VEMRX vs. SFENX

Last updated Jun 24, 2026

VEMRX (Vanguard Emerging Markets Index Fund Institutional Plus Shares) and SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. Over the past 10 years, VEMRX returned 9.21%/yr vs 11.13%/yr for SFENX. Their correlation of 0.93 suggests significant overlap in exposure. VEMRX charges 0.08%/yr vs 0.39%/yr for SFENX.

Performance

VEMRX vs. SFENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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 VEMRX having a 13.80% return and SFENX slightly higher at 13.84%. Over the past 10 years, VEMRX has underperformed SFENX with an annualized return of 9.21%, while SFENX has yielded a comparatively higher 11.13% annualized return.

VEMRX

• 1D: 0.55%
• 1M: 3.80%
• YTD: 13.80%
• 6M: 14.02%
• 1Y: 31.23%
• 3Y*: 18.43%
• 5Y*: 5.86%
• 10Y*: 9.21%

SFENX

• 1D: 0.23%
• 1M: 1.33%
• YTD: 13.84%
• 6M: 14.25%
• 1Y: 32.69%
• 3Y*: 20.69%
• 5Y*: 9.76%
• 10Y*: 11.13%

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

VEMRX vs. SFENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	13.80%	24.84%	11.40%	8.88%	-17.74%	0.92%	15.29%	20.39%	-14.55%	31.44%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.84%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%

Correlation

The correlation between VEMRX and SFENX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.93

The correlation between VEMRX and SFENX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

VEMRX vs. SFENX — Risk / Return Rank

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

VEMRX

VEMRX Risk / Return Rank: 59
VEMRX Sharpe Ratio Rank: 61
VEMRX Sortino Ratio Rank: 56
VEMRX Omega Ratio Rank: 59
VEMRX Calmar Ratio Rank: 62
VEMRX Martin Ratio Rank: 55

SFENX

SFENX Risk / Return Rank: 75
SFENX Sharpe Ratio Rank: 80
SFENX Sortino Ratio Rank: 73
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 67

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.

VEMRX vs. SFENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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.

	VEMRX	SFENX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.41	-0.29
Sortino ratio: Return per unit of downside risk	2.89	3.24	-0.35
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	2.89	3.52	-0.63
Martin ratio: Return relative to average drawdown	10.52	12.26	-1.74

VEMRX vs. SFENX - Sharpe Ratio Comparison

The current VEMRX Sharpe Ratio is 2.12, which is comparable to the SFENX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of VEMRX and SFENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEMRX vs. SFENX - Drawdown Comparison

The maximum VEMRX drawdown since its inception was -36.01%, smaller than the maximum SFENX drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for VEMRX and SFENX.

Drawdown Indicators

	VEMRX	SFENX	Difference
Max Drawdown Largest peak-to-trough decline	-36.01%	-47.19%	+11.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-9.45%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-15.74%	-16.51%	+0.77%
Max Drawdown (5Y) Largest decline over 5 years	-32.41%	-29.26%	-3.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.01%	-39.59%	+3.58%
Current Drawdown Current decline from peak	-0.18%	-2.93%	+2.75%
Average Drawdown Average peak-to-trough decline	-12.79%	-12.86%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.71%	+0.31%

Volatility

VEMRX vs. SFENX - Volatility Comparison

Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) has a higher volatility of 6.07% compared to Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) at 5.29%. This indicates that VEMRX's price experiences larger fluctuations and is considered to be riskier than SFENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMRX	SFENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	5.29%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	11.50%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	13.82%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	15.49%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	16.89%	-0.39%

VEMRX vs. SFENX - Expense Ratio Comparison

VEMRX has a 0.08% expense ratio, which is lower than SFENX's 0.39% expense ratio.

Dividends

VEMRX vs. SFENX - Dividend Comparison

VEMRX's dividend yield for the trailing twelve months is around 2.27%, less than SFENX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.45%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	2.27%	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 VEMRX and SFENX in my portfolio?

With a correlation of 0.93, VEMRX and SFENX 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, VEMRX or SFENX?

VEMRX has higher volatility (6.07%) compared to SFENX (5.29%). In terms of maximum drawdown, VEMRX dropped -36.01% vs SFENX's -47.19%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.41 vs 2.12), 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.