VEIEX vs. PZIEX
Compare and contrast key facts about Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Pzena Emerging Markets Value Fund Institutional Class (PZIEX).
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. PZIEX is an actively managed fund by Pzena. It was launched on Mar 31, 2014.
Performance
VEIEX vs. PZIEX - Performance Comparison
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VEIEX vs. PZIEX - 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% |
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 4.56% | 35.49% | 4.54% | 20.73% | -5.67% | 6.65% | 8.43% | 13.57% | -10.23% | 29.98% |
Returns By Period
In the year-to-date period, VEIEX achieves a -2.56% return, which is significantly lower than PZIEX's 4.56% return. Over the past 10 years, VEIEX has underperformed PZIEX with an annualized return of 7.11%, while PZIEX has yielded a comparatively higher 11.43% 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%
PZIEX
- 1D
- -1.41%
- 1M
- -11.82%
- YTD
- 4.56%
- 6M
- 10.95%
- 1Y
- 33.26%
- 3Y*
- 18.81%
- 5Y*
- 10.19%
- 10Y*
- 11.43%
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VEIEX vs. PZIEX - Expense Ratio Comparison
VEIEX has a 0.29% expense ratio, which is lower than PZIEX's 1.08% expense ratio.
Return for Risk
VEIEX vs. PZIEX — Risk / Return Rank
VEIEX
PZIEX
VEIEX vs. PZIEX - 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 Pzena Emerging Markets Value Fund Institutional Class (PZIEX). 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 | PZIEX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 2.07 | -0.85 |
Sortino ratioReturn per unit of downside risk | 1.68 | 2.52 | -0.84 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.39 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 2.40 | -0.89 |
Martin ratioReturn relative to average drawdown | 5.60 | 9.28 | -3.68 |
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 | PZIEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 2.07 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.71 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.75 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.57 | -0.26 |
Correlation
The correlation between VEIEX and PZIEX is 0.73, 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. PZIEX - Dividend Comparison
VEIEX's dividend yield for the trailing twelve months is around 2.61%, less than PZIEX's 4.60% 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% |
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 4.60% | 4.81% | 7.38% | 5.79% | 2.08% | 2.79% | 1.28% | 6.32% | 1.28% | 1.41% | 0.98% | 2.23% |
Drawdowns
VEIEX vs. PZIEX - Drawdown Comparison
The maximum VEIEX drawdown since its inception was -66.47%, which is greater than PZIEX's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for VEIEX and PZIEX.
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Drawdown Indicators
| VEIEX | PZIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.47% | -44.59% | -21.88% |
Max Drawdown (1Y)Largest decline over 1 year | -11.10% | -12.73% | +1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -32.73% | -25.38% | -7.35% |
Max Drawdown (10Y)Largest decline over 10 years | -36.30% | -44.59% | +8.29% |
Current DrawdownCurrent decline from peak | -11.06% | -12.73% | +1.67% |
Average DrawdownAverage peak-to-trough decline | -17.29% | -9.64% | -7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 3.29% | -0.30% |
Volatility
VEIEX vs. PZIEX - Volatility Comparison
The current volatility for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) is 6.39%, while Pzena Emerging Markets Value Fund Institutional Class (PZIEX) has a volatility of 7.69%. This indicates that VEIEX experiences smaller price fluctuations and is considered to be less risky than PZIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEIEX | PZIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.39% | 7.69% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 11.62% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.27% | 15.48% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 14.51% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 15.31% | +1.06% |