VEMIX vs. VEMRX

Last updated Jun 4, 2026

VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) and VEMRX (Vanguard Emerging Markets Index Fund Institutional Plus Shares) are both Emerging Markets Equities funds from Vanguard. Over the past 10 years, VEMIX returned 9.08%/yr vs 9.10%/yr for VEMRX. With a 1.00 correlation, they move nearly in lockstep. VEMIX charges 0.10%/yr vs 0.08%/yr for VEMRX.

Performance

VEMIX vs. VEMRX - 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 Index Fund Institutional Plus Shares (VEMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VEMIX having a 14.00% return and VEMRX slightly higher at 14.01%. Both investments have delivered pretty close results over the past 10 years, with VEMIX having a 9.08% annualized return and VEMRX not far ahead at 9.10%.

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%

VEMRX

• 1D: 1.58%
• 1M: 4.23%
• YTD: 14.01%
• 6M: 15.61%
• 1Y: 32.78%
• 3Y*: 18.70%
• 5Y*: 5.68%
• 10Y*: 9.10%

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

VEMIX vs. VEMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	14.00%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	14.01%	24.84%	11.40%	8.88%	-17.74%	0.92%	15.29%	20.39%	-14.55%	31.44%

Correlation

The correlation between VEMIX and VEMRX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 14, 2010	1.00

The correlation between VEMIX and VEMRX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

VEMIX vs. VEMRX — 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

VEMRX

VEMRX Risk / Return Rank: 59
VEMRX Sharpe Ratio Rank: 63
VEMRX Sortino Ratio Rank: 58
VEMRX Omega Ratio Rank: 58
VEMRX Calmar Ratio Rank: 61
VEMRX Martin Ratio Rank: 56

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. VEMRX - 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 Index Fund Institutional Plus Shares (VEMRX). 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	VEMRX	Difference
Sharpe ratio Return per unit of total volatility	2.32	2.32	0.00
Sortino ratio Return per unit of downside risk	3.19	3.19	0.00
Omega ratio Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio Return relative to maximum drawdown	3.00	3.01	-0.01
Martin ratio Return relative to average drawdown	11.20	11.23	-0.03
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. VEMRX - Sharpe Ratio Comparison

The current VEMIX Sharpe Ratio is 2.32, which is comparable to the VEMRX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VEMIX and VEMRX, 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	VEMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.32	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.37	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.55	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.26	+0.10

Drawdowns

VEMIX vs. VEMRX - Drawdown Comparison

The maximum VEMIX drawdown since its inception was -66.43%, which is greater than VEMRX's maximum drawdown of -36.01%. Use the drawdown chart below to compare losses from any high point for VEMIX and VEMRX.

Drawdown Indicators

	VEMIX	VEMRX	Difference
Max Drawdown Largest peak-to-trough decline	-66.43%	-36.01%	-30.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-11.04%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.77%	-15.74%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-32.52%	-32.49%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	-36.01%	-0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.99%	-12.82%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.95%	+0.01%

Volatility

VEMIX vs. VEMRX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) have volatilities of 5.01% and 5.02%, 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	VEMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	5.02%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	11.81%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	14.31%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	15.38%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	16.46%	-0.01%

VEMIX vs. VEMRX - Expense Ratio Comparison

VEMIX has a 0.10% expense ratio, which is higher than VEMRX'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%.

Dividends

VEMIX vs. VEMRX - Dividend Comparison

VEMIX's dividend yield for the trailing twelve months is around 2.36%, which matches VEMRX's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	2.37%	2.79%	3.19%	3.53%	4.11%	2.63%	1.92%	3.26%	2.92%	2.35%	2.56%	3.31%

Frequently Asked Questions

Can I hold both VEMIX and VEMRX in my portfolio?

With a correlation of 1.00, VEMIX and VEMRX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VEMIX or VEMRX?

VEMRX has higher volatility (5.02%) compared to VEMIX (5.01%). In terms of maximum drawdown, VEMIX dropped -66.43% vs VEMRX's -36.01%.

Which has better risk-adjusted returns?

VEMRX currently has the higher Sharpe Ratio (2.32 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.