VEMAX vs. VEMIX
VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both Emerging Markets Equities funds from Vanguard. Over the past 10 years, VEMAX returned 9.04%/yr vs 9.08%/yr for VEMIX. With a 1.00 correlation, they move nearly in lockstep. VEMAX charges 0.14%/yr vs 0.10%/yr for VEMIX.
Performance
VEMAX vs. VEMIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VEMAX having a 13.97% return and VEMIX slightly higher at 14.00%. Both investments have delivered pretty close results over the past 10 years, with VEMAX having a 9.04% annualized return and VEMIX not far ahead at 9.08%.
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%
VEMIX
- 1D
- 1.58%
- 1M
- 4.23%
- YTD
- 14.00%
- 6M
- 15.59%
- 1Y
- 32.74%
- 3Y*
- 18.68%
- 5Y*
- 5.66%
- 10Y*
- 9.08%
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 | 13.97% | 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 | 14.00% | 24.80% | 11.38% | 8.85% | -17.75% | 0.91% | 15.26% | 20.35% | -14.55% | 31.42% |
Correlation
The correlation between VEMAX and VEMIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 1.00 |
The correlation between VEMAX and VEMIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VEMAX vs. VEMIX — Risk / Return Rank
VEMAX
VEMIX
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 ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.42 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 3.00 | -0.01 |
| Martin ratioReturn relative to average drawdown | 11.18 | 11.20 | -0.02 |
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 | VEMIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 2.32 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.37 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.55 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.36 | -0.07 |
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.
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Drawdown Indicators
| VEMAX | VEMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.45% | -66.43% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -11.05% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -15.78% | -15.77% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -32.55% | -32.52% | -0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -36.04% | -0.07% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -15.99% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 2.96% | 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 5.01% and 5.01%, 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.
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Volatility by Period
| VEMAX | VEMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 5.01% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 11.80% | 11.81% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.31% | 14.32% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.38% | 15.38% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.46% | 16.45% | +0.01% |
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%.
Dividends
VEMAX vs. VEMIX - Dividend Comparison
VEMAX's dividend yield for the trailing twelve months is around 2.34%, which matches VEMIX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares | 2.36% | 2.77% | 3.17% | 3.51% | 4.09% | 2.61% | 1.90% | 3.23% | 2.89% | 2.33% | 2.55% | 2.51% |
Frequently Asked Questions
With a correlation of 1.00, VEMAX and VEMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VEMIX has higher volatility (5.01%) compared to VEMAX (5.01%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VEMIX's -66.43%.
VEMIX currently has the higher Sharpe Ratio (2.32 vs 2.31), 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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