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VFEM.L vs. CEA1.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFEM.L vs. CEA1.L

Last updated Jun 5, 2026

VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) and CEA1.L (iShares MSCI EM Asia UCITS ETF (Acc)) are both exchange-traded funds - VFEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while CEA1.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 10 years, VFEM.L returned 11.67%/yr vs 12.09%/yr for CEA1.L. Their correlation of 0.94 suggests significant overlap in exposure. VFEM.L charges 0.22%/yr vs 0.20%/yr for CEA1.L.

Performance

VFEM.L vs. CEA1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) and iShares MSCI EM Asia UCITS ETF (Acc) (CEA1.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VFEM.L is traded in GBP, while CEA1.L is traded in GBp. To make them comparable, the CEA1.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VFEM.L achieves a 11.78% return, which is significantly lower than CEA1.L's 30.56% return. Both investments have delivered pretty close results over the past 10 years, with VFEM.L having a 11.67% annualized return and CEA1.L not far ahead at 12.09%.

VFEM.L

1D
-0.13%
1M
2.65%
YTD
11.78%
6M
12.41%
1Y
30.99%
3Y*
16.84%
5Y*
8.88%
10Y*
11.67%

CEA1.L

1D
-1.69%
1M
8.28%
YTD
30.56%
6M
33.05%
1Y
59.80%
3Y*
23.16%
5Y*
9.12%
10Y*
12.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VFEM.L vs. CEA1.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VFEM.L
Vanguard FTSE Emerging Markets UCITS ETF Distributing		11.78%16.90%15.28%5.45%-3.23%3.99%15.04%16.30%-6.83%20.89%
CEA1.L
iShares MSCI EM Asia UCITS ETF (Acc)		30.56%25.23%13.67%0.79%-11.96%-4.22%23.90%13.81%-10.88%29.65%

Correlation

The correlation between VFEM.L and CEA1.L 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 (1Y)
Calculated over the trailing 1-year period

0.91

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

0.92

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

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since May 3, 2013

0.94

The correlation between VFEM.L and CEA1.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

VFEM.L vs. CEA1.L - Sectors Allocation Comparison

Sectors
VFEM.L
CEA1.L

Technology

29.6%
49.6%

Financial Services

20.8%
13.7%

Consumer Cyclical

10.8%
9.9%

Basic Materials

7.8%
3.4%

Communication Services

7.5%
6.5%

Industrials

7.1%
7.2%

Energy

4.9%
2.5%

Consumer Defensive

3.6%
2.2%

Healthcare

3.4%
3.0%

Utilities

3.0%
1.4%

Real Estate

1.7%
0.7%

Technology

VFEM.L
29.6%
CEA1.L
49.6%

Financial Services

VFEM.L
20.8%
CEA1.L
13.7%

Consumer Cyclical

VFEM.L
10.8%
CEA1.L
9.9%

Basic Materials

VFEM.L
7.8%
CEA1.L
3.4%

Communication Services

VFEM.L
7.5%
CEA1.L
6.5%

Industrials

VFEM.L
7.1%
CEA1.L
7.2%

Energy

VFEM.L
4.9%
CEA1.L
2.5%

Consumer Defensive

VFEM.L
3.6%
CEA1.L
2.2%

Healthcare

VFEM.L
3.4%
CEA1.L
3.0%

Utilities

VFEM.L
3.0%
CEA1.L
1.4%

Real Estate

VFEM.L
1.7%
CEA1.L
0.7%

Compare stocks, funds, or ETFs

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Vanguard FTSE Emerging Markets UCITS ETF Distributing

iShares MSCI EM Asia UCITS ETF (Acc)

Often compared with VFEM.L:
VFEM.L vs. VWRP.LVFEM.L vs. EEMAVFEM.L vs. VUSA.LVFEM.L vs. VOOVFEM.L vs. VUKE.LVFEM.L vs. LGGG.LVFEM.L vs. VUAG.L
Often compared with CEA1.L:
CEA1.L vs. ADIVCEA1.L vs. EMV.LCEA1.L vs. XCX5.LCEA1.L vs. EMIM.LCEA1.L vs. IPACCEA1.L vs. IWDA.LCEA1.L vs. SPY

