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

VFEM.L vs. EIMI.L

Last updated Jun 5, 2026

VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) and EIMI.L (iShares Core MSCI EM IMI UCITS ETF) are both Emerging Markets Equities funds - VFEM.L tracks the MSCI EM NR USD while EIMI.L tracks the MSCI Emerging Markets Investable Market Index. Both are passively managed. Over the past 10 years, VFEM.L returned 11.67%/yr vs 11.09%/yr for EIMI.L. Their correlation of 0.92 suggests significant overlap in exposure. VFEM.L charges 0.22%/yr vs 0.18%/yr for EIMI.L.

Performance

VFEM.L vs. EIMI.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 Core MSCI EM IMI UCITS ETF (EIMI.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 EIMI.L is traded in USD. To make them comparable, the EIMI.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 EIMI.L's 24.75% return. Both investments have delivered pretty close results over the past 10 years, with VFEM.L having a 11.67% annualized return and EIMI.L not far behind at 11.09%.

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%

EIMI.L

1D
-1.30%
1M
5.47%
YTD
24.75%
6M
26.33%
1Y
50.86%
3Y*
20.20%
5Y*
8.77%
10Y*
11.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VFEM.L vs. EIMI.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%
EIMI.L
iShares Core MSCI EM IMI UCITS ETF		24.75%22.75%9.23%5.48%-10.12%0.29%15.31%11.94%-9.08%25.11%

Correlation

The correlation between VFEM.L and EIMI.L is 0.90, 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

0.90

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

0.89

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

0.89

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

0.92

Correlation (All Time)
Calculated using the full available price history since Jun 10, 2014

0.92

The correlation between VFEM.L and EIMI.L has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

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

Sectors
VFEM.L
EIMI.L

Technology

29.6%
35.0%

Financial Services

20.8%
18.4%

Consumer Cyclical

10.8%
9.6%

Basic Materials

7.8%
6.9%

Communication Services

7.5%
6.4%

Industrials

7.1%
8.9%

Energy

4.9%
3.9%

Consumer Defensive

3.6%
3.3%

Healthcare

3.4%
3.7%

Utilities

3.0%
2.2%

Real Estate

1.7%
1.7%

Technology

VFEM.L
29.6%
EIMI.L
35.0%

Financial Services

VFEM.L
20.8%
EIMI.L
18.4%

Consumer Cyclical

VFEM.L
10.8%
EIMI.L
9.6%

Basic Materials

VFEM.L
7.8%
EIMI.L
6.9%

Communication Services

VFEM.L
7.5%
EIMI.L
6.4%

Industrials

VFEM.L
7.1%
EIMI.L
8.9%

Energy

VFEM.L
4.9%
EIMI.L
3.9%

Consumer Defensive

VFEM.L
3.6%
EIMI.L
3.3%

Healthcare

VFEM.L
3.4%
EIMI.L
3.7%

Utilities

VFEM.L
3.0%
EIMI.L
2.2%

Real Estate

VFEM.L
1.7%
EIMI.L
1.7%

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Vanguard FTSE Emerging Markets UCITS ETF Distributing

iShares Core MSCI EM IMI UCITS ETF

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 EIMI.L:
EIMI.L vs. VFEA.DEEIMI.L vs. CSPX.LEIMI.L vs. AVEMEIMI.L vs. SWRD.LEIMI.L vs. VWOEIMI.L vs. VFEG.LEIMI.L vs. AEME.L

Return for Risk

VFEM.L vs. EIMI.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
EIMI.L
EIMI.L Risk / Return Rank: 7878
Overall Rank
EIMI.L Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EIMI.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
EIMI.L Omega Ratio Rank: 8080
Omega Ratio Rank
EIMI.L Calmar Ratio Rank: 7878
Calmar Ratio Rank
EIMI.L Martin Ratio Rank: 7575
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. EIMI.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 Core MSCI EM IMI UCITS ETF (EIMI.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.LEIMI.LDifference
Sharpe ratioReturn per unit of total volatility
2.23
2.83

-0.60

Sortino ratioReturn per unit of downside risk
3.00
3.67

-0.67

Omega ratioGain probability vs. loss probability

1.40

1.53

-0.12

Calmar ratioReturn relative to maximum drawdown

3.46

4.78

-1.32

Martin ratioReturn relative to average drawdown

11.41

16.25

-4.84

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. EIMI.L - Sharpe Ratio Comparison

The current VFEM.L Sharpe Ratio is 2.23, which is comparable to the EIMI.L Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of VFEM.L and EIMI.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.LEIMI.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.23

2.83

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.53

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.60

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.47

+0.07

Drawdowns

VFEM.L vs. EIMI.L - Drawdown Comparison

The maximum VFEM.L drawdown since its inception was -31.32%, roughly equal to the maximum EIMI.L drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for VFEM.L and EIMI.L.

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Drawdown Indicators

VFEM.LEIMI.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.32%

-31.70%

+0.38%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-10.58%

+1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-15.79%

+1.11%

Max Drawdown (5Y)

Largest decline over 5 years

-15.28%

-22.27%

+6.99%

Max Drawdown (10Y)

Largest decline over 10 years

-25.91%

-26.10%

+0.19%

Current Drawdown

Current decline from peak

-1.46%

-2.29%

+0.83%

Average Drawdown

Average peak-to-trough decline

-6.87%

-8.72%

+1.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

3.12%

-0.41%

Volatility

VFEM.L vs. EIMI.L - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) is 5.23%, while iShares Core MSCI EM IMI UCITS ETF (EIMI.L) has a volatility of 7.58%. This indicates that VFEM.L experiences smaller price fluctuations and is considered to be less risky than EIMI.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.LEIMI.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.23%

7.58%

-2.35%

Volatility (6M)

Calculated over the trailing 6-month period

11.12%

15.58%

-4.46%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

17.91%

-4.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.47%

16.61%

-1.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.50%

18.39%

-0.89%

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

VFEM.L has a 0.22% expense ratio, which is higher than EIMI.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

VFEM.L vs. EIMI.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
EIMI.L
iShares Core MSCI EM IMI UCITS ETF		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

VFEM.L and EIMI.L have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

EIMI.L is cheaper with a 0.18% expense ratio, compared with 0.22% for VFEM.L.

VFEM.L tracks MSCI EM NR USD, while EIMI.L tracks MSCI Emerging Markets Investable Market Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VFEM.L and 0.18% for EIMI.L.

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