VEMRX vs. VEMAX

Last updated Apr 1, 2026

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

VEMRX is managed by Vanguard. It was launched on Dec 15, 2010. VEMAX is managed by Vanguard. It was launched on Jun 23, 2006.

Performance

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

VEMRX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	-2.49%	24.84%	11.40%	8.88%	-17.74%	0.92%	15.29%	20.39%	-14.55%	31.44%
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

The year-to-date returns for both stocks are quite close, with VEMRX having a -2.49% return and VEMAX slightly lower at -2.51%. Both investments have delivered pretty close results over the past 10 years, with VEMRX having a 7.34% annualized return and VEMAX not far behind at 7.28%.

VEMRX

• 1D: -0.83%
• 1M: -9.72%
• YTD: -2.49%
• 6M: -1.14%
• 1Y: 19.19%
• 3Y*: 12.53%
• 5Y*: 3.42%
• 10Y*: 7.34%

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)

VEMRX vs. VEMAX - Expense Ratio Comparison

VEMRX has a 0.08% 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

VEMRX

Vanguard Emerging Markets Index Fund Institutional Plus Shares

Return for Risk

VEMRX vs. VEMAX — Risk / Return Rank

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

VEMRX

VEMRX Risk / Return Rank: 66
VEMRX Sharpe Ratio Rank: 71
VEMRX Sortino Ratio Rank: 69
VEMRX Omega Ratio Rank: 64
VEMRX Calmar Ratio Rank: 68
VEMRX Martin Ratio Rank: 60

VEMAX

VEMAX Risk / Return Rank: 66
VEMAX Sharpe Ratio Rank: 71
VEMAX Sortino Ratio Rank: 70
VEMAX Omega Ratio Rank: 64
VEMAX Calmar Ratio Rank: 68
VEMAX Martin Ratio Rank: 59

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. VEMAX - 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 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.

	VEMRX	VEMAX	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.23	+0.01
Sortino ratio Return per unit of downside risk	1.71	1.70	+0.01
Omega ratio Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio Return relative to maximum drawdown	1.54	1.53	+0.01
Martin ratio Return relative to average drawdown	5.71	5.69	+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.

VEMRX vs. VEMAX - Sharpe Ratio Comparison

The current VEMRX 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 VEMRX 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.

Sharpe Ratios by Period

	VEMRX	VEMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.23	+0.01
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	0.21	0.26	-0.05

Correlation

The correlation between VEMRX 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

VEMRX vs. VEMAX - Dividend Comparison

VEMRX's dividend yield for the trailing twelve months is around 2.77%, more than VEMAX's 2.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	2.77%	2.79%	3.19%	3.53%	4.11%	2.63%	1.92%	3.26%	2.92%	2.35%	2.56%	3.31%
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

VEMRX vs. VEMAX - Drawdown Comparison

The maximum VEMRX drawdown since its inception was -36.01%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for VEMRX and VEMAX.

Drawdown Indicators

	VEMRX	VEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.01%	-66.45%	+30.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-11.08%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-32.54%	-32.60%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-36.01%	-36.11%	+0.10%
Current Drawdown Current decline from peak	-11.04%	-11.05%	+0.01%
Average Drawdown Average peak-to-trough decline	-12.95%	-16.25%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.99%	-0.01%

Volatility

VEMRX vs. VEMAX - Volatility Comparison

Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) 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.

Volatility by Period

	VEMRX	VEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	6.36%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.69%	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%