VEXC vs. VWO
VEXC (Vanguard Emerging Markets Ex-China ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds from Vanguard - VEXC tracks the FTSE Emerging ex China Index while VWO tracks the FTSE Emerging Index. Both are passively managed. With a 0.95 correlation, they move nearly in lockstep. VEXC charges 0.07%/yr vs 0.08%/yr for VWO.
Performance
VEXC vs. VWO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VEXC achieves a 18.87% return, which is significantly higher than VWO's 9.49% return.
VEXC
- 1D
- -1.96%
- 1M
- 0.09%
- 6M
- 14.90%
- YTD
- 18.87%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VWO
- 1D
- -1.84%
- 1M
- -1.16%
- 6M
- 4.57%
- YTD
- 9.49%
- 1Y
- 21.65%
- 3Y*
- 15.36%
- 5Y*
- 5.21%
- 10Y*
- 7.91%
VEXC vs. VWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VEXC Vanguard Emerging Markets Ex-China ETF | 18.87% | 4.50% |
VWO Vanguard FTSE Emerging Markets ETF | 9.49% | 0.54% |
Correlation
The correlation between VEXC and VWO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.95 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VEXC vs. VWO — Risk / Return Rank
VEXC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VWO
VEXC vs. VWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Ex-China ETF (VEXC) and Vanguard FTSE Emerging Markets ETF (VWO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VEXC | VWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.24 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.95 | — |
| Martin ratioReturn relative to average drawdown | — | 6.67 | — |
Loading charts...
Drawdowns
VEXC vs. VWO - Drawdown Comparison
The maximum VEXC drawdown since its inception was -12.42%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for VEXC and VWO.
Loading charts...
Drawdown Indicators
| VEXC | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.42% | -67.68% | +55.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.17% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.37% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.39% | — |
Current DrawdownCurrent decline from peak | -4.77% | -4.00% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -15.76% | +13.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.26% | — |
Volatility
VEXC vs. VWO - Volatility Comparison
Loading charts...
Volatility by Period
| VEXC | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.48% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 14.86% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.20% | 17.20% | +3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.20% | 17.59% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 19.14% | +1.06% |
VEXC vs. VWO - Expense Ratio Comparison
VEXC has a 0.07% expense ratio, which is lower than VWO's 0.08% 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%.
Dividends
VEXC vs. VWO - Dividend Comparison
VEXC's dividend yield for the trailing twelve months is around 1.45%, less than VWO's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEXC Vanguard Emerging Markets Ex-China ETF | 1.45% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWO Vanguard FTSE Emerging Markets ETF | 2.35% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Frequently Asked Questions
With a correlation of 0.95, VEXC and VWO 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.
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.
VEXC is cheaper with a 0.07% expense ratio, compared with 0.08% for VWO.
VWO has the higher dividend yield at 2.35%, compared with 1.45% for VEXC.
VEXC tracks FTSE Emerging ex China Index, while VWO tracks FTSE Emerging Index. Their fees differ too: 0.07% for VEXC and 0.08% for VWO.
Find the right allocation for VEXC and VWO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer