VEMAX vs. IAU
VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and IAU (iShares Gold Trust) are both funds - VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, VEMAX returned 8.79%/yr vs 12.31%/yr for IAU. At a 0.18 correlation, their price movements are largely independent. VEMAX charges 0.13%/yr vs 0.25%/yr for IAU.
Performance
VEMAX vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, VEMAX achieves a 9.86% return, which is significantly higher than IAU's -2.44% return. Over the past 10 years, VEMAX has underperformed IAU with an annualized return of 8.79%, while IAU has yielded a comparatively higher 12.31% annualized return.
VEMAX
- 1D
- 2.25%
- 1M
- -1.61%
- YTD
- 9.86%
- 6M
- 11.36%
- 1Y
- 25.51%
- 3Y*
- 16.48%
- 5Y*
- 4.76%
- 10Y*
- 8.79%
IAU
- 1D
- 0.08%
- 1M
- -9.54%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 22.32%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
VEMAX vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 9.86% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between VEMAX and IAU is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006 | 0.18 |
The correlation between VEMAX and IAU shifts across timeframes, from 0.18 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VEMAX vs. IAU — Risk / Return Rank
VEMAX
IAU
VEMAX vs. IAU - 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 iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 0.99 | +1.16 |
| Martin ratioReturn relative to average drawdown | 7.83 | 2.83 | +4.99 |
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Drawdowns
VEMAX vs. IAU - Drawdown Comparison
The maximum VEMAX drawdown since its inception was -66.45%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for VEMAX and IAU.
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Drawdown Indicators
| VEMAX | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.45% | -45.14% | -21.31% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -24.40% | +13.35% |
Max Drawdown (3Y)Largest decline over 3 years | -15.78% | -24.40% | +8.62% |
Max Drawdown (5Y)Largest decline over 5 years | -32.46% | -24.40% | -8.06% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -24.40% | -11.71% |
Current DrawdownCurrent decline from peak | -3.60% | -22.03% | +18.43% |
Average DrawdownAverage peak-to-trough decline | -16.10% | -15.97% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 8.47% | -5.44% |
Volatility
VEMAX vs. IAU - Volatility Comparison
The current volatility for Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) is 6.17%, while iShares Gold Trust (IAU) has a volatility of 7.70%. This indicates that VEMAX experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMAX | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 7.70% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 12.65% | 23.94% | -11.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 27.17% | -12.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.50% | 18.16% | -2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.49% | 16.02% | +0.47% |
VEMAX vs. IAU - Expense Ratio Comparison
VEMAX has a 0.13% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VEMAX vs. IAU - Dividend Comparison
VEMAX's dividend yield for the trailing twelve months is around 2.42%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.42% | 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
VEMAX and IAU have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (7.70%) compared to VEMAX (6.17%). In terms of maximum drawdown, VEMAX dropped -66.45% vs IAU's -45.14%.
VEMAX currently has the higher Sharpe Ratio (1.59 vs 0.89), 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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