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VEMAX vs. VVIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEMAX vs. VVIAX

Last updated Jun 9, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and VVIAX (Vanguard Value 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 VVIAX is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index. Both are passively managed. Over the past 10 years, VEMAX returned 8.27%/yr vs 12.29%/yr for VVIAX. A 0.67 correlation means they provide meaningful diversification when combined. VEMAX charges 0.13%/yr vs 0.05%/yr for VVIAX.

Performance

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

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Returns By Period

In the year-to-date period, VEMAX achieves a 8.61% return, which is significantly lower than VVIAX's 11.57% return. Over the past 10 years, VEMAX has underperformed VVIAX with an annualized return of 8.27%, while VVIAX has yielded a comparatively higher 12.29% annualized return.

VEMAX

1D
-3.39%
1M
-3.58%
YTD
8.61%
6M
9.77%
1Y
24.36%
3Y*
16.47%
5Y*
4.45%
10Y*
8.27%

VVIAX

1D
-1.37%
1M
2.33%
YTD
11.57%
6M
13.11%
1Y
25.10%
3Y*
18.00%
5Y*
11.08%
10Y*
12.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEMAX vs. VVIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		8.61%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%31.37%
VVIAX
Vanguard Value Index Fund Admiral Shares		11.57%15.27%16.00%9.22%-2.07%26.51%2.29%25.81%-5.45%17.13%

Correlation

The correlation between VEMAX and VVIAX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.50

Correlation (10Y)
Calculated over the trailing 10-year period

0.56

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2006

0.67

Over the past year, the correlation between VEMAX and VVIAX has dropped to 0.46 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

VEMAX vs. VVIAX - Sectors Allocation Comparison

Sectors
VEMAX
VVIAX

Technology

29.6%
13.4%

Financial Services

19.5%
22.3%

Consumer Cyclical

10.7%
4.0%

Industrials

8.0%
14.0%

Basic Materials

8.0%
3.1%

Communication Services

7.1%
3.3%

Energy

4.6%
8.1%

Healthcare

3.9%
14.5%

Consumer Defensive

3.7%
9.4%

Utilities

2.9%
5.2%

Real Estate

2.2%
2.8%

Technology

VEMAX
29.6%
VVIAX
13.4%

Financial Services

VEMAX
19.5%
VVIAX
22.3%

Consumer Cyclical

VEMAX
10.7%
VVIAX
4.0%

Industrials

VEMAX
8.0%
VVIAX
14.0%

Basic Materials

VEMAX
8.0%
VVIAX
3.1%

Communication Services

VEMAX
7.1%
VVIAX
3.3%

Energy

VEMAX
4.6%
VVIAX
8.1%

Healthcare

VEMAX
3.9%
VVIAX
14.5%

Consumer Defensive

VEMAX
3.7%
VVIAX
9.4%

Utilities

VEMAX
2.9%
VVIAX
5.2%

Real Estate

VEMAX
2.2%
VVIAX
2.8%

Compare stocks, funds, or ETFs

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Vanguard Emerging Markets Stock Index Fund Admiral Shares

Vanguard Value Index Fund Admiral Shares

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Often compared with VVIAX:
VVIAX vs. VFIAXVVIAX vs. VIGAXVVIAX vs. VTVVVIAX vs. FLCOXVVIAX vs. VOOVVIAX vs. VDADXVVIAX vs. VBIAX

Return for Risk

VEMAX vs. VVIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEMAX
VEMAX Risk / Return Rank: 3737
Overall Rank
VEMAX Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 3434
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 3737
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 3838
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 4040
Martin Ratio Rank
VVIAX
VVIAX Risk / Return Rank: 8181
Overall Rank
VVIAX Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
VVIAX Sortino Ratio Rank: 7979
Sortino Ratio Rank
VVIAX Omega Ratio Rank: 7373
Omega Ratio Rank
VVIAX Calmar Ratio Rank: 8787
Calmar Ratio Rank
VVIAX Martin Ratio Rank: 8686
Martin Ratio Rank
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. VVIAX - 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 Value Index Fund Admiral Shares (VVIAX). 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.

VEMAXVVIAXDifference
Sharpe ratioReturn per unit of total volatility
1.69
2.59

-0.91

Sortino ratioReturn per unit of downside risk
2.34
3.68

-1.34

Omega ratioGain probability vs. loss probability

1.31

1.46

-0.15

Calmar ratioReturn relative to maximum drawdown

2.26

4.15

-1.90

Martin ratioReturn relative to average drawdown

8.37

15.64

-7.27

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. VVIAX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 1.69, which is lower than the VVIAX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of VEMAX and VVIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VEMAXVVIAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.69

2.59

-0.91

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

0.80

-0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.74

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.42

-0.13

Drawdowns

VEMAX vs. VVIAX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than VVIAX's maximum drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for VEMAX and VVIAX.

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Drawdown Indicators

VEMAXVVIAXDifference

Max Drawdown

Largest peak-to-trough decline

-66.45%

-59.32%

-7.13%

Max Drawdown (1Y)

Largest decline over 1 year

-11.05%

-6.36%

-4.69%

Max Drawdown (3Y)

Largest decline over 3 years

-15.78%

-14.39%

-1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-32.55%

-17.14%

-15.41%

Max Drawdown (10Y)

Largest decline over 10 years

-36.11%

-36.80%

+0.69%

Current Drawdown

Current decline from peak

-4.70%

-1.37%

-3.33%

Average Drawdown

Average peak-to-trough decline

-16.11%

-9.61%

-6.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

1.69%

+1.28%

Volatility

VEMAX vs. VVIAX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 5.77% compared to Vanguard Value Index Fund Admiral Shares (VVIAX) at 2.92%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than VVIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEMAXVVIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.77%

2.92%

+2.85%

Volatility (6M)

Calculated over the trailing 6-month period

12.39%

7.73%

+4.66%

Volatility (1Y)

Calculated over the trailing 1-year period

14.77%

10.19%

+4.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.45%

13.92%

+1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.49%

16.74%

-0.25%

VEMAX vs. VVIAX - Expense Ratio Comparison

VEMAX has a 0.13% expense ratio, which is higher than VVIAX's 0.05% 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. VVIAX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.45%, more than VVIAX's 1.86% yield.

PositionTTM20252024202320222021202020192018201720162015
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.45%2.74%3.13%3.47%4.05%2.57%1.87%3.20%2.85%2.31%2.51%3.25%
VVIAX
Vanguard Value Index Fund Admiral Shares		1.86%2.04%2.30%2.45%2.51%2.14%2.55%2.49%2.72%2.29%2.45%2.60%

Frequently Asked Questions

VEMAX and VVIAX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEMAX has higher volatility (5.77%) compared to VVIAX (2.92%). In terms of maximum drawdown, VEMAX dropped -66.45% vs VVIAX's -59.32%.

VVIAX currently has the higher Sharpe Ratio (2.59 vs 1.69), 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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