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VEUA.L vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEUA.L vs. IEMG

Last updated Jun 7, 2026

VEUA.L (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - VEUA.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 5 years, VEUA.L returned 9.99%/yr vs 7.22%/yr for IEMG. At a 0.46 correlation, their price movements are largely independent. VEUA.L charges 0.10%/yr vs 0.09%/yr for IEMG.

Performance

VEUA.L vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VEUA.L is traded in GBP, while IEMG is traded in USD. To make them comparable, the IEMG values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEUA.L achieves a 6.07% return, which is significantly lower than IEMG's 18.15% return.

VEUA.L

1D
-0.54%
1M
1.49%
YTD
6.07%
6M
8.35%
1Y
18.34%
3Y*
13.90%
5Y*
9.99%
10Y*
—

IEMG

1D
-5.82%
1M
-1.95%
YTD
18.15%
6M
18.56%
1Y
40.38%
3Y*
17.30%
5Y*
7.22%
10Y*
10.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEUA.L vs. IEMG - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VEUA.L
Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating		6.07%26.07%4.49%13.46%-4.21%16.83%3.08%-9.21%
IEMG
iShares Core MSCI Emerging Markets ETF		18.15%23.12%8.36%5.95%-10.46%0.30%14.40%0.07%

Correlation

The correlation between VEUA.L and IEMG is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (All Time)
Calculated using the full available price history since Jul 24, 2019

0.46

VEUA.L vs. IEMG - Sectors Allocation Comparison

Sectors
VEUA.L
IEMG

Financial Services

24.0%
18.4%

Industrials

19.7%
9.0%

Healthcare

12.9%
3.7%

Technology

8.5%
35.0%

Consumer Defensive

8.3%
3.3%

Consumer Cyclical

6.6%
9.5%

Basic Materials

5.6%
6.9%

Energy

5.3%
3.8%

Utilities

5.0%
2.2%

Communication Services

3.0%
6.4%

Real Estate

1.1%
1.7%

Financial Services

VEUA.L
24.0%
IEMG
18.4%

Industrials

VEUA.L
19.7%
IEMG
9.0%

Healthcare

VEUA.L
12.9%
IEMG
3.7%

Technology

VEUA.L
8.5%
IEMG
35.0%

Consumer Defensive

VEUA.L
8.3%
IEMG
3.3%

Consumer Cyclical

VEUA.L
6.6%
IEMG
9.5%

Basic Materials

VEUA.L
5.6%
IEMG
6.9%

Energy

VEUA.L
5.3%
IEMG
3.8%

Utilities

VEUA.L
5.0%
IEMG
2.2%

Communication Services

VEUA.L
3.0%
IEMG
6.4%

Real Estate

VEUA.L
1.1%
IEMG
1.7%

Compare stocks, funds, or ETFs

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Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating

iShares Core MSCI Emerging Markets ETF

Often compared with VEUA.L:
VEUA.L vs. VERG.LVEUA.L vs. VHVG.LVEUA.L vs. MEUD.LVEUA.L vs. NASL.LVEUA.L vs. VERX.ASVEUA.L vs. EUNA.DEVEUA.L vs. VWCE.DE
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY

Return for Risk

VEUA.L vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEUA.L
VEUA.L Risk / Return Rank: 4545
Overall Rank
VEUA.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
VEUA.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
VEUA.L Omega Ratio Rank: 5050
Omega Ratio Rank
VEUA.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
VEUA.L Martin Ratio Rank: 4242
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 5959
Overall Rank
IEMG Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 5252
Sortino Ratio Rank
IEMG Omega Ratio Rank: 6161
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6161
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6464
Martin Ratio Rank
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.

VEUA.L vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.

VEUA.LIEMGDifference
Sharpe ratioReturn per unit of total volatility
1.53
2.27

-0.74

Sortino ratioReturn per unit of downside risk
2.18
2.88

-0.71

Omega ratioGain probability vs. loss probability

1.29

1.45

-0.15

Calmar ratioReturn relative to maximum drawdown

1.76

3.88

-2.11

Martin ratioReturn relative to average drawdown

6.30

13.69

-7.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEUA.L vs. IEMG - Sharpe Ratio Comparison

The current VEUA.L Sharpe Ratio is 1.53, which is lower than the IEMG Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of VEUA.L and IEMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VEUA.LIEMGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

2.27

-0.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

0.45

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.41

+0.02

Drawdowns

VEUA.L vs. IEMG - Drawdown Comparison

The maximum VEUA.L drawdown since its inception was -33.39%, which is greater than IEMG's maximum drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for VEUA.L and IEMG.

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Drawdown Indicators

VEUA.LIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-33.39%

-31.25%

-2.14%

Max Drawdown (1Y)

Largest decline over 1 year

-10.58%

-10.74%

+0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-12.63%

-15.19%

+2.56%

Max Drawdown (5Y)

Largest decline over 5 years

-16.36%

-22.38%

+6.02%

Max Drawdown (10Y)

Largest decline over 10 years

—

-28.19%

—

Current Drawdown

Current decline from peak

-1.87%

-7.68%

+5.81%

Average Drawdown

Average peak-to-trough decline

-6.12%

-9.00%

+2.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

3.04%

-0.07%

Volatility

VEUA.L vs. IEMG - Volatility Comparison

The current volatility for Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) is 3.45%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.33%. This indicates that VEUA.L experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEUA.LIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.45%

9.33%

-5.88%

Volatility (6M)

Calculated over the trailing 6-month period

10.26%

16.16%

-5.90%

Volatility (1Y)

Calculated over the trailing 1-year period

12.16%

18.31%

-6.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.83%

16.28%

-0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.69%

19.00%

-1.31%

VEUA.L vs. IEMG - Expense Ratio Comparison

VEUA.L has a 0.10% expense ratio, which is higher than IEMG's 0.09% 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

VEUA.L vs. IEMG - Dividend Comparison

VEUA.L has not paid dividends to shareholders, while IEMG's dividend yield for the trailing twelve months is around 2.35%.

PositionTTM20252024202320222021202020192018201720162015
IEMG
iShares Core MSCI Emerging Markets ETF		2.35%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%
VEUA.L
Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VEUA.L and IEMG have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.10% for VEUA.L.

VEUA.L is categorized as Europe Equities, while IEMG is Emerging Markets Diversified. VEUA.L tracks MSCI Europe NR EUR, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VEUA.L and 0.09% for IEMG.

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