VEMIX vs. DODEX

Last updated Jun 4, 2026

VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both mutual funds - VEMIX is a Emerging Markets Equities fund managed by Vanguard, while DODEX is a Emerging Markets Diversified fund managed by Dodge & Cox. Over the past 5 years, VEMIX returned 5.66%/yr vs 9.72%/yr for DODEX. Their correlation of 0.92 suggests significant overlap in exposure. VEMIX charges 0.10%/yr vs 0.70%/yr for DODEX.

Performance

VEMIX vs. DODEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMIX achieves a 14.00% return, which is significantly lower than DODEX's 25.77% return.

VEMIX

• 1D: 1.58%
• 1M: 4.23%
• YTD: 14.00%
• 6M: 15.59%
• 1Y: 32.74%
• 3Y*: 18.68%
• 5Y*: 5.66%
• 10Y*: 9.08%

DODEX

• 1D: 0.68%
• 1M: 6.66%
• YTD: 25.77%
• 6M: 27.16%
• 1Y: 56.39%
• 3Y*: 26.27%
• 5Y*: 9.72%
• 10Y*: —

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

VEMIX vs. DODEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	14.00%	24.80%	11.38%	8.85%	-17.75%	-3.83%
DODEX Dodge & Cox Emerging Markets Stock Fund	25.77%	38.64%	7.47%	13.37%	-14.91%	-9.57%

Correlation

The correlation between VEMIX and DODEX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 21, 2021	0.92

The correlation between VEMIX and DODEX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

VEMIX vs. DODEX — Risk / Return Rank

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

VEMIX

VEMIX Risk / Return Rank: 59
VEMIX Sharpe Ratio Rank: 63
VEMIX Sortino Ratio Rank: 57
VEMIX Omega Ratio Rank: 58
VEMIX Calmar Ratio Rank: 61
VEMIX Martin Ratio Rank: 55

DODEX

DODEX Risk / Return Rank: 94
DODEX Sharpe Ratio Rank: 98
DODEX Sortino Ratio Rank: 95
DODEX Omega Ratio Rank: 94
DODEX Calmar Ratio Rank: 93
DODEX 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.

VEMIX vs. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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.

	VEMIX	DODEX	Difference
Sharpe ratio Return per unit of total volatility	2.32	3.96	-1.64
Sortino ratio Return per unit of downside risk	3.19	4.99	-1.80
Omega ratio Gain probability vs. loss probability	1.42	1.72	-0.30
Calmar ratio Return relative to maximum drawdown	3.00	5.18	-2.18
Martin ratio Return relative to average drawdown	11.20	19.82	-8.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEMIX vs. DODEX - Sharpe Ratio Comparison

The current VEMIX Sharpe Ratio is 2.32, which is lower than the DODEX Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of VEMIX and DODEX, 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

	VEMIX	DODEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	3.96	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.58	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.61	-0.25

Drawdowns

VEMIX vs. DODEX - Drawdown Comparison

The maximum VEMIX drawdown since its inception was -66.43%, which is greater than DODEX's maximum drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for VEMIX and DODEX.

Drawdown Indicators

	VEMIX	DODEX	Difference
Max Drawdown Largest peak-to-trough decline	-66.43%	-37.01%	-29.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-10.97%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-15.77%	-16.15%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-32.52%	-36.89%	+4.37%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.99%	-12.80%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.86%	+0.10%

Volatility

VEMIX vs. DODEX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Dodge & Cox Emerging Markets Stock Fund (DODEX) have volatilities of 5.01% and 5.09%, 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

	VEMIX	DODEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	5.09%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	12.06%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	14.36%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	16.81%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	16.78%	-0.33%

VEMIX vs. DODEX - Expense Ratio Comparison

VEMIX has a 0.10% expense ratio, which is lower than DODEX's 0.70% expense ratio.

Dividends

VEMIX vs. DODEX - Dividend Comparison

VEMIX's dividend yield for the trailing twelve months is around 2.36%, more than DODEX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.25%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.36%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Frequently Asked Questions

Can I hold both VEMIX and DODEX in my portfolio?

VEMIX and DODEX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEMIX or DODEX?

DODEX has higher volatility (5.09%) compared to VEMIX (5.01%). In terms of maximum drawdown, VEMIX dropped -66.43% vs DODEX's -37.01%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (3.96 vs 2.32), 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.