VEMAX vs. DFCEX
VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and DFCEX (DFA Emerging Markets Core Equity Fund) are both Emerging Markets Equities funds. Over the past 10 years, VEMAX returned 7.42%/yr vs 8.62%/yr for DFCEX. Their 0.97 correlation means they have historically moved very closely together. VEMAX charges 0.13%/yr vs 0.40%/yr for DFCEX.
Performance
VEMAX vs. DFCEX - Performance Comparison
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Returns By Period
In the year-to-date period, VEMAX achieves a 5.98% return, which is significantly lower than DFCEX's 9.13% return. Over the past 10 years, VEMAX has underperformed DFCEX with an annualized return of 7.42%, while DFCEX has yielded a comparatively higher 8.62% annualized return.
VEMAX
- 1D
- -1.03%
- 1M
- -4.64%
- 6M
- -1.07%
- YTD
- 5.98%
- 1Y
- 16.20%
- 3Y*
- 13.11%
- 5Y*
- 5.41%
- 10Y*
- 7.42%
- ALL TIME*
- 5.92%
DFCEX
- 1D
- -2.05%
- 1M
- -10.21%
- 6M
- -0.24%
- YTD
- 9.13%
- 1Y
- 20.73%
- 3Y*
- 15.04%
- 5Y*
- 7.63%
- 10Y*
- 8.62%
- ALL TIME*
- 8.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VEMAX vs. DFCEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 5.98% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
DFCEX DFA Emerging Markets Core Equity Fund | 9.13% | 28.79% | 7.31% | 15.45% | -16.44% | 5.82% | 13.86% | 16.03% | -15.25% | 36.55% |
Correlation
The correlation between VEMAX and DFCEX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006 | 0.97 |
The correlation between VEMAX and DFCEX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
VEMAX vs. DFCEX — Risk / Return Rank
VEMAX
DFCEX
VEMAX vs. DFCEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and DFA Emerging Markets Core Equity Fund (DFCEX). 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.
| VEMAX | DFCEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.59 | -0.18 |
| Martin ratioReturn relative to average drawdown | 4.73 | 5.23 | -0.50 |
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Drawdowns
VEMAX vs. DFCEX - Drawdown Comparison
The maximum VEMAX drawdown since its inception was -66.45%, roughly equal to the maximum DFCEX drawdown of -64.58%. Use the drawdown chart below to compare losses from any high point for VEMAX and DFCEX.
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Drawdown Indicators
| VEMAX | DFCEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.45% | -64.58% | -1.87% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -12.95% | +1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -15.78% | -16.74% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -30.69% | -28.41% | -2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -42.33% | +6.22% |
Current DrawdownCurrent decline from peak | -7.01% | -12.95% | +5.94% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -12.56% | -3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.92% | -0.63% |
Volatility
VEMAX vs. DFCEX - Volatility Comparison
The current volatility for Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) is 5.00%, while DFA Emerging Markets Core Equity Fund (DFCEX) has a volatility of 7.57%. This indicates that VEMAX experiences smaller price fluctuations and is considered to be less risky than DFCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMAX | DFCEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 7.57% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 13.71% | 17.55% | -3.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 19.03% | -3.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.58% | 15.54% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 16.22% | +0.28% |
VEMAX vs. DFCEX - Expense Ratio Comparison
VEMAX has a 0.13% expense ratio, which is lower than DFCEX's 0.40% expense ratio.
Dividends
VEMAX vs. DFCEX - Dividend Comparison
VEMAX's dividend yield for the trailing twelve months is around 2.39%, less than DFCEX's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCEX DFA Emerging Markets Core Equity Fund | 2.74% | 2.90% | 3.43% | 3.53% | 3.78% | 2.59% | 1.70% | 2.42% | 2.33% | 1.92% | 1.99% | 2.28% |
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.39% | 2.74% | 3.13% | 3.47% | 4.05% | 2.57% | 1.87% | 3.20% | 2.85% | 2.31% | 2.51% | 3.25% |
Frequently Asked Questions
With a correlation of 0.91, VEMAX and DFCEX 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.
DFCEX has higher volatility (7.57%) compared to VEMAX (5.00%). In terms of maximum drawdown, VEMAX dropped -66.45% vs DFCEX's -64.58%.
DFCEX currently has the higher Sharpe Ratio (1.08 vs 0.98), 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.
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