VEIEX vs. DEMAX
Compare and contrast key facts about Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Nomura Emerging Markets Fund Class A (DEMAX).
VEIEX is a passively managed fund by Vanguard that tracks the performance of the FTSE Emerging Markets All Cap China A Inclusion Index. It was launched on May 4, 1994. DEMAX is an actively managed fund by Nomura. It was launched on Jun 10, 1996.
Performance
VEIEX vs. DEMAX - Performance Comparison
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VEIEX vs. DEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares | -2.56% | 24.58% | 11.15% | 8.66% | -17.91% | 0.72% | 15.05% | 20.11% | -14.73% | 31.14% |
DEMAX Nomura Emerging Markets Fund Class A | 13.26% | 86.33% | 6.25% | 17.34% | -28.85% | -2.32% | 25.54% | 24.05% | -17.32% | 41.62% |
Returns By Period
In the year-to-date period, VEIEX achieves a -2.56% return, which is significantly lower than DEMAX's 13.26% return. Over the past 10 years, VEIEX has underperformed DEMAX with an annualized return of 7.11%, while DEMAX has yielded a comparatively higher 14.09% annualized return.
VEIEX
- 1D
- -0.84%
- 1M
- -9.75%
- YTD
- -2.56%
- 6M
- -1.25%
- 1Y
- 18.92%
- 3Y*
- 12.28%
- 5Y*
- 3.20%
- 10Y*
- 7.11%
DEMAX
- 1D
- 0.97%
- 1M
- -18.27%
- YTD
- 13.26%
- 6M
- 43.25%
- 1Y
- 104.18%
- 3Y*
- 34.89%
- 5Y*
- 12.22%
- 10Y*
- 14.09%
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VEIEX vs. DEMAX - Expense Ratio Comparison
VEIEX has a 0.29% expense ratio, which is lower than DEMAX's 1.42% expense ratio.
Return for Risk
VEIEX vs. DEMAX — Risk / Return Rank
VEIEX
DEMAX
VEIEX vs. DEMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Nomura Emerging Markets Fund Class A (DEMAX). 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.
| VEIEX | DEMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 3.10 | -1.88 |
Sortino ratioReturn per unit of downside risk | 1.68 | 3.27 | -1.59 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.50 | -0.27 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 4.78 | -3.27 |
Martin ratioReturn relative to average drawdown | 5.60 | 18.45 | -12.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VEIEX | DEMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 3.10 | -1.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.53 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.64 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.43 | -0.12 |
Correlation
The correlation between VEIEX and DEMAX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VEIEX vs. DEMAX - Dividend Comparison
VEIEX's dividend yield for the trailing twelve months is around 2.61%, less than DEMAX's 16.80% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares | 2.61% | 2.59% | 2.97% | 3.32% | 3.87% | 2.41% | 1.72% | 3.07% | 2.67% | 2.14% | 2.33% | 3.04% |
DEMAX Nomura Emerging Markets Fund Class A | 16.80% | 19.03% | 1.74% | 2.76% | 1.60% | 3.16% | 0.56% | 0.57% | 0.34% | 1.59% | 0.70% | 0.03% |
Drawdowns
VEIEX vs. DEMAX - Drawdown Comparison
The maximum VEIEX drawdown since its inception was -66.47%, which is greater than DEMAX's maximum drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for VEIEX and DEMAX.
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Drawdown Indicators
| VEIEX | DEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.47% | -63.23% | -3.24% |
Max Drawdown (1Y)Largest decline over 1 year | -11.10% | -20.32% | +9.22% |
Max Drawdown (5Y)Largest decline over 5 years | -32.73% | -44.15% | +11.42% |
Max Drawdown (10Y)Largest decline over 10 years | -36.30% | -46.51% | +10.21% |
Current DrawdownCurrent decline from peak | -11.06% | -19.55% | +8.49% |
Average DrawdownAverage peak-to-trough decline | -17.29% | -18.84% | +1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 5.27% | -2.28% |
Volatility
VEIEX vs. DEMAX - Volatility Comparison
The current volatility for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) is 6.39%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 19.13%. This indicates that VEIEX experiences smaller price fluctuations and is considered to be less risky than DEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEIEX | DEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.39% | 19.13% | -12.74% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 28.50% | -17.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.27% | 33.35% | -18.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 23.12% | -7.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 21.94% | -5.57% |