VEURX vs. VEMAX
VEURX (Vanguard European Stock Index Fund) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - VEURX is a Europe Equities fund managed by Vanguard, while VEMAX is a Emerging Markets Equities fund managed by Vanguard. Over the past 10 years, VEURX returned 9.22%/yr vs 9.04%/yr for VEMAX. A 0.74 correlation means they provide meaningful diversification when combined. VEURX charges 0.25%/yr vs 0.14%/yr for VEMAX.
Performance
VEURX vs. VEMAX - Performance Comparison
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Returns By Period
In the year-to-date period, VEURX achieves a 7.02% return, which is significantly lower than VEMAX's 13.97% return. Both investments have delivered pretty close results over the past 10 years, with VEURX having a 9.22% annualized return and VEMAX not far behind at 9.04%.
VEURX
- 1D
- 0.42%
- 1M
- 3.95%
- YTD
- 7.02%
- 6M
- 10.05%
- 1Y
- 19.45%
- 3Y*
- 16.71%
- 5Y*
- 8.54%
- 10Y*
- 9.22%
VEMAX
- 1D
- 1.58%
- 1M
- 4.22%
- YTD
- 13.97%
- 6M
- 15.57%
- 1Y
- 32.68%
- 3Y*
- 18.62%
- 5Y*
- 5.62%
- 10Y*
- 9.04%
VEURX vs. VEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEURX Vanguard European Stock Index Fund | 7.02% | 35.20% | 1.88% | 19.83% | -16.16% | 16.14% | 6.29% | 24.02% | -14.88% | 26.81% |
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 13.97% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
Correlation
The correlation between VEURX and VEMAX is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.74 |
The correlation between VEURX and VEMAX shifts across timeframes, from 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VEURX vs. VEMAX — Risk / Return Rank
VEURX
VEMAX
VEURX vs. VEMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard European Stock Index Fund (VEURX) 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.
| VEURX | VEMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.42 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.00 | -1.44 |
| Martin ratioReturn relative to average drawdown | 5.72 | 11.18 | -5.46 |
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
| VEURX | VEMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 2.31 | -1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.37 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.55 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.30 | +0.09 |
Drawdowns
VEURX vs. VEMAX - Drawdown Comparison
The maximum VEURX drawdown since its inception was -63.33%, roughly equal to the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for VEURX and VEMAX.
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Drawdown Indicators
| VEURX | VEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.33% | -66.45% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -11.97% | -11.05% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -13.97% | -15.78% | +1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -32.81% | -32.55% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -37.03% | -36.11% | -0.92% |
Current DrawdownCurrent decline from peak | -1.19% | 0.00% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -12.67% | -16.12% | +3.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 2.96% | +0.28% |
Volatility
VEURX vs. VEMAX - Volatility Comparison
Vanguard European Stock Index Fund (VEURX) has a higher volatility of 5.50% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 5.01%. This indicates that VEURX's price experiences larger fluctuations and is considered to be riskier than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEURX | VEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 5.01% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 11.80% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.20% | 14.31% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.38% | 15.38% | +2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.23% | 16.46% | +1.77% |
VEURX vs. VEMAX - Expense Ratio Comparison
VEURX has a 0.25% expense ratio, which is higher than VEMAX's 0.14% 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
VEURX vs. VEMAX - Dividend Comparison
VEURX's dividend yield for the trailing twelve months is around 2.62%, more than VEMAX's 2.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.34% | 2.74% | 3.13% | 3.47% | 4.05% | 2.57% | 1.87% | 3.20% | 2.85% | 2.31% | 2.51% | 3.25% |
VEURX Vanguard European Stock Index Fund | 2.62% | 2.70% | 3.44% | 3.00% | 3.07% | 2.90% | 1.97% | 3.14% | 3.77% | 2.55% | 3.35% | 3.09% |
Frequently Asked Questions
VEURX and VEMAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEURX has higher volatility (5.50%) compared to VEMAX (5.01%). In terms of maximum drawdown, VEURX dropped -63.33% vs VEMAX's -66.45%.
VEMAX currently has the higher Sharpe Ratio (2.31 vs 1.22), 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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