VEMAX vs. VEMIX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX).

VEMAX is managed by Vanguard. It was launched on Jun 23, 2006. VEMIX is managed by Vanguard. It was launched on Jun 22, 2000.

Performance

VEMAX vs. VEMIX - 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 Emerging Markets Stock Index Fund Institutional Shares (VEMIX). The values are adjusted to include any dividend payments, if applicable.

VEMAX vs. VEMIX - 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%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	-2.51%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VEMAX at -2.51% and VEMIX at -2.51%. Both investments have delivered pretty close results over the past 10 years, with VEMAX having a 7.28% annualized return and VEMIX not far ahead at 7.32%.

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%

VEMIX

• 1D: -0.84%
• 1M: -9.72%
• YTD: -2.51%
• 6M: -1.15%
• 1Y: 19.17%
• 3Y*: 12.50%
• 5Y*: 3.40%
• 10Y*: 7.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VEMAX vs. VEMIX - Expense Ratio Comparison

VEMAX has a 0.14% expense ratio, which is higher than VEMIX's 0.10% 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%.

VEMAX

Vanguard Emerging Markets Stock Index Fund Admiral Shares

VEMIX

Vanguard Emerging Markets Stock Index Fund Institutional Shares

Return for Risk

VEMAX vs. VEMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VEMAX

VEMAX Risk / Return Rank: 66
VEMAX Sharpe Ratio Rank: 71
VEMAX Sortino Ratio Rank: 70
VEMAX Omega Ratio Rank: 64
VEMAX Calmar Ratio Rank: 68
VEMAX Martin Ratio Rank: 59

VEMIX

VEMIX Risk / Return Rank: 67
VEMIX Sharpe Ratio Rank: 71
VEMIX Sortino Ratio Rank: 70
VEMIX Omega Ratio Rank: 64
VEMIX Calmar Ratio Rank: 68
VEMIX Martin Ratio Rank: 60

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. VEMIX - 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 Emerging Markets Stock Index Fund Institutional Shares (VEMIX). 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	VEMIX	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.24	0.00
Sortino ratio Return per unit of downside risk	1.70	1.70	0.00
Omega ratio Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio Return relative to maximum drawdown	1.53	1.53	0.00
Martin ratio Return relative to average drawdown	5.69	5.69	0.00
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. VEMIX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 1.23, which is comparable to the VEMIX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of VEMAX and VEMIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VEMAX	VEMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.24	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.23	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.45	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.33	-0.08

Correlation

The correlation between VEMAX and VEMIX is 1.00, 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. VEMIX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.73%, less than VEMIX's 2.76% 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%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.76%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Drawdowns

VEMAX vs. VEMIX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, roughly equal to the maximum VEMIX drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for VEMAX and VEMIX.

Drawdown Indicators

	VEMAX	VEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.45%	-66.43%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-11.09%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-32.56%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-36.04%	-0.07%
Current Drawdown Current decline from peak	-11.05%	-11.05%	0.00%
Average Drawdown Average peak-to-trough decline	-16.25%	-16.08%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.99%	0.00%

Volatility

VEMAX vs. VEMIX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) have volatilities of 6.36% and 6.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMAX	VEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	6.36%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	10.71%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	15.25%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	15.18%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	16.37%	0.00%