VEUAX vs. MAEFX

Last updated Jun 4, 2026

VEUAX (JPMorgan Europe Dynamic Fund) and MAEFX (BlackRock EuroFund Fund) are both Europe Equities funds. Over the past 10 years, VEUAX returned 9.03%/yr vs 7.53%/yr for MAEFX. Their correlation of 0.89 suggests significant overlap in exposure. VEUAX charges 1.25%/yr vs 1.10%/yr for MAEFX.

Performance

VEUAX vs. MAEFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Europe Dynamic Fund (VEUAX) and BlackRock EuroFund Fund (MAEFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEUAX achieves a 5.17% return, which is significantly lower than MAEFX's 6.02% return. Over the past 10 years, VEUAX has outperformed MAEFX with an annualized return of 9.03%, while MAEFX has yielded a comparatively lower 7.53% annualized return.

VEUAX

• 1D: 0.16%
• 1M: 2.61%
• YTD: 5.17%
• 6M: 7.88%
• 1Y: 16.76%
• 3Y*: 18.68%
• 5Y*: 8.99%
• 10Y*: 9.03%

MAEFX

• 1D: 0.90%
• 1M: 6.17%
• YTD: 6.02%
• 6M: 7.43%
• 1Y: 10.23%
• 3Y*: 12.33%
• 5Y*: 5.64%
• 10Y*: 7.53%

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

VEUAX vs. MAEFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEUAX JPMorgan Europe Dynamic Fund	5.17%	41.51%	3.48%	18.19%	-15.39%	17.68%	8.45%	21.51%	-18.69%	22.26%
MAEFX BlackRock EuroFund Fund	6.02%	20.07%	7.21%	20.70%	-23.85%	19.53%	19.34%	25.17%	-19.83%	22.42%

Correlation

The correlation between VEUAX and MAEFX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 3, 1995	0.89

The correlation between VEUAX and MAEFX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

VEUAX vs. MAEFX — Risk / Return Rank

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

VEUAX

VEUAX Risk / Return Rank: 14
VEUAX Sharpe Ratio Rank: 13
VEUAX Sortino Ratio Rank: 14
VEUAX Omega Ratio Rank: 13
VEUAX Calmar Ratio Rank: 14
VEUAX Martin Ratio Rank: 17

MAEFX

MAEFX Risk / Return Rank: 6
MAEFX Sharpe Ratio Rank: 6
MAEFX Sortino Ratio Rank: 7
MAEFX Omega Ratio Rank: 6
MAEFX Calmar Ratio Rank: 6
MAEFX Martin Ratio Rank: 7

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.

VEUAX vs. MAEFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Europe Dynamic Fund (VEUAX) and BlackRock EuroFund Fund (MAEFX). 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.

	VEUAX	MAEFX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	0.48	+0.52
Sortino ratio: Return per unit of downside risk	1.51	0.83	+0.68
Omega ratio: Gain probability vs. loss probability	1.18	1.10	+0.08
Calmar ratio: Return relative to maximum drawdown	1.31	0.57	+0.74
Martin ratio: Return relative to average drawdown	4.63	1.85	+2.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEUAX vs. MAEFX - Sharpe Ratio Comparison

The current VEUAX Sharpe Ratio is 1.01, which is higher than the MAEFX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of VEUAX and MAEFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VEUAX	MAEFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.48	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.25	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.35	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.37	+0.07

Drawdowns

VEUAX vs. MAEFX - Drawdown Comparison

The maximum VEUAX drawdown since its inception was -63.73%, roughly equal to the maximum MAEFX drawdown of -62.58%. Use the drawdown chart below to compare losses from any high point for VEUAX and MAEFX.

Drawdown Indicators

	VEUAX	MAEFX	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-62.58%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-17.14%	+5.07%
Max Drawdown (3Y) Largest decline over 3 years	-12.89%	-20.00%	+7.11%
Max Drawdown (5Y) Largest decline over 5 years	-30.94%	-40.47%	+9.53%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-40.51%	-4.13%
Current Drawdown Current decline from peak	-3.37%	-1.64%	-1.73%
Average Drawdown Average peak-to-trough decline	-15.45%	-11.64%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	5.31%	-1.90%

Volatility

VEUAX vs. MAEFX - Volatility Comparison

The current volatility for JPMorgan Europe Dynamic Fund (VEUAX) is 5.59%, while BlackRock EuroFund Fund (MAEFX) has a volatility of 7.20%. This indicates that VEUAX experiences smaller price fluctuations and is considered to be less risky than MAEFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEUAX	MAEFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	7.20%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	13.15%	17.37%	-4.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	20.24%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	22.34%	-4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	21.57%	-2.76%

VEUAX vs. MAEFX - Expense Ratio Comparison

VEUAX has a 1.25% expense ratio, which is higher than MAEFX's 1.10% expense ratio.

Dividends

VEUAX vs. MAEFX - Dividend Comparison

VEUAX's dividend yield for the trailing twelve months is around 3.28%, less than MAEFX's 10.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAEFX BlackRock EuroFund Fund	10.93%	11.58%	1.29%	1.24%	0.76%	0.00%	0.00%	0.45%	2.81%	1.19%	2.32%	1.64%
VEUAX JPMorgan Europe Dynamic Fund	3.28%	3.45%	3.81%	3.02%	0.77%	2.03%	1.01%	2.82%	2.60%	1.38%	1.93%	1.25%

Frequently Asked Questions

Can I hold both VEUAX and MAEFX in my portfolio?

With a correlation of 0.91, VEUAX and MAEFX 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, VEUAX or MAEFX?

MAEFX has higher volatility (7.20%) compared to VEUAX (5.59%). In terms of maximum drawdown, VEUAX dropped -63.73% vs MAEFX's -62.58%.

Which has better risk-adjusted returns?

VEUAX currently has the higher Sharpe Ratio (1.01 vs 0.48), 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.