VEXC vs. LDEM

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Emerging Markets Ex-China ETF (VEXC) and iShares ESG MSCI EM Leaders ETF (LDEM).

VEXC and LDEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VEXC is a passively managed fund by Vanguard that tracks the performance of the FTSE Emerging ex China Index. It was launched on Sep 30, 2025. LDEM is a passively managed fund by iShares that tracks the performance of the MSCI EM Extended ESG Leaders 5% Issuer Capped Index. It was launched on Feb 5, 2020. Both VEXC and LDEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VEXC vs. LDEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Ex-China ETF (VEXC) and iShares ESG MSCI EM Leaders ETF (LDEM). The values are adjusted to include any dividend payments, if applicable.

VEXC vs. LDEM - Yearly Performance Comparison

	2026 (YTD)	2025
VEXC Vanguard Emerging Markets Ex-China ETF	2.61%	4.80%
LDEM iShares ESG MSCI EM Leaders ETF	-0.25%	-0.05%

Returns By Period

In the year-to-date period, VEXC achieves a 2.61% return, which is significantly higher than LDEM's -0.25% return.

VEXC

• 1D: 3.26%
• 1M: -8.07%
• YTD: 2.61%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LDEM

• 1D: 3.27%
• 1M: -7.84%
• YTD: -0.25%
• 6M: 0.54%
• 1Y: 23.06%
• 3Y*: 11.73%
• 5Y*: 1.19%
• 10Y*: —

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

VEXC vs. LDEM - Expense Ratio Comparison

VEXC has a 0.07% expense ratio, which is lower than LDEM's 0.16% 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%.

LDEM

iShares ESG MSCI EM Leaders ETF

VEXC

Vanguard Emerging Markets Ex-China ETF

Return for Risk

VEXC vs. LDEM — Risk / Return Rank

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

LDEM

LDEM Risk / Return Rank: 68
LDEM Sharpe Ratio Rank: 68
LDEM Sortino Ratio Rank: 68
LDEM Omega Ratio Rank: 67
LDEM Calmar Ratio Rank: 70
LDEM Martin Ratio Rank: 65

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.

VEXC vs. LDEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Ex-China ETF (VEXC) and iShares ESG MSCI EM Leaders ETF (LDEM). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VEXC	LDEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.22	+0.70

Correlation

The correlation between VEXC and LDEM is 0.92, 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

VEXC vs. LDEM - Dividend Comparison

VEXC's dividend yield for the trailing twelve months is around 0.86%, less than LDEM's 3.26% yield.

	TTM	2025	2024	2023	2022	2021	2020
VEXC Vanguard Emerging Markets Ex-China ETF	0.86%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%
LDEM iShares ESG MSCI EM Leaders ETF	3.26%	3.26%	2.64%	3.20%	4.93%	1.82%	1.89%

Drawdowns

VEXC vs. LDEM - Drawdown Comparison

The maximum VEXC drawdown since its inception was -12.42%, smaller than the maximum LDEM drawdown of -40.82%. Use the drawdown chart below to compare losses from any high point for VEXC and LDEM.

Drawdown Indicators

	VEXC	LDEM	Difference
Max Drawdown Largest peak-to-trough decline	-12.42%	-40.82%	+28.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.17%	—
Current Drawdown Current decline from peak	-9.57%	-10.37%	+0.80%
Average Drawdown Average peak-to-trough decline	-2.27%	-17.72%	+15.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.65%	—

Volatility

Volatility by Period

	VEXC	LDEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	19.39%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	18.95%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	20.76%	-3.25%