VEMAX vs. VGSLX

Last updated Jun 14, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VGSLX (Vanguard Real Estate Index 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 VGSLX is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, VEMAX returned 8.79%/yr vs 5.51%/yr for VGSLX. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.13% expense ratio.

Performance

VEMAX vs. VGSLX - 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 Real Estate Index Fund Admiral Shares (VGSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMAX achieves a 9.86% return, which is significantly lower than VGSLX's 11.48% return. Over the past 10 years, VEMAX has outperformed VGSLX with an annualized return of 8.79%, while VGSLX has yielded a comparatively lower 5.51% annualized return.

VEMAX

• 1D: 2.25%
• 1M: 0.80%
• YTD: 9.86%
• 6M: 11.36%
• 1Y: 25.51%
• 3Y*: 16.48%
• 5Y*: 4.76%
• 10Y*: 8.79%

VGSLX

• 1D: -0.05%
• 1M: 3.96%
• YTD: 11.48%
• 6M: 11.28%
• 1Y: 12.91%
• 3Y*: 10.04%
• 5Y*: 2.35%
• 10Y*: 5.51%

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

VEMAX vs. VGSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	9.86%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-14.59%	31.37%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	11.48%	3.18%	3.67%	13.13%	-26.20%	40.39%	-4.75%	28.90%	-5.99%	4.91%

Correlation

The correlation between VEMAX and VGSLX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.49

Over the past year, the correlation between VEMAX and VGSLX has dropped to 0.20 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

VEMAX vs. VGSLX — Risk / Return Rank

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

VEMAX

VEMAX Risk / Return Rank: 47
VEMAX Sharpe Ratio Rank: 47
VEMAX Sortino Ratio Rank: 46
VEMAX Omega Ratio Rank: 48
VEMAX Calmar Ratio Rank: 47
VEMAX Martin Ratio Rank: 45

VGSLX

VGSLX Risk / Return Rank: 20
VGSLX Sharpe Ratio Rank: 18
VGSLX Sortino Ratio Rank: 17
VGSLX Omega Ratio Rank: 17
VGSLX Calmar Ratio Rank: 26
VGSLX Martin Ratio Rank: 24

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. VGSLX - 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 Real Estate Index Fund Admiral Shares (VGSLX). 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	VGSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.92	+0.67
Sortino ratio: Return per unit of downside risk	2.22	1.34	+0.88
Omega ratio: Gain probability vs. loss probability	1.29	1.17	+0.13
Calmar ratio: Return relative to maximum drawdown	2.15	1.49	+0.65
Martin ratio: Return relative to average drawdown	7.83	4.70	+3.13

VEMAX vs. VGSLX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 1.59, which is higher than the VGSLX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of VEMAX and VGSLX, 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. VGSLX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, smaller than the maximum VGSLX drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for VEMAX and VGSLX.

Drawdown Indicators

	VEMAX	VGSLX	Difference
Max Drawdown Largest peak-to-trough decline	-66.45%	-73.05%	+6.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-8.33%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-17.41%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-32.46%	-34.41%	+1.95%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-42.34%	+6.23%
Current Drawdown Current decline from peak	-3.60%	-0.44%	-3.16%
Average Drawdown Average peak-to-trough decline	-16.10%	-12.56%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.64%	+0.39%

Volatility

VEMAX vs. VGSLX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 6.17% compared to Vanguard Real Estate Index Fund Admiral Shares (VGSLX) at 4.78%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than VGSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMAX	VGSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	4.78%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	9.74%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.97%	13.53%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	18.91%	-3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	20.86%	-4.37%

VEMAX vs. VGSLX - Expense Ratio Comparison

Both VEMAX and VGSLX have an expense ratio of 0.13%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VEMAX vs. VGSLX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.42%, less than VGSLX's 3.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.42%	2.74%	3.13%	3.47%	4.05%	2.57%	1.87%	3.20%	2.85%	2.31%	2.51%	3.25%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	3.57%	3.92%	3.85%	3.91%	3.91%	2.56%	3.92%	3.39%	4.73%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both VEMAX and VGSLX in my portfolio?

VEMAX and VGSLX have a correlation of 0.20, 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 VGSLX?

VEMAX has higher volatility (6.17%) compared to VGSLX (4.78%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VGSLX's -73.05%.

Which has better risk-adjusted returns?

VEMAX currently has the higher Sharpe Ratio (1.59 vs 0.92), 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.