VEMAX vs. SPY
Compare and contrast key facts about Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and State Street SPDR S&P 500 ETF (SPY).
VEMAX is managed by Vanguard. It was launched on Jun 23, 2006. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VEMAX vs. SPY - Performance Comparison
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VEMAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | -2.51% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, VEMAX achieves a -2.51% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VEMAX has underperformed SPY with an annualized return of 7.28%, while SPY has yielded a comparatively higher 13.98% annualized return.
VEMAX
- 1D
- -0.82%
- 1M
- -9.73%
- YTD
- -2.51%
- 6M
- -1.16%
- 1Y
- 19.13%
- 3Y*
- 12.46%
- 5Y*
- 3.36%
- 10Y*
- 7.28%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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VEMAX vs. SPY - Expense Ratio Comparison
VEMAX has a 0.14% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VEMAX vs. SPY — Risk / Return Rank
VEMAX
SPY
VEMAX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.
| VEMAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 0.93 | +0.31 |
Sortino ratioReturn per unit of downside risk | 1.70 | 1.45 | +0.25 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.22 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.53 | 1.53 | +0.01 |
Martin ratioReturn relative to average drawdown | 5.69 | 7.30 | -1.61 |
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
| VEMAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 0.93 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.69 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.78 | -0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.56 | -0.30 |
Correlation
The correlation between VEMAX and SPY is 0.72, 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
VEMAX vs. SPY - Dividend Comparison
VEMAX's dividend yield for the trailing twelve months is around 2.73%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.73% | 2.74% | 3.13% | 3.47% | 4.05% | 2.57% | 1.87% | 3.20% | 2.85% | 2.31% | 2.51% | 3.25% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VEMAX vs. SPY - Drawdown Comparison
The maximum VEMAX drawdown since its inception was -66.45%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VEMAX and SPY.
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Drawdown Indicators
| VEMAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.45% | -55.19% | -11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -12.05% | +0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -32.60% | -24.50% | -8.10% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -33.72% | -2.39% |
Current DrawdownCurrent decline from peak | -11.05% | -6.24% | -4.81% |
Average DrawdownAverage peak-to-trough decline | -16.25% | -9.09% | -7.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.52% | +0.47% |
Volatility
VEMAX vs. SPY - Volatility Comparison
Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 6.36% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 5.31% | +1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 9.47% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.26% | 19.05% | -3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 17.06% | -1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 17.92% | -1.55% |