VFEM.L vs. EMAS.L

Last updated Jun 5, 2026

VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) and EMAS.L (SPDR MSCI EM Asia UCITS ETF) are both exchange-traded funds - VFEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while EMAS.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 15.67%/yr for EMAS.L. Their correlation of 0.92 suggests significant overlap in exposure. VFEM.L charges 0.22%/yr vs 0.55%/yr for EMAS.L.

Performance

VFEM.L vs. EMAS.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 SPDR MSCI EM Asia UCITS ETF (EMAS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFEM.L achieves a 11.78% return, which is significantly lower than EMAS.L's 81.21% return. Over the past 10 years, VFEM.L has underperformed EMAS.L with an annualized return of 11.67%, while EMAS.L has yielded a comparatively higher 15.67% annualized return.

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%

EMAS.L

• 1D: 38.70%
• 1M: 47.84%
• YTD: 81.21%
• 6M: 83.03%
• 1Y: 117.04%
• 3Y*: 35.88%
• 5Y*: 15.70%
• 10Y*: 15.67%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EMAS.L SPDR MSCI EM Asia UCITS ETF	81.21%	22.99%	12.85%	0.63%	-12.26%	-4.94%	23.72%	13.21%	-9.79%	29.84%

Correlation

The correlation between VFEM.L and EMAS.L is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
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 Oct 3, 2012	0.92

The correlation between VFEM.L and EMAS.L has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

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

Sectors	VFEM.L	EMAS.L
Technology	29.6%	44.9%
Financial Services	20.8%	14.9%
Consumer Cyclical	10.8%	10.9%
Basic Materials	7.8%	3.9%
Communication Services	7.5%	7.1%
Industrials	7.1%	7.5%
Energy	4.9%	2.9%
Consumer Defensive	3.6%	2.5%
Healthcare	3.4%	3.3%
Utilities	3.0%	1.5%
Real Estate	1.7%	0.7%

Return for Risk

VFEM.L vs. EMAS.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: 68
VFEM.L Sharpe Ratio Rank: 69
VFEM.L Sortino Ratio Rank: 66
VFEM.L Omega Ratio Rank: 68
VFEM.L Calmar Ratio Rank: 70
VFEM.L Martin Ratio Rank: 64

EMAS.L

EMAS.L Risk / Return Rank: 95
EMAS.L Sharpe Ratio Rank: 87
EMAS.L Sortino Ratio Rank: 98
EMAS.L Omega Ratio Rank: 98
EMAS.L Calmar Ratio Rank: 97
EMAS.L Martin Ratio Rank: 96

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. EMAS.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 SPDR MSCI EM