VEXC vs. MEMX

Last updated Jun 4, 2026

VEXC (Vanguard Emerging Markets Ex-China ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both exchange-traded funds - VEXC is a Emerging Markets Equities fund tracking the FTSE Emerging ex China Index, while MEMX is a Emerging Markets Diversified fund actively managed by Matthews. VEXC is passively managed, while MEMX is actively managed. Their correlation of 0.91 suggests significant overlap in exposure. VEXC charges 0.07%/yr vs 0.79%/yr for MEMX.

Performance

VEXC vs. MEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, VEXC achieves a 20.21% return, which is significantly lower than MEMX's 33.07% return.

VEXC

• 1D: -1.20%
• 1M: 4.95%
• YTD: 20.21%
• 6M: 23.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MEMX

• 1D: -0.97%
• 1M: 10.92%
• YTD: 33.07%
• 6M: 42.31%
• 1Y: 70.49%
• 3Y*: 26.95%
• 5Y*: —
• 10Y*: —

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

VEXC vs. MEMX - Yearly Performance Comparison

	2026 (YTD)	2025
VEXC Vanguard Emerging Markets Ex-China ETF	20.21%	4.80%
MEMX Matthews Emerging Markets Ex China Active ETF	33.07%	11.45%

Correlation

The correlation between VEXC and MEMX 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 (All Time) Calculated using the full available price history since Oct 3, 2025	0.91

Return for Risk

VEXC vs. MEMX — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 89
MEMX Omega Ratio Rank: 89
MEMX Calmar Ratio Rank: 86
MEMX Martin Ratio Rank: 88

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. MEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Ex-China ETF (VEXC) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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	MEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	1.45	+0.76

Drawdowns

VEXC vs. MEMX - Drawdown Comparison

The maximum VEXC drawdown since its inception was -12.42%, smaller than the maximum MEMX drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for VEXC and MEMX.

Drawdown Indicators

	VEXC	MEMX	Difference
Max Drawdown Largest peak-to-trough decline	-12.42%	-19.27%	+6.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.70%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.27%	—
Current Drawdown Current decline from peak	-1.20%	-0.97%	-0.23%
Average Drawdown Average peak-to-trough decline	-2.23%	-3.49%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.68%	—

Volatility

Volatility by Period

	VEXC	MEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.89%	21.53%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	17.09%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	17.09%	+1.80%

VEXC vs. MEMX - Expense Ratio Comparison

VEXC has a 0.07% expense ratio, which is lower than MEMX's 0.79% expense ratio.

Dividends

VEXC vs. MEMX - Dividend Comparison

VEXC's dividend yield for the trailing twelve months is around 0.74%, less than MEMX's 3.67% yield.

Position	TTM	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	3.67%	4.88%	0.99%	1.13%
VEXC Vanguard Emerging Markets Ex-China ETF	0.74%	0.43%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEXC and MEMX in my portfolio?

With a correlation of 0.91, VEXC and MEMX 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 ETF is better, VEXC or MEMX?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEXC or MEMX?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.79% for MEMX.

Which ETF pays a higher dividend yield, VEXC or MEMX?

MEMX has the higher dividend yield at 3.67%, compared with 0.74% for VEXC.

What is the main difference between VEXC and MEMX?

VEXC is categorized as Emerging Markets Equities, while MEMX is Emerging Markets Diversified. They also come from different issuers: Vanguard and Matthews. Their fees differ too: 0.07% for VEXC and 0.79% for MEMX.