VEMAX vs. VWO
Compare and contrast key facts about Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and Vanguard FTSE Emerging Markets ETF (VWO).
VEMAX is managed by Vanguard. It was launched on Jun 23, 2006. VWO is a passively managed fund by Vanguard that tracks the performance of the FTSE Emerging Index. It was launched on Mar 4, 2005.
Performance
VEMAX vs. VWO - Performance Comparison
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VEMAX vs. VWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | -2.51% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
VWO Vanguard FTSE Emerging Markets ETF | 0.54% | 25.60% | 10.59% | 9.25% | -17.98% | 1.26% | 15.17% | 20.75% | -14.76% | 31.49% |
Returns By Period
In the year-to-date period, VEMAX achieves a -2.51% return, which is significantly lower than VWO's 0.54% return. Both investments have delivered pretty close results over the past 10 years, with VEMAX having a 7.28% annualized return and VWO not far ahead at 7.63%.
VEMAX
- 1D
- -0.82%
- 1M
- -9.73%
- YTD
- -2.51%
- 6M
- -1.16%
- 1Y
- 19.13%
- 3Y*
- 12.46%
- 5Y*
- 3.36%
- 10Y*
- 7.28%
VWO
- 1D
- 3.11%
- 1M
- -6.97%
- YTD
- 0.54%
- 6M
- 1.72%
- 1Y
- 22.75%
- 3Y*
- 13.73%
- 5Y*
- 3.84%
- 10Y*
- 7.63%
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VEMAX vs. VWO - Expense Ratio Comparison
VEMAX has a 0.14% expense ratio, which is higher than VWO's 0.08% 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%.
Return for Risk
VEMAX vs. VWO — Risk / Return Rank
VEMAX
VWO
VEMAX vs. VWO - 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 FTSE Emerging Markets ETF (VWO). 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 | VWO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 1.28 | -0.05 |
Sortino ratioReturn per unit of downside risk | 1.70 | 1.81 | -0.11 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.26 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.53 | 1.85 | -0.32 |
Martin ratioReturn relative to average drawdown | 5.69 | 7.12 | -1.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VEMAX | VWO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.28 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.22 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.40 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.25 | +0.01 |
Correlation
The correlation between VEMAX and VWO is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VEMAX vs. VWO - Dividend Comparison
VEMAX's dividend yield for the trailing twelve months is around 2.73%, more than VWO's 2.68% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.73% | 2.74% | 3.13% | 3.47% | 4.05% | 2.57% | 1.87% | 3.20% | 2.85% | 2.31% | 2.51% | 3.25% |
VWO Vanguard FTSE Emerging Markets ETF | 2.68% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Drawdowns
VEMAX vs. VWO - Drawdown Comparison
The maximum VEMAX drawdown since its inception was -66.45%, roughly equal to the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for VEMAX and VWO.
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Drawdown Indicators
| VEMAX | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.45% | -67.68% | +1.23% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -12.23% | +1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -32.60% | -32.80% | +0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -36.39% | +0.28% |
Current DrawdownCurrent decline from peak | -11.05% | -8.41% | -2.64% |
Average DrawdownAverage peak-to-trough decline | -16.25% | -15.93% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 3.18% | -0.19% |
Volatility
VEMAX vs. VWO - Volatility Comparison
The current volatility for Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) is 6.36%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 8.17%. This indicates that VEMAX experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMAX | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 8.17% | -1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 12.26% | -1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.26% | 17.83% | -2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 17.21% | -2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 19.18% | -2.81% |