VEIEX vs. SFENX

Last updated Jun 24, 2026

VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) and SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds - VEIEX tracks the FTSE Emerging Markets All Cap China A Inclusion Index while SFENX tracks the RAFI Fundamental High Liquidity Emerging Markets Index. Both are passively managed. Over the past 10 years, VEIEX returned 8.97%/yr vs 11.13%/yr for SFENX. Their correlation of 0.94 suggests significant overlap in exposure. VEIEX charges 0.29%/yr vs 0.39%/yr for SFENX.

Performance

VEIEX vs. SFENX - 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 Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VEIEX having a 13.66% return and SFENX slightly higher at 13.84%. Over the past 10 years, VEIEX has underperformed SFENX with an annualized return of 8.97%, while SFENX has yielded a comparatively higher 11.13% annualized return.

VEIEX

• 1D: 0.55%
• 1M: 3.77%
• YTD: 13.66%
• 6M: 13.86%
• 1Y: 30.92%
• 3Y*: 18.17%
• 5Y*: 5.64%
• 10Y*: 8.97%

SFENX

• 1D: 0.23%
• 1M: 1.33%
• YTD: 13.84%
• 6M: 14.25%
• 1Y: 32.69%
• 3Y*: 20.69%
• 5Y*: 9.76%
• 10Y*: 11.13%

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

VEIEX vs. SFENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	13.66%	24.58%	11.15%	8.66%	-17.91%	0.72%	15.05%	20.11%	-14.73%	31.14%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.84%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%

Correlation

The correlation between VEIEX and SFENX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.94

The correlation between VEIEX and SFENX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

VEIEX vs. SFENX — Risk / Return Rank

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

VEIEX

VEIEX Risk / Return Rank: 58
VEIEX Sharpe Ratio Rank: 60
VEIEX Sortino Ratio Rank: 55
VEIEX Omega Ratio Rank: 58
VEIEX Calmar Ratio Rank: 60
VEIEX Martin Ratio Rank: 54

SFENX

SFENX Risk / Return Rank: 75
SFENX Sharpe Ratio Rank: 80
SFENX Sortino Ratio Rank: 73
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 67

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. SFENX - 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 Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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	SFENX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.41	-0.31
Sortino ratio: Return per unit of downside risk	2.86	3.24	-0.38
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.06
Calmar ratio: Return relative to maximum drawdown	2.86	3.52	-0.66
Martin ratio: Return relative to average drawdown	10.40	12.26	-1.86

VEIEX vs. SFENX - Sharpe Ratio Comparison

The current VEIEX Sharpe Ratio is 2.10, which is comparable to the SFENX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of VEIEX and SFENX, 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. SFENX - Drawdown Comparison

The maximum VEIEX drawdown since its inception was -66.47%, which is greater than SFENX's maximum drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for VEIEX and SFENX.

Drawdown Indicators

	VEIEX	SFENX	Difference
Max Drawdown Largest peak-to-trough decline	-66.47%	-47.19%	-19.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-9.45%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-16.51%	+0.67%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-29.26%	-3.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-39.59%	+3.29%
Current Drawdown Current decline from peak	-0.20%	-2.93%	+2.73%
Average Drawdown Average peak-to-trough decline	-17.18%	-12.86%	-4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.71%	+0.32%

Volatility

VEIEX vs. SFENX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) has a higher volatility of 6.06% compared to Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) at 5.29%. This indicates that VEIEX's price experiences larger fluctuations and is considered to be riskier than SFENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIEX	SFENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	5.29%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	11.50%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	13.82%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	15.49%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	16.89%	-0.39%

VEIEX vs. SFENX - Expense Ratio Comparison

VEIEX has a 0.29% expense ratio, which is lower than SFENX's 0.39% expense ratio.

Dividends

VEIEX vs. SFENX - Dividend Comparison

VEIEX's dividend yield for the trailing twelve months is around 2.11%, less than SFENX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.45%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.11%	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 SFENX in my portfolio?

With a correlation of 0.93, VEIEX and SFENX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VEIEX or SFENX?

VEIEX has higher volatility (6.06%) compared to SFENX (5.29%). In terms of maximum drawdown, VEIEX dropped -66.47% vs SFENX's -47.19%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.41 vs 2.10), 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.