VFEG.L vs. EXCS.L

Last updated Jun 5, 2026

VFEG.L (Vanguard FTSE Emerging Markets UCITS ETF Acc) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Vanguard and iShares respectively. Both are passively managed. Over the past 3 years, VFEG.L returned 15.18%/yr vs 24.90%/yr for EXCS.L. A 0.80 correlation means they provide meaningful diversification when combined. VFEG.L charges 0.22%/yr vs 0.18%/yr for EXCS.L.

Performance

VFEG.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFEG.L achieves a 11.73% return, which is significantly lower than EXCS.L's 38.77% return.

VFEG.L

• 1D: -0.21%
• 1M: 2.54%
• YTD: 11.73%
• 6M: 12.29%
• 1Y: 30.60%
• 3Y*: 15.18%
• 5Y*: 6.12%
• 10Y*: —

EXCS.L

• 1D: -1.64%
• 1M: 8.94%
• YTD: 38.77%
• 6M: 43.14%
• 1Y: 73.63%
• 3Y*: 24.90%
• 5Y*: —
• 10Y*: —

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

VFEG.L vs. EXCS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VFEG.L Vanguard FTSE Emerging Markets UCITS ETF Acc	11.73%	17.15%	14.13%	1.28%	-7.26%	0.56%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	38.77%	26.13%	5.55%	10.95%	-8.31%	2.81%

Correlation

The correlation between VFEG.L and EXCS.L is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 30, 2021	0.80

The correlation between VFEG.L and EXCS.L has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

VFEG.L vs. EXCS.L - Sectors Allocation Comparison

Sectors	VFEG.L	EXCS.L
Technology	29.6%	45.1%
Financial Services	20.8%	19.5%
Consumer Cyclical	10.8%	4.5%
Basic Materials	7.8%	6.8%
Communication Services	7.5%	3.4%
Industrials	7.1%	8.3%
Energy	4.9%	4.2%
Consumer Defensive	3.6%	2.9%
Healthcare	3.4%	2.2%
Utilities	3.0%	2.3%
Real Estate	1.7%	1.0%

Return for Risk

VFEG.L vs. EXCS.L — Risk / Return Rank

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

VFEG.L

VFEG.L Risk / Return Rank: 66
VFEG.L Sharpe Ratio Rank: 68
VFEG.L Sortino Ratio Rank: 65
VFEG.L Omega Ratio Rank: 67
VFEG.L Calmar Ratio Rank: 69
VFEG.L Martin Ratio Rank: 62

EXCS.L

EXCS.L Risk / Return Rank: 94
EXCS.L Sharpe Ratio Rank: 95
EXCS.L Sortino Ratio Rank: 94
EXCS.L Omega Ratio Rank: 95
EXCS.L Calmar Ratio Rank: 92
EXCS.L Martin Ratio Rank: 92

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.

VFEG.L vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). 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.

	VFEG.L	EXCS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.21	3.88	-1.67
Sortino ratio: Return per unit of downside risk	2.97	4.79	-1.82
Omega ratio: Gain probability vs. loss probability	1.40	1.70	-0.30
Calmar ratio: Return relative to maximum drawdown	3.39	6.20	-2.82
Martin ratio: Return relative to average drawdown	11.12	22.70	-11.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFEG.L vs. EXCS.L - Sharpe Ratio Comparison

The current VFEG.L Sharpe Ratio is 2.21, which is lower than the EXCS.L Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of VFEG.L and EXCS.L, 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

	VFEG.L	EXCS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	3.88	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.03	-0.59

Drawdowns

VFEG.L vs. EXCS.L - Drawdown Comparison

The maximum VFEG.L drawdown since its inception was -25.35%, which is greater than EXCS.L's maximum drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for VFEG.L and EXCS.L.

Drawdown Indicators

	VFEG.L	EXCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.35%	-17.51%	-7.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-11.81%	+2.82%
Max Drawdown (3Y) Largest decline over 3 years	-14.61%	-17.51%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-19.47%	—	—
Current Drawdown Current decline from peak	-1.40%	-2.34%	+0.94%
Average Drawdown Average peak-to-trough decline	-8.82%	-4.85%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.23%	-0.48%

Volatility

VFEG.L vs. EXCS.L - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L) is 5.09%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 8.66%. This indicates that VFEG.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFEG.L	EXCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	8.66%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	16.55%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.80%	18.88%	-5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	15.36%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.44%	15.36%	+2.08%

VFEG.L vs. EXCS.L - Expense Ratio Comparison

VFEG.L has a 0.22% expense ratio, which is higher than EXCS.L's 0.18% 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

VFEG.L vs. EXCS.L - Dividend Comparison

Neither VFEG.L nor EXCS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VFEG.L and EXCS.L in my portfolio?

VFEG.L and EXCS.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VFEG.L or EXCS.L?

On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VFEG.L or EXCS.L?

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.22% for VFEG.L.

What is the main difference between VFEG.L and EXCS.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VFEG.L and 0.18% for EXCS.L.