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VFEG.L vs. IEEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFEG.L vs. IEEM.L

Last updated Jun 5, 2026

VFEG.L (Vanguard FTSE Emerging Markets UCITS ETF Acc) and IEEM.L (iShares MSCI EM UCITS ETF (Dist)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Vanguard and iShares respectively. Both are passively managed. Over the past 5 years, VFEG.L returned 6.12%/yr vs 9.24%/yr for IEEM.L. With a 0.97 correlation, they move nearly in lockstep. VFEG.L charges 0.22%/yr vs 0.18%/yr for IEEM.L.

Performance

VFEG.L vs. IEEM.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 UCITS ETF (Dist) (IEEM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VFEG.L is traded in GBP, while IEEM.L is traded in GBp. To make them comparable, the IEEM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VFEG.L achieves a 11.73% return, which is significantly lower than IEEM.L's 25.90% 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*
—

IEEM.L

1D
-1.34%
1M
6.63%
YTD
25.90%
6M
28.05%
1Y
55.14%
3Y*
21.65%
5Y*
9.24%
10Y*
11.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
VFEG.L
Vanguard FTSE Emerging Markets UCITS ETF Acc		11.73%17.15%14.13%1.28%-7.26%-0.01%11.28%4.51%
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		25.90%26.66%9.88%3.86%-9.90%-1.38%15.96%4.07%

Correlation

The correlation between VFEG.L and IEEM.L is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2019

0.97

The correlation between VFEG.L and IEEM.L has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

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

Sectors
VFEG.L
IEEM.L

Technology

29.6%
36.8%

Financial Services

20.8%
19.5%

Consumer Cyclical

10.8%
9.5%

Basic Materials

7.8%
6.5%

Communication Services

7.5%
6.9%

Industrials

7.1%
7.5%

Energy

4.9%
4.1%

Consumer Defensive

3.6%
3.0%

Healthcare

3.4%
2.9%

Utilities

3.0%
2.1%

Real Estate

1.7%
1.1%

Technology

VFEG.L
29.6%
IEEM.L
36.8%

Financial Services

VFEG.L
20.8%
IEEM.L
19.5%

Consumer Cyclical

VFEG.L
10.8%
IEEM.L
9.5%

Basic Materials

VFEG.L
7.8%
IEEM.L
6.5%

Communication Services

VFEG.L
7.5%
IEEM.L
6.9%

Industrials

VFEG.L
7.1%
IEEM.L
7.5%

Energy

VFEG.L
4.9%
IEEM.L
4.1%

Consumer Defensive

VFEG.L
3.6%
IEEM.L
3.0%

Healthcare

VFEG.L
3.4%
IEEM.L
2.9%

Utilities

VFEG.L
3.0%
IEEM.L
2.1%

Real Estate

VFEG.L
1.7%
IEEM.L
1.1%

Compare stocks, funds, or ETFs

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Vanguard FTSE Emerging Markets UCITS ETF Acc

iShares MSCI EM UCITS ETF (Dist)

Often compared with VFEG.L:
VFEG.L vs. EMIM.LVFEG.L vs. EIMI.LVFEG.L vs. VEAVFEG.L vs. VUAG.LVFEG.L vs. HMEF.LVFEG.L vs. SEMA.LVFEG.L vs. VJPB.L
Often compared with IEEM.L:
IEEM.L vs. EIMI.LIEEM.L vs. VFEM.DEIEEM.L vs. HMEF.LIEEM.L vs. ISP6.LIEEM.L vs. 36B5.DEIEEM.L vs. VOOIEEM.L vs. SWDA.L

Return for Risk

VFEG.L vs. IEEM.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: 6666
Overall Rank
VFEG.L Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VFEG.L Sortino Ratio Rank: 6565
Sortino Ratio Rank
VFEG.L Omega Ratio Rank: 6767
Omega Ratio Rank
VFEG.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
VFEG.L Martin Ratio Rank: 6262
Martin Ratio Rank
IEEM.L
IEEM.L Risk / Return Rank: 8989
Overall Rank
IEEM.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IEEM.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
IEEM.L Omega Ratio Rank: 9191
Omega Ratio Rank
IEEM.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
IEEM.L Martin Ratio Rank: 8585
Martin Ratio Rank
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. IEEM.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 UCITS ETF (Dist) (IEEM.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.LIEEM.LDifference
Sharpe ratioReturn per unit of total volatility
2.21
3.23

-1.02

Sortino ratioReturn per unit of downside risk
2.97
4.13

-1.16

Omega ratioGain probability vs. loss probability

1.40

1.60

-0.20

Calmar ratioReturn relative to maximum drawdown

3.39

4.93

-1.55

Martin ratioReturn relative to average drawdown

11.12

17.58

-6.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VFEG.L Sharpe Ratio is 2.21, which is lower than the IEEM.L Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of VFEG.L and IEEM.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.

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Sharpe Ratios by Period

VFEG.LIEEM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.21

3.23

-1.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.40

0.57

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.64

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.41

+0.03

Drawdowns

VFEG.L vs. IEEM.L - Drawdown Comparison

The maximum VFEG.L drawdown since its inception was -25.35%, smaller than the maximum IEEM.L drawdown of -53.22%. Use the drawdown chart below to compare losses from any high point for VFEG.L and IEEM.L.

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Drawdown Indicators

VFEG.LIEEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.35%

-53.22%

+27.87%

Max Drawdown (1Y)

Largest decline over 1 year

-8.99%

-11.12%

+2.13%

Max Drawdown (3Y)

Largest decline over 3 years

-14.61%

-15.47%

+0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-19.47%

-23.27%

+3.80%

Max Drawdown (10Y)

Largest decline over 10 years

—

-26.63%

—

Current Drawdown

Current decline from peak

-1.40%

-2.43%

+1.03%

Average Drawdown

Average peak-to-trough decline

-8.82%

-10.41%

+1.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

3.13%

-0.38%

Volatility

VFEG.L vs. IEEM.L - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets UCITS ETF Acc (VFEG.L) is 5.09%, while iShares MSCI EM UCITS ETF (Dist) (IEEM.L) has a volatility of 7.42%. This indicates that VFEG.L experiences smaller price fluctuations and is considered to be less risky than IEEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VFEG.LIEEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.09%

7.42%

-2.33%

Volatility (6M)

Calculated over the trailing 6-month period

11.04%

14.55%

-3.51%

Volatility (1Y)

Calculated over the trailing 1-year period

13.80%

17.03%

-3.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.17%

16.32%

-1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.44%

18.11%

-0.67%

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

VFEG.L has a 0.22% expense ratio, which is higher than IEEM.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. IEEM.L - Dividend Comparison

VFEG.L has not paid dividends to shareholders, while IEEM.L's dividend yield for the trailing twelve months is around 2.01%.

PositionTTM20252024202320222021202020192018201720162015
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		2.01%2.48%2.86%2.91%3.40%2.74%1.98%2.32%2.51%1.86%2.09%3.38%
VFEG.L
Vanguard FTSE Emerging Markets UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, VFEG.L and IEEM.L 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, IEEM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

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