VEIEX vs. VUG

Last updated Aug 1, 2026

VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) and VUG (Vanguard Growth ETF) are both funds - VEIEX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. Over the past 10 years, VEIEX returned 7.40%/yr vs 17.38%/yr for VUG. Their 0.68 correlation means they have sometimes moved together and sometimes differently. VEIEX charges 0.29%/yr vs 0.03%/yr for VUG.

Performance

VEIEX vs. VUG - 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 Vanguard Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIEX achieves a 7.68% return, which is significantly higher than VUG's 5.02% return. Over the past 10 years, VEIEX has underperformed VUG with an annualized return of 7.40%, while VUG has yielded a comparatively higher 17.38% annualized return.

VEIEX

• 1D: 1.70%
• 1M: -1.75%
• 6M: 2.58%
• YTD: 7.68%
• 1Y: 19.76%
• 3Y*: 13.49%
• 5Y*: 5.61%
• 10Y*: 7.40%
• ALL TIME*: 6.48%

VUG

• 1D: 1.10%
• 1M: -0.35%
• 6M: 6.39%
• YTD: 5.02%
• 1Y: 15.36%
• 3Y*: 21.19%
• 5Y*: 12.16%
• 10Y*: 17.38%
• ALL TIME*: 12.08%

*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)
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	$0.00	$0.00	$0.00
VUG Vanguard Growth ETF	$556.11M	$661.72M	$650.91M

VEIEX vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	7.68%	24.58%	11.15%	8.66%	-17.91%	0.72%	15.05%	20.11%	-14.73%	31.14%
VUG Vanguard Growth ETF	5.02%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between VEIEX and VUG is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.68

The correlation between VEIEX and VUG shifts across timeframes, from 0.60 (3 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEIEX vs. VUG — Risk / Return Rank

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

VEIEX

VEIEX Risk / Return Rank: 38
VEIEX Sharpe Ratio Rank: 38
VEIEX Sortino Ratio Rank: 37
VEIEX Omega Ratio Rank: 37
VEIEX Calmar Ratio Rank: 41
VEIEX Martin Ratio Rank: 38

VUG

VUG Risk / Return Rank: 28
VUG Sharpe Ratio Rank: 30
VUG Sortino Ratio Rank: 29
VUG Omega Ratio Rank: 28
VUG Calmar Ratio Rank: 25
VUG Martin Ratio Rank: 29

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.

VEIEX vs. VUG - 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 Vanguard Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.72	+0.41
Sortino ratio: Return per unit of downside risk	1.62	1.10	+0.52
Omega ratio: Gain probability vs. loss probability	1.21	1.13	+0.07
Calmar ratio: Return relative to maximum drawdown	1.63	0.78	+0.86
Martin ratio: Return relative to average drawdown	5.45	2.47	+2.98

VEIEX vs. VUG - Sharpe Ratio Comparison

The current VEIEX Sharpe Ratio is 1.13, which is higher than the VUG Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of VEIEX and VUG, 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. VUG - Drawdown Comparison

The maximum VEIEX drawdown since its inception was -66.47%, which is greater than VUG's maximum drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for VEIEX and VUG.

Drawdown Indicators

	VEIEX	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-66.47%	-50.68%	-15.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-16.53%	+5.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-22.85%	+7.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.82%	-35.61%	+4.79%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-35.61%	-0.69%
Current Drawdown Current decline from peak	-5.44%	-5.53%	+0.09%
Average Drawdown Average peak-to-trough decline	-17.14%	-7.08%	-10.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	5.20%	-1.89%

Volatility

VEIEX vs. VUG - Volatility Comparison

The current volatility for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) is 5.22%, while Vanguard Growth ETF (VUG) has a volatility of 5.58%. This indicates that VEIEX experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIEX	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	5.58%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	14.24%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	17.74%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	22.49%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	21.55%	-5.05%

VEIEX vs. VUG - Expense Ratio Comparison

VEIEX has a 0.29% expense ratio, which is higher than VUG's 0.03% expense ratio.

Dividends

VEIEX vs. VUG - Dividend Comparison

VEIEX's dividend yield for the trailing twelve months is around 2.23%, more than VUG's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.23%	2.59%	2.97%	3.32%	3.87%	2.41%	1.72%	3.07%	2.67%	2.14%	2.33%	3.04%
VUG Vanguard Growth ETF	0.40%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both VEIEX and VUG in my portfolio?

VEIEX and VUG have a correlation of 0.71, 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 VUG?

VUG has higher volatility (5.58%) compared to VEIEX (5.22%). In terms of maximum drawdown, VEIEX dropped -66.47% vs VUG's -50.68%.

Which has better risk-adjusted returns?

VEIEX currently has the higher Sharpe Ratio (1.13 vs 0.72), 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.