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VEMAX vs. USD=X
Performance
Return for Risk
Drawdowns
Volatility

VEMAX vs. USD=X

Last updated Jun 13, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) is Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while USD=X (USD Cash) is a currency. Over the past 10 years, VEMAX returned 8.79%/yr vs 0.00%/yr for USD=X.

Performance

VEMAX vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

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%

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEMAX vs. USD=X - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

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Vanguard Emerging Markets Stock Index Fund Admiral Shares

USD Cash

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Return for Risk

VEMAX vs. USD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEMAX
VEMAX Risk / Return Rank: 4747
Overall Rank
VEMAX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 4646
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 4848
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 4747
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 4545
Martin Ratio Rank
USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VEMAX vs. USD=X - 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 USD Cash (USD=X). 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.

VEMAXUSD=XDifference
Sharpe ratioReturn per unit of total volatility
1.59

—

—

Sortino ratioReturn per unit of downside risk
2.22

—

—

Omega ratioGain probability vs. loss probability

1.29

—

—

Calmar ratioReturn relative to maximum drawdown

2.15

—

—

Martin ratioReturn relative to average drawdown

7.83

—

—

VEMAX vs. USD=X - Sharpe Ratio Comparison

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Drawdowns

VEMAX vs. USD=X - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VEMAX and USD=X.

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Drawdown Indicators

VEMAXUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-66.45%

0.00%

-66.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.05%

0.00%

-11.05%

Max Drawdown (3Y)

Largest decline over 3 years

-15.78%

0.00%

-15.78%

Max Drawdown (5Y)

Largest decline over 5 years

-32.46%

0.00%

-32.46%

Max Drawdown (10Y)

Largest decline over 10 years

-36.11%

0.00%

-36.11%

Current Drawdown

Current decline from peak

-3.60%

0.00%

-3.60%

Average Drawdown

Average peak-to-trough decline

-16.10%

0.00%

-16.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

0.00%

+3.03%

Volatility

VEMAX vs. USD=X - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 6.17% compared to USD Cash (USD=X) at 0.00%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEMAXUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.17%

0.00%

+6.17%

Volatility (6M)

Calculated over the trailing 6-month period

12.65%

0.00%

+12.65%

Volatility (1Y)

Calculated over the trailing 1-year period

14.97%

0.00%

+14.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.50%

0.00%

+15.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.49%

0.00%

+16.49%

Frequently Asked Questions

VEMAX has higher volatility (6.17%) compared to USD=X (0.00%). In terms of maximum drawdown, VEMAX dropped -66.45% vs USD=X's 0.00%.

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