VEMIX vs. VTMNX
VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) and VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) are both mutual funds - VEMIX is a Emerging Markets Equities fund managed by Vanguard, while VTMNX is a Foreign Large Cap Equities fund managed by Vanguard. Over the past 10 years, VEMIX returned 9.08%/yr vs 10.26%/yr for VTMNX. A 0.76 correlation means they provide meaningful diversification when combined. VEMIX charges 0.10%/yr vs 0.05%/yr for VTMNX.
Performance
VEMIX vs. VTMNX - Performance Comparison
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Returns By Period
In the year-to-date period, VEMIX achieves a 14.00% return, which is significantly lower than VTMNX's 15.93% return. Over the past 10 years, VEMIX has underperformed VTMNX with an annualized return of 9.08%, while VTMNX has yielded a comparatively higher 10.26% annualized 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%
VTMNX
- 1D
- 0.26%
- 1M
- 6.02%
- YTD
- 15.93%
- 6M
- 19.14%
- 1Y
- 33.56%
- 3Y*
- 20.22%
- 5Y*
- 9.97%
- 10Y*
- 10.26%
VEMIX vs. VTMNX - 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% |
VTMNX Vanguard Developed Markets Index Fund Institutional Shares | 15.93% | 35.16% | 2.99% | 17.82% | -15.36% | 11.40% | 10.26% | 22.13% | -14.51% | 26.45% |
Correlation
The correlation between VEMIX and VTMNX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2001 | 0.76 |
The correlation between VEMIX and VTMNX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
VEMIX vs. VTMNX — Risk / Return Rank
VEMIX
VTMNX
VEMIX vs. VTMNX - 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 Developed Markets Index Fund Institutional Shares (VTMNX). 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 | VTMNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.39 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.81 | +0.20 |
| Martin ratioReturn relative to average drawdown | 11.20 | 10.90 | +0.30 |
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
| VEMIX | VTMNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 2.17 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.63 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.62 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.32 | +0.05 |
Drawdowns
VEMIX vs. VTMNX - Drawdown Comparison
The maximum VEMIX drawdown since its inception was -66.43%, which is greater than VTMNX's maximum drawdown of -60.57%. Use the drawdown chart below to compare losses from any high point for VEMIX and VTMNX.
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Drawdown Indicators
| VEMIX | VTMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.43% | -60.57% | -5.86% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -11.69% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.77% | -13.16% | -2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -32.52% | -29.71% | -2.81% |
Max Drawdown (10Y)Largest decline over 10 years | -36.04% | -35.60% | -0.44% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -15.99% | -13.22% | -2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 3.00% | -0.04% |
Volatility
VEMIX vs. VTMNX - Volatility Comparison
Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) have volatilities of 5.01% and 4.98%, 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
| VEMIX | VTMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 4.98% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.81% | 12.55% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.32% | 15.13% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.38% | 15.88% | -0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.45% | 16.52% | -0.07% |
VEMIX vs. VTMNX - Expense Ratio Comparison
VEMIX has a 0.10% expense ratio, which is higher than VTMNX's 0.05% 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. VTMNX - Dividend Comparison
VEMIX's dividend yield for the trailing twelve months is around 2.36%, less than VTMNX's 2.60% 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% |
VTMNX Vanguard Developed Markets Index Fund Institutional Shares | 2.60% | 3.22% | 3.36% | 3.15% | 2.91% | 3.16% | 2.04% | 3.05% | 3.35% | 2.77% | 3.06% | 2.92% |
Frequently Asked Questions
VEMIX and VTMNX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEMIX has higher volatility (5.01%) compared to VTMNX (4.98%). In terms of maximum drawdown, VEMIX dropped -66.43% vs VTMNX's -60.57%.
VEMIX currently has the higher Sharpe Ratio (2.32 vs 2.17), 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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