VEMAX vs. VINEX

Last updated Aug 2, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VINEX (Vanguard International Explorer Fund) are both mutual funds - VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while VINEX is a Foreign Small & Mid Cap Equities fund managed by Vanguard. Over the past 10 years, VEMAX returned 7.57%/yr vs 6.61%/yr for VINEX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. VEMAX charges 0.13%/yr vs 0.40%/yr for VINEX.

Performance

VEMAX vs. VINEX - 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 International Explorer Fund (VINEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMAX achieves a 7.78% return, which is significantly lower than VINEX's 11.34% return. Over the past 10 years, VEMAX has outperformed VINEX with an annualized return of 7.57%, while VINEX has yielded a comparatively lower 6.61% annualized return.

VEMAX

• 1D: 1.69%
• 1M: -1.74%
• 6M: 2.64%
• YTD: 7.78%
• 1Y: 19.92%
• 3Y*: 13.67%
• 5Y*: 5.76%
• 10Y*: 7.57%
• ALL TIME*: 6.01%

VINEX

• 1D: 2.61%
• 1M: 1.45%
• 6M: 5.41%
• YTD: 11.34%
• 1Y: 19.57%
• 3Y*: 13.03%
• 5Y*: 3.28%
• 10Y*: 6.61%
• ALL TIME*: 8.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	$0.00	$0.00	$0.00
VINEX Vanguard International Explorer Fund	$0.00	$0.00	$0.00

VEMAX vs. VINEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	7.78%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-14.59%	31.37%
VINEX Vanguard International Explorer Fund	11.34%	27.98%	0.11%	15.26%	-27.56%	9.52%	15.07%	21.90%	-23.02%	35.92%

Correlation

The correlation between VEMAX and VINEX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.78

The correlation between VEMAX and VINEX has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

VEMAX vs. VINEX - Sectors Allocation Comparison

Sectors	VEMAX	VINEX
Technology	34.2%	11.3%
Financial Services	19.4%	14.3%
Consumer Cyclical	9.1%	11.7%
Industrials	7.9%	21.5%
Basic Materials	7.2%	7.6%
Communication Services	6.6%	3.9%
Energy	3.8%	2.9%
Healthcare	3.7%	6.4%
Consumer Defensive	3.3%	4.1%
Utilities	2.8%	2.7%
Real Estate	2.0%	8.9%

Return for Risk

VEMAX vs. VINEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEMAX

VEMAX Risk / Return Rank: 39
VEMAX Sharpe Ratio Rank: 39
VEMAX Sortino Ratio Rank: 38
VEMAX Omega Ratio Rank: 39
VEMAX Calmar Ratio Rank: 43
VEMAX Martin Ratio Rank: 39

VINEX

VINEX Risk / Return Rank: 44
VINEX Sharpe Ratio Rank: 47
VINEX Sortino Ratio Rank: 48
VINEX Omega Ratio Rank: 46
VINEX Calmar Ratio Rank: 40
VINEX Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEMAX vs. VINEX - 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 International Explorer Fund (VINEX). 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	VINEX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.26	-0.11
Sortino ratio: Return per unit of downside risk	1.64	1.85	-0.21
Omega ratio: Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.65	1.59	+0.06
Martin ratio: Return relative to average drawdown	5.51	5.90	-0.39

VEMAX vs. VINEX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 1.14, which is comparable to the VINEX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of VEMAX and VINEX, 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. VINEX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than VINEX's maximum drawdown of -62.16%. Use the drawdown chart below to compare losses from any high point for VEMAX and VINEX.

Drawdown Indicators

	VEMAX	VINEX	Difference
Max Drawdown Largest peak-to-trough decline	-66.45%	-62.16%	-4.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-12.32%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-15.64%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-30.69%	-42.24%	+11.55%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-45.46%	+9.35%
Current Drawdown Current decline from peak	-5.43%	-0.13%	-5.30%
Average Drawdown Average peak-to-trough decline	-16.02%	-17.14%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.32%	-0.02%

Volatility

VEMAX vs. VINEX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 5.20% compared to Vanguard International Explorer Fund (VINEX) at 4.73%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than VINEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMAX	VINEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.73%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.79%	13.30%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	15.62%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	17.17%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	16.98%	-0.48%

VEMAX vs. VINEX - Expense Ratio Comparison

VEMAX has a 0.13% expense ratio, which is lower than VINEX's 0.40% expense ratio.

Dividends

VEMAX vs. VINEX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.35%, less than VINEX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.35%	2.74%	3.13%	3.47%	4.05%	2.57%	1.87%	3.20%	2.85%	2.31%	2.51%	3.25%
VINEX Vanguard International Explorer Fund	3.76%	4.19%	4.17%	2.47%	1.74%	4.80%	1.06%	2.51%	8.75%	4.22%	1.95%	5.45%

Frequently Asked Questions

Can I hold both VEMAX and VINEX in my portfolio?

VEMAX and VINEX have a correlation of 0.74, 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 VINEX?

VEMAX has higher volatility (5.20%) compared to VINEX (4.73%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VINEX's -62.16%.

Which has better risk-adjusted returns?

VINEX currently has the higher Sharpe Ratio (1.26 vs 1.14), 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.