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VEMIX vs. VEMAX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

VEMIX vs. VEMAX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX).

VEMIX is managed by Vanguard. It was launched on Jun 22, 2000. VEMAX is managed by Vanguard. It was launched on Jun 23, 2006.

Performance

VEMIX vs. VEMAX - 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 Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

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VEMIX vs. VEMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEMIX
Vanguard Emerging Markets Stock Index Fund Institutional Shares		-2.51%24.80%11.38%8.85%-17.75%0.91%15.26%20.35%-14.55%31.42%
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%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VEMIX at -2.51% and VEMAX at -2.51%. Both investments have delivered pretty close results over the past 10 years, with VEMIX having a 7.32% annualized return and VEMAX not far behind at 7.28%.

VEMIX

1D
-0.84%
1M
-9.72%
YTD
-2.51%
6M
-1.15%
1Y
19.17%
3Y*
12.50%
5Y*
3.40%
10Y*
7.32%

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

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Vanguard Emerging Markets Stock Index Fund Institutional Shares

Vanguard Emerging Markets Stock Index Fund Admiral Shares

Often compared with VEMIX:
VEMIX vs. VTPSXVEMIX vs. VTSNXVEMIX vs. VDIPXVEMIX vs. VWOVEMIX vs. VEMPXVEMIX vs. VIGIXVEMIX vs. VMMSX
Often compared with VEMAX:
VEMAX vs. VWOVEMAX vs. VTMGXVEMAX vs. VFIAXVEMAX vs. FPADXVEMAX vs. FSPSXVEMAX vs. FEMKXVEMAX vs. VINEX

VEMIX vs. VEMAX - Expense Ratio Comparison

VEMIX has a 0.10% expense ratio, which is lower than VEMAX's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares
VEMIX
Vanguard Emerging Markets Stock Index Fund Institutional Shares

Return for Risk

VEMIX vs. VEMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEMIX
VEMIX Risk / Return Rank: 6767
Overall Rank
VEMIX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VEMIX Sortino Ratio Rank: 7070
Sortino Ratio Rank
VEMIX Omega Ratio Rank: 6464
Omega Ratio Rank
VEMIX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VEMIX Martin Ratio Rank: 6060
Martin Ratio Rank
VEMAX
VEMAX Risk / Return Rank: 6666
Overall Rank
VEMAX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 7070
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 6464
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 5959
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.

VEMIX vs. VEMAX - 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 Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

VEMIXVEMAXDifference

Sharpe ratio

Return per unit of total volatility

1.24

1.23

0.00

Sortino ratio

Return per unit of downside risk

1.70

1.70

0.00

Omega ratio

Gain probability vs. loss probability

1.24

1.24

0.00

Calmar ratio

Return relative to maximum drawdown

1.53

1.53

0.00

Martin ratio

Return relative to average drawdown

5.69

5.69

0.00

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. VEMAX - Sharpe Ratio Comparison

The current VEMIX Sharpe Ratio is 1.24, which is comparable to the VEMAX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of VEMIX and VEMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

VEMIXVEMAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

1.23

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.22

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.45

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.26

+0.08

Correlation

The correlation between VEMIX and VEMAX is 1.00, 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

VEMIX vs. VEMAX - Dividend Comparison

VEMIX's dividend yield for the trailing twelve months is around 2.76%, more than VEMAX's 2.73% yield.

TTM20252024202320222021202020192018201720162015
VEMIX
Vanguard Emerging Markets Stock Index Fund Institutional Shares		2.76%2.77%3.17%3.51%4.09%2.61%1.90%3.23%2.89%2.33%2.55%2.51%
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%

Drawdowns

VEMIX vs. VEMAX - Drawdown Comparison

The maximum VEMIX drawdown since its inception was -66.43%, roughly equal to the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for VEMIX and VEMAX.

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Drawdown Indicators

VEMIXVEMAXDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-66.45%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-11.09%

-11.08%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-32.56%

-32.60%

+0.04%

Max Drawdown (10Y)

Largest decline over 10 years

-36.04%

-36.11%

+0.07%

Current Drawdown

Current decline from peak

-11.05%

-11.05%

0.00%

Average Drawdown

Average peak-to-trough decline

-16.08%

-16.25%

+0.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

2.99%

0.00%

Volatility

VEMIX vs. VEMAX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) have volatilities of 6.36% and 6.36%, 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.

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Volatility by Period

VEMIXVEMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.36%

6.36%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

10.71%

10.70%

+0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

15.25%

15.26%

-0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.18%

15.18%

0.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.37%

16.37%

0.00%