VEMIX vs. VIIIX
VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - VEMIX is a Emerging Markets Equities fund managed by Vanguard, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VEMIX returned 7.61%/yr vs 15.07%/yr for VIIIX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. VEMIX charges 0.06%/yr vs 0.02%/yr for VIIIX.
Performance
VEMIX vs. VIIIX - Performance Comparison
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Returns By Period
In the year-to-date period, VEMIX achieves a 7.82% return, which is significantly lower than VIIIX's 9.35% return. Over the past 10 years, VEMIX has underperformed VIIIX with an annualized return of 7.61%, while VIIIX has yielded a comparatively higher 15.07% annualized return.
VEMIX
- 1D
- 1.70%
- 1M
- -1.72%
- 6M
- 2.68%
- YTD
- 7.82%
- 1Y
- 19.98%
- 3Y*
- 13.72%
- 5Y*
- 5.81%
- 10Y*
- 7.61%
- ALL TIME*
- 7.24%
VIIIX
- 1D
- 1.66%
- 1M
- -0.56%
- 6M
- 7.79%
- YTD
- 9.35%
- 1Y
- 20.63%
- 3Y*
- 19.44%
- 5Y*
- 12.83%
- 10Y*
- 15.07%
- ALL TIME*
- 9.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VEMIX vs. VIIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares | 7.82% | 24.80% | 11.38% | 8.85% | -17.75% | 0.91% | 15.26% | 20.35% | -14.55% | 31.42% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 9.35% | 17.87% | 26.29% | 25.79% | -18.14% | 28.69% | 18.41% | 31.48% | -4.41% | 21.82% |
Correlation
The correlation between VEMIX and VIIIX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2000 | 0.66 |
The correlation between VEMIX and VIIIX shifts across timeframes, from 0.62 (5 years) to 0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VEMIX vs. VIIIX — Risk / Return Rank
VEMIX
VIIIX
VEMIX vs. VIIIX - 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 Institutional Index Fund Institutional Plus Shares (VIIIX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VEMIX | VIIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 2.06 | -0.41 |
| Martin ratioReturn relative to average drawdown | 5.53 | 8.86 | -3.33 |
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Drawdowns
VEMIX vs. VIIIX - Drawdown Comparison
The maximum VEMIX drawdown since its inception was -66.43%, which is greater than VIIIX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for VEMIX and VIIIX.
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Drawdown Indicators
| VEMIX | VIIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.43% | -55.18% | -11.25% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -8.90% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -15.77% | -18.75% | +2.98% |
Max Drawdown (5Y)Largest decline over 5 years | -30.68% | -24.50% | -6.18% |
Max Drawdown (10Y)Largest decline over 10 years | -36.04% | -33.79% | -2.25% |
Current DrawdownCurrent decline from peak | -5.42% | -2.11% | -3.31% |
Average DrawdownAverage peak-to-trough decline | -15.91% | -9.97% | -5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 2.07% | +1.24% |
Volatility
VEMIX vs. VIIIX - Volatility Comparison
Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) has a higher volatility of 5.22% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 3.44%. This indicates that VEMIX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMIX | VIIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 3.44% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 13.82% | 10.09% | +3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.00% | 12.86% | +3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 17.01% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 18.07% | -1.57% |
VEMIX vs. VIIIX - Expense Ratio Comparison
VEMIX has a 0.06% expense ratio, which is higher than VIIIX's 0.02% 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. VIIIX - Dividend Comparison
VEMIX's dividend yield for the trailing twelve months is around 2.38%, less than VIIIX's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares | 2.38% | 2.77% | 3.17% | 3.51% | 4.09% | 2.61% | 1.90% | 3.23% | 2.89% | 2.33% | 2.55% | 2.51% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 2.51% | 2.11% | 3.66% | 2.66% | 3.39% | 4.79% | 3.07% | 2.86% | 2.45% | 1.84% | 2.38% | 2.47% |
Frequently Asked Questions
VEMIX and VIIIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEMIX has higher volatility (5.22%) compared to VIIIX (3.44%). In terms of maximum drawdown, VEMIX dropped -66.43% vs VIIIX's -55.18%.
VIIIX currently has the higher Sharpe Ratio (1.43 vs 1.15), 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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