VEIEX vs. EAEAX

Last updated Jun 23, 2026

VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) and EAEAX (Eaton Vance Tax-Managed Equity Asset Allocation Fund) are both mutual funds - VEIEX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while EAEAX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, VEIEX returned 8.75%/yr vs 11.82%/yr for EAEAX. A 0.71 correlation means they provide meaningful diversification when combined. VEIEX charges 0.29%/yr vs 1.25%/yr for EAEAX.

Performance

VEIEX vs. EAEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIEX achieves a 13.04% return, which is significantly higher than EAEAX's 9.42% return. Over the past 10 years, VEIEX has underperformed EAEAX with an annualized return of 8.75%, while EAEAX has yielded a comparatively higher 11.82% annualized return.

VEIEX

• 1D: 1.49%
• 1M: 3.20%
• YTD: 13.04%
• 6M: 13.71%
• 1Y: 30.72%
• 3Y*: 16.54%
• 5Y*: 5.63%
• 10Y*: 8.75%

EAEAX

• 1D: 1.22%
• 1M: 1.44%
• YTD: 9.42%
• 6M: 9.00%
• 1Y: 21.97%
• 3Y*: 16.20%
• 5Y*: 9.62%
• 10Y*: 11.82%

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

VEIEX vs. EAEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	13.04%	24.58%	11.15%	8.66%	-17.91%	0.72%	15.05%	20.11%	-14.73%	31.14%
EAEAX Eaton Vance Tax-Managed Equity Asset Allocation Fund	9.42%	12.06%	17.99%	20.69%	-18.19%	21.24%	15.47%	27.44%	-5.86%	19.16%

Correlation

The correlation between VEIEX and EAEAX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 4, 2002	0.71

The correlation between VEIEX and EAEAX shifts across timeframes, from 0.61 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VEIEX vs. EAEAX — Risk / Return Rank

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

VEIEX

VEIEX Risk / Return Rank: 51
VEIEX Sharpe Ratio Rank: 52
VEIEX Sortino Ratio Rank: 48
VEIEX Omega Ratio Rank: 52
VEIEX Calmar Ratio Rank: 54
VEIEX Martin Ratio Rank: 50

EAEAX

EAEAX Risk / Return Rank: 46
EAEAX Sharpe Ratio Rank: 46
EAEAX Sortino Ratio Rank: 45
EAEAX Omega Ratio Rank: 45
EAEAX Calmar Ratio Rank: 41
EAEAX Martin Ratio Rank: 55

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.

VEIEX vs. EAEAX - 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 Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX). 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.

	VEIEX	EAEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.84	+0.12
Sortino ratio: Return per unit of downside risk	2.70	2.60	+0.10
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.68	2.32	+0.36
Martin ratio: Return relative to average drawdown	9.77	10.48	-0.72

VEIEX vs. EAEAX - Sharpe Ratio Comparison

The current VEIEX Sharpe Ratio is 1.96, which is comparable to the EAEAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of VEIEX and EAEAX, 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

VEIEX vs. EAEAX - Drawdown Comparison

The maximum VEIEX drawdown since its inception was -66.47%, which is greater than EAEAX's maximum drawdown of -53.71%. Use the drawdown chart below to compare losses from any high point for VEIEX and EAEAX.

Drawdown Indicators

	VEIEX	EAEAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.47%	-53.71%	-12.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-9.37%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-17.69%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-24.72%	-7.88%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-34.74%	-1.56%
Current Drawdown Current decline from peak	-0.74%	-0.35%	-0.39%
Average Drawdown Average peak-to-trough decline	-17.18%	-7.81%	-9.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.07%	+0.96%

Volatility

VEIEX vs. EAEAX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) has a higher volatility of 6.10% compared to Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX) at 4.40%. This indicates that VEIEX's price experiences larger fluctuations and is considered to be riskier than EAEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIEX	EAEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.40%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	9.42%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	11.81%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	15.75%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	16.88%	-0.38%

VEIEX vs. EAEAX - Expense Ratio Comparison

VEIEX has a 0.29% expense ratio, which is lower than EAEAX's 1.25% expense ratio.

Dividends

VEIEX vs. EAEAX - Dividend Comparison

VEIEX's dividend yield for the trailing twelve months is around 2.12%, less than EAEAX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAEAX Eaton Vance Tax-Managed Equity Asset Allocation Fund	3.92%	4.29%	0.80%	0.53%	0.79%	2.58%	0.57%	1.87%	2.12%	3.13%	1.10%	6.32%
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.12%	2.59%	2.97%	3.32%	3.87%	2.41%	1.72%	3.07%	2.67%	2.14%	2.33%	3.04%

Frequently Asked Questions

Can I hold both VEIEX and EAEAX in my portfolio?

VEIEX and EAEAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEIEX or EAEAX?

VEIEX has higher volatility (6.10%) compared to EAEAX (4.40%). In terms of maximum drawdown, VEIEX dropped -66.47% vs EAEAX's -53.71%.

Which has better risk-adjusted returns?

VEIEX currently has the higher Sharpe Ratio (1.96 vs 1.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.