VEMAX vs. VGELX

Last updated Jun 4, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VGELX (Vanguard Energy Fund Admiral Shares) are both mutual funds - VEMAX is a Emerging Markets Equities fund managed by Vanguard, while VGELX is a Energy Equities fund managed by Vanguard. Over the past 10 years, VEMAX returned 9.04%/yr vs 9.54%/yr for VGELX. A 0.63 correlation means they provide meaningful diversification when combined. VEMAX charges 0.14%/yr vs 0.33%/yr for VGELX.

Performance

VEMAX vs. VGELX - 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 Energy Fund Admiral Shares (VGELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMAX achieves a 13.97% return, which is significantly lower than VGELX's 20.09% return. Over the past 10 years, VEMAX has underperformed VGELX with an annualized return of 9.04%, while VGELX has yielded a comparatively higher 9.54% 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%

VGELX

• 1D: 1.24%
• 1M: -3.38%
• YTD: 20.09%
• 6M: 18.16%
• 1Y: 33.01%
• 3Y*: 28.30%
• 5Y*: 22.13%
• 10Y*: 9.54%

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

VEMAX vs. VGELX - 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%
VGELX Vanguard Energy Fund Admiral Shares	20.09%	20.76%	30.46%	8.87%	23.70%	27.80%	-30.80%	13.32%	-17.12%	3.31%

Correlation

The correlation between VEMAX and VGELX is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.63

Over the past year, the correlation between VEMAX and VGELX has dropped to 0.05 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

VEMAX vs. VGELX - Sectors Allocation Comparison

Sectors	VEMAX	VGELX
Technology	29.6%	-
Financial Services	19.5%	0.0%
Consumer Cyclical	10.7%	-
Industrials	8.0%	-
Basic Materials	8.0%	1.1%
Communication Services	7.1%	-
Energy	4.6%	56.5%
Healthcare	3.9%	-
Consumer Defensive	3.7%	-
Utilities	2.9%	40.8%
Real Estate	2.2%	0.0%

Return for Risk

VEMAX vs. VGELX — Risk / Return Rank

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

VEMAX

VEMAX Risk / Return Rank: 59
VEMAX Sharpe Ratio Rank: 62
VEMAX Sortino Ratio Rank: 57
VEMAX Omega Ratio Rank: 58
VEMAX Calmar Ratio Rank: 61
VEMAX Martin Ratio Rank: 56

VGELX

VGELX Risk / Return Rank: 85
VGELX Sharpe Ratio Rank: 86
VGELX Sortino Ratio Rank: 79
VGELX Omega Ratio Rank: 74
VGELX Calmar Ratio Rank: 95
VGELX Martin Ratio Rank: 93

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. VGELX - 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 Energy Fund Admiral Shares (VGELX). 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	VGELX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.76	-0.45
Sortino ratio: Return per unit of downside risk	3.18	3.76	-0.58
Omega ratio: Gain probability vs. loss probability	1.42	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	3.00	5.86	-2.86
Martin ratio: Return relative to average drawdown	11.18	20.18	-9.00
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. VGELX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 2.31, which is comparable to the VGELX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of VEMAX and VGELX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VEMAX	VGELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.76	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	1.19	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.41	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.35	-0.05

Drawdowns

VEMAX vs. VGELX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, roughly equal to the maximum VGELX drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for VEMAX and VGELX.

Drawdown Indicators

	VEMAX	VGELX	Difference
Max Drawdown Largest peak-to-trough decline	-66.45%	-65.22%	-1.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-5.69%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-12.30%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-32.55%	-19.72%	-12.83%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-61.13%	+25.02%
Current Drawdown Current decline from peak	0.00%	-4.24%	+4.24%
Average Drawdown Average peak-to-trough decline	-16.12%	-19.15%	+3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	1.65%	+1.31%

Volatility

VEMAX vs. VGELX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and Vanguard Energy Fund Admiral Shares (VGELX) have volatilities of 5.01% and 4.91%, 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	VGELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	4.91%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.80%	10.17%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	12.10%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	18.72%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	23.21%	-6.75%

VEMAX vs. VGELX - Expense Ratio Comparison

VEMAX has a 0.14% expense ratio, which is lower than VGELX's 0.33% expense ratio.

Dividends

VEMAX vs. VGELX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.34%, less than VGELX's 7.20% 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%
VGELX Vanguard Energy Fund Admiral Shares	7.20%	4.79%	34.15%	6.91%	4.71%	3.70%	4.54%	3.38%	3.07%	3.05%	1.91%	2.70%

Frequently Asked Questions

Can I hold both VEMAX and VGELX in my portfolio?

VEMAX and VGELX have a correlation of 0.05, 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 VGELX?

VEMAX has higher volatility (5.01%) compared to VGELX (4.91%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VGELX's -65.22%.

Which has better risk-adjusted returns?

VGELX currently has the higher Sharpe Ratio (2.76 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.