24.18%	20.46%	3.66%

Correlation

The correlation between VEE.TO and EMCL.NEO is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.72

The correlation between VEE.TO and EMCL.NEO shifts across timeframes, from 0.72 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.

VEE.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	VEE.TO	EMCL.NEO
Technology	34.2%	46.9%
Financial Services	18.0%	17.9%
Consumer Cyclical	8.2%	5.8%
Industrials	7.5%	6.8%
Basic Materials	7.2%	6.3%
Communication Services	6.5%	5.7%
Healthcare	3.7%	1.9%
Energy	3.4%	3.4%
Consumer Defensive	3.2%	2.5%
Utilities	2.2%	1.8%
Real Estate	1.7%	1.0%

Return for Risk

VEE.TO vs. EMCL.NEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEE.TO

VEE.TO Risk / Return Rank: 57
VEE.TO Sharpe Ratio Rank: 56
VEE.TO Sortino Ratio Rank: 55
VEE.TO Omega Ratio Rank: 55
VEE.TO Calmar Ratio Rank: 62
VEE.TO Martin Ratio Rank: 59

EMCL.NEO

EMCL.NEO Risk / Return Rank: 66
EMCL.NEO Sharpe Ratio Rank: 64
EMCL.NEO Sortino Ratio Rank: 55
EMCL.NEO Omega Ratio Rank: 72
EMCL.NEO Calmar Ratio Rank: 72
EMCL.NEO Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEE.TO vs. EMCL.NEO - 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 Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.

	VEE.TO	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.71	-0.20
Sortino ratio: Return per unit of downside risk	2.14	2.19	-0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.46	2.85	-0.39
Martin ratio: Return relative to average drawdown	7.88	9.43	-1.55

VEE.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 1.51, which is comparable to the EMCL.NEO Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VEE.TO and EMCL.NEO, 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

VEE.TO vs. EMCL.NEO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for VEE.TO and EMCL.NEO.

Drawdown Indicators

	VEE.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-29.84%	-19.73%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-15.37%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.84%	—	—
Current Drawdown Current decline from peak	-2.44%	-6.72%	+4.28%
Average Drawdown Average peak-to-trough decline	-8.67%	-2.90%	-5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	4.62%	-1.27%

Volatility

VEE.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) is 6.23%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 11.76%. This indicates that VEE.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEE.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	11.76%	-5.53%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	24.11%	-8.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.50%	25.67%	-8.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	24.25%	-8.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	24.25%	-7.19%

VEE.TO vs. EMCL.NEO - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than EMCL.NEO's 1.83% expense ratio.

Dividends

VEE.TO vs. EMCL.NEO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.81%, less than EMCL.NEO's 10.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.84%	9.86%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	1.81%	2.26%	2.45%	2.83%	3.35%	2.18%	1.62%	2.71%	2.24%	1.93%	2.01%	2.53%

Frequently Asked Questions

Can I hold both VEE.TO and EMCL.NEO in my portfolio?

VEE.TO and EMCL.NEO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEE.TO or EMCL.NEO?

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.

Which ETF is cheaper, VEE.TO or EMCL.NEO?

VEE.TO is cheaper with a 0.25% expense ratio, compared with 1.83% for EMCL.NEO.

What is the main difference between VEE.TO and EMCL.NEO?

They also come from different issuers: Vanguard and Global X. Their fees differ too: 0.25% for VEE.TO and 1.83% for EMCL.NEO.