Return for Risk

VFEM.L vs. CEA1.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VFEM.L
VFEM.L Risk / Return Rank: 6868
Overall Rank
VFEM.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VFEM.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
VFEM.L Omega Ratio Rank: 6868
Omega Ratio Rank
VFEM.L Calmar Ratio Rank: 7070
Calmar Ratio Rank
VFEM.L Martin Ratio Rank: 6464
Martin Ratio Rank
CEA1.L
CEA1.L Risk / Return Rank: 8989
Overall Rank
CEA1.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
CEA1.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
CEA1.L Omega Ratio Rank: 9191
Omega Ratio Rank
CEA1.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
CEA1.L Martin Ratio Rank: 8686
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.

VFEM.L vs. CEA1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) and iShares MSCI EM Asia UCITS ETF (Acc) (CEA1.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.

VFEM.LCEA1.LDifference
Sharpe ratioReturn per unit of total volatility
2.23
3.23

-1.00

Sortino ratioReturn per unit of downside risk
3.00
4.12

-1.11

Omega ratioGain probability vs. loss probability

1.40

1.58

-0.18

Calmar ratioReturn relative to maximum drawdown

3.46

5.09

-1.63

Martin ratioReturn relative to average drawdown

11.41

17.73

-6.32

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

VFEM.L vs. CEA1.L - Sharpe Ratio Comparison

The current VFEM.L Sharpe Ratio is 2.23, which is lower than the CEA1.L Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of VFEM.L and CEA1.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

VFEM.LCEA1.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.23

3.23

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.51

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.65

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.53

+0.02

Drawdowns

VFEM.L vs. CEA1.L - Drawdown Comparison

The maximum VFEM.L drawdown since its inception was -31.32%, smaller than the maximum CEA1.L drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for VFEM.L and CEA1.L.

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Drawdown Indicators

VFEM.LCEA1.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.32%

-33.94%

+2.62%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-11.68%

+2.76%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-17.35%

+2.67%

Max Drawdown (5Y)

Largest decline over 5 years

-15.28%

-28.87%

+13.59%

Max Drawdown (10Y)

Largest decline over 10 years

-25.91%

-33.94%

+8.03%

Current Drawdown

Current decline from peak

-1.46%

-2.67%

+1.21%

Average Drawdown

Average peak-to-trough decline

-6.87%

-11.09%

+4.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

3.36%

-0.65%

Volatility

VFEM.L vs. CEA1.L - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) is 5.23%, while iShares MSCI EM Asia UCITS ETF (Acc) (CEA1.L) has a volatility of 8.22%. This indicates that VFEM.L experiences smaller price fluctuations and is considered to be less risky than CEA1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VFEM.LCEA1.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.23%

8.22%

-2.99%

Volatility (6M)

Calculated over the trailing 6-month period

11.12%

15.73%

-4.61%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

18.45%

-4.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.47%

17.81%

-2.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.50%

18.53%

-1.03%

VFEM.L vs. CEA1.L - Expense Ratio Comparison

VFEM.L has a 0.22% expense ratio, which is higher than CEA1.L's 0.20% 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

VFEM.L vs. CEA1.L - Dividend Comparison

VFEM.L's dividend yield for the trailing twelve months is around 2.04%, while CEA1.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CEA1.L
iShares MSCI EM Asia 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%
VFEM.L
Vanguard FTSE Emerging Markets UCITS ETF Distributing		2.04%2.36%2.93%6.58%7.88%6.20%4.92%3.39%3.61%2.98%2.96%4.36%

Frequently Asked Questions

With a correlation of 0.91, VFEM.L and CEA1.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, CEA1.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CEA1.L is cheaper with a 0.20% expense ratio, compared with 0.22% for VFEM.L.

VFEM.L is categorized as Emerging Markets Equities, while CEA1.L is Asia Pacific Equities. VFEM.L tracks MSCI EM NR USD, while CEA1.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VFEM.L and 0.20% for CEA1.L.

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