VEMAX vs. VFIRX

Last updated Jul 11, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VFIRX (Vanguard Short-Term Treasury Fund Admiral Shares) are both mutual funds - VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while VFIRX is a Government Bonds fund managed by Vanguard. Over the past 10 years, VEMAX returned 8.22%/yr vs 1.68%/yr for VFIRX. At a correlation of -0.14, they often move in opposite directions. VEMAX charges 0.13%/yr vs 0.10%/yr for VFIRX.

Performance

VEMAX vs. VFIRX - 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 Short-Term Treasury Fund Admiral Shares (VFIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMAX achieves a 10.54% return, which is significantly higher than VFIRX's 0.56% return. Over the past 10 years, VEMAX has outperformed VFIRX with an annualized return of 8.22%, while VFIRX has yielded a comparatively lower 1.68% annualized return.

VEMAX

• 1D: 0.18%
• 1M: 2.88%
• 6M: 7.43%
• YTD: 10.54%
• 1Y: 22.60%
• 3Y*: 16.96%
• 5Y*: 5.51%
• 10Y*: 8.22%

VFIRX

• 1D: 0.10%
• 1M: 0.22%
• 6M: 0.66%
• YTD: 0.56%
• 1Y: 3.15%
• 3Y*: 4.44%
• 5Y*: 1.60%
• 10Y*: 1.68%

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

VEMAX vs. VFIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	10.54%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-14.59%	31.37%
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	0.56%	5.47%	3.85%	3.66%	-4.61%	-0.80%	4.06%	3.71%	1.47%	0.40%

Correlation

The correlation between VEMAX and VFIRX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	-0.14

The correlation between VEMAX and VFIRX shifts across timeframes, from -0.14 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEMAX vs. VFIRX — Risk / Return Rank

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

VEMAX

VEMAX Risk / Return Rank: 44
VEMAX Sharpe Ratio Rank: 44
VEMAX Sortino Ratio Rank: 41
VEMAX Omega Ratio Rank: 44
VEMAX Calmar Ratio Rank: 46
VEMAX Martin Ratio Rank: 44

VFIRX

VFIRX Risk / Return Rank: 55
VFIRX Sharpe Ratio Rank: 48
VFIRX Sortino Ratio Rank: 69
VFIRX Omega Ratio Rank: 62
VFIRX Calmar Ratio Rank: 54
VFIRX Martin Ratio Rank: 42

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. VFIRX - 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 Short-Term Treasury Fund Admiral Shares (VFIRX). 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.

	VEMAX	VFIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.54	-0.06
Sortino ratio: Return per unit of downside risk	2.06	2.62	-0.56
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.07	2.26	-0.18
Martin ratio: Return relative to average drawdown	7.34	7.09	+0.25

VEMAX vs. VFIRX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 1.48, which is comparable to the VFIRX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of VEMAX and VFIRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEMAX vs. VFIRX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than VFIRX's maximum drawdown of -6.73%. Use the drawdown chart below to compare losses from any high point for VEMAX and VFIRX.

Drawdown Indicators

	VEMAX	VFIRX	Difference
Max Drawdown Largest peak-to-trough decline	-66.45%	-6.73%	-59.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-1.40%	-9.65%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-1.40%	-14.38%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-6.64%	-24.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-6.73%	-29.38%
Current Drawdown Current decline from peak	-3.01%	-0.44%	-2.57%
Average Drawdown Average peak-to-trough decline	-16.05%	-0.71%	-15.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	0.45%	+2.66%

Volatility

VEMAX vs. VFIRX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 6.12% compared to Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) at 0.60%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than VFIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMAX	VFIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	0.60%	+5.52%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	1.56%	+11.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	2.06%	+13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.61%	2.69%	+12.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	2.13%	+14.33%

VEMAX vs. VFIRX - Expense Ratio Comparison

VEMAX has a 0.13% expense ratio, which is higher than VFIRX'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. VFIRX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.29%, less than VFIRX's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.29%	2.74%	3.13%	3.47%	4.05%	2.57%	1.87%	3.20%	2.85%	2.31%	2.51%	3.25%
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	3.85%	3.99%	4.49%	4.07%	2.03%	0.60%	2.30%	2.49%	2.21%	1.25%	1.28%	0.93%

Frequently Asked Questions

Can I hold both VEMAX and VFIRX in my portfolio?

VEMAX and VFIRX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEMAX or VFIRX?

VEMAX has higher volatility (6.12%) compared to VFIRX (0.60%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VFIRX's -6.73%.

Which has better risk-adjusted returns?

VFIRX currently has the higher Sharpe Ratio (1.54 vs 1.48), 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.