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VEMAX vs. VDIGX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEMAX vs. VDIGX

Last updated Jun 4, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VDIGX (Vanguard Dividend Growth Fund) are both mutual funds - VEMAX is a Emerging Markets Equities fund managed by Vanguard, while VDIGX is a Dividend fund actively managed by Vanguard. Over the past 10 years, VEMAX returned 9.04%/yr vs 12.30%/yr for VDIGX. A 0.64 correlation means they provide meaningful diversification when combined. VEMAX charges 0.14%/yr vs 0.22%/yr for VDIGX.

Performance

VEMAX vs. VDIGX - 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 Vanguard Dividend Growth Fund (VDIGX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VEMAX achieves a 13.97% return, which is significantly higher than VDIGX's 2.63% return. Over the past 10 years, VEMAX has underperformed VDIGX with an annualized return of 9.04%, while VDIGX has yielded a comparatively higher 12.30% annualized return.

VEMAX

1D
1.58%
1M
4.22%
YTD
13.97%
6M
15.57%
1Y
32.68%
3Y*
18.62%
5Y*
5.62%
10Y*
9.04%

VDIGX

1D
0.32%
1M
3.43%
YTD
2.63%
6M
2.55%
1Y
8.31%
3Y*
14.07%
5Y*
9.83%
10Y*
12.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEMAX vs. VDIGX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		13.97%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%31.37%
VDIGX
Vanguard Dividend Growth Fund		2.63%11.11%20.84%8.11%-4.89%24.86%12.04%30.94%0.08%19.32%

Correlation

The correlation between VEMAX and VDIGX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2006

0.64

Over the past year, the correlation between VEMAX and VDIGX has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

VEMAX vs. VDIGX - Sectors Allocation Comparison

Sectors
VEMAX
VDIGX

Technology

29.6%
23.6%

Financial Services

19.5%
20.1%

Consumer Cyclical

10.7%
10.7%

Industrials

8.0%
14.9%

Basic Materials

8.0%
2.6%

Communication Services

7.1%
2.3%

Energy

4.6%
1.1%

Healthcare

3.9%
16.1%

Consumer Defensive

3.7%
7.9%

Utilities

2.9%
0.5%

Real Estate

2.2%

-

Technology

VEMAX
29.6%
VDIGX
23.6%

Financial Services

VEMAX
19.5%
VDIGX
20.1%

Consumer Cyclical

VEMAX
10.7%
VDIGX
10.7%

Industrials

VEMAX
8.0%
VDIGX
14.9%

Basic Materials

VEMAX
8.0%
VDIGX
2.6%

Communication Services

VEMAX
7.1%
VDIGX
2.3%

Energy

VEMAX
4.6%
VDIGX
1.1%

Healthcare

VEMAX
3.9%
VDIGX
16.1%

Consumer Defensive

VEMAX
3.7%
VDIGX
7.9%

Utilities

VEMAX
2.9%
VDIGX
0.5%

Real Estate

VEMAX
2.2%
VDIGX

-

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Vanguard Emerging Markets Stock Index Fund Admiral Shares

Vanguard Dividend Growth Fund

Often compared with VEMAX:
VEMAX vs. VWOVEMAX vs. VTMGXVEMAX vs. VFIAXVEMAX vs. FPADXVEMAX vs. FEMKXVEMAX vs. FSPSXVEMAX vs. VINEX
Often compared with VDIGX:
VDIGX vs. VIGVDIGX vs. VDADXVDIGX vs. SCHDVDIGX vs. VHYAXVDIGX vs. VOOVDIGX vs. VYMVDIGX vs. PRDGX

Return for Risk

VEMAX vs. VDIGX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEMAX
VEMAX Risk / Return Rank: 5959
Overall Rank
VEMAX Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 5858
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 6161
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 5656
Martin Ratio Rank
VDIGX
VDIGX Risk / Return Rank: 1111
Overall Rank
VDIGX Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
VDIGX Sortino Ratio Rank: 1111
Sortino Ratio Rank
VDIGX Omega Ratio Rank: 1010
Omega Ratio Rank
VDIGX Calmar Ratio Rank: 99
Calmar Ratio Rank
VDIGX Martin Ratio Rank: 1212
Martin Ratio Rank
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. VDIGX - 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 Vanguard Dividend Growth Fund (VDIGX). 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.

VEMAXVDIGXDifference
Sharpe ratioReturn per unit of total volatility
2.31
0.86

+1.45

Sortino ratioReturn per unit of downside risk
3.18
1.32

+1.86

Omega ratioGain probability vs. loss probability

1.42

1.15

+0.27

Calmar ratioReturn relative to maximum drawdown

3.00

0.95

+2.04

Martin ratioReturn relative to average drawdown

11.18

3.67

+7.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEMAX vs. VDIGX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 2.31, which is higher than the VDIGX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of VEMAX and VDIGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VEMAXVDIGXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.31

0.86

+1.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.71

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.79

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.62

-0.32

Drawdowns

VEMAX vs. VDIGX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than VDIGX's maximum drawdown of -45.23%. Use the drawdown chart below to compare losses from any high point for VEMAX and VDIGX.

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Drawdown Indicators

VEMAXVDIGXDifference

Max Drawdown

Largest peak-to-trough decline

-66.45%

-45.23%

-21.22%

Max Drawdown (1Y)

Largest decline over 1 year

-11.05%

-9.09%

-1.96%

Max Drawdown (3Y)

Largest decline over 3 years

-15.78%

-10.23%

-5.55%

Max Drawdown (5Y)

Largest decline over 5 years

-32.55%

-16.18%

-16.37%

Max Drawdown (10Y)

Largest decline over 10 years

-36.11%

-32.98%

-3.13%

Current Drawdown

Current decline from peak

0.00%

-0.10%

+0.10%

Average Drawdown

Average peak-to-trough decline

-16.12%

-6.65%

-9.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

2.36%

+0.60%

Volatility

VEMAX vs. VDIGX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 5.01% compared to Vanguard Dividend Growth Fund (VDIGX) at 2.33%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than VDIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEMAXVDIGXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

2.33%

+2.68%

Volatility (6M)

Calculated over the trailing 6-month period

11.80%

7.61%

+4.19%

Volatility (1Y)

Calculated over the trailing 1-year period

14.31%

10.06%

+4.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.38%

13.86%

+1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.46%

15.70%

+0.76%

VEMAX vs. VDIGX - Expense Ratio Comparison

VEMAX has a 0.14% expense ratio, which is lower than VDIGX's 0.22% 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. VDIGX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.34%, less than VDIGX's 23.93% yield.

PositionTTM20252024202320222021202020192018201720162015
VDIGX
Vanguard Dividend Growth Fund		23.93%21.90%21.94%2.29%6.06%5.45%2.83%4.70%8.72%5.16%2.86%5.70%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.34%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 VDIGX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEMAX has higher volatility (5.01%) compared to VDIGX (2.33%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VDIGX's -45.23%.

VEMAX currently has the higher Sharpe Ratio (2.31 vs 0.86), 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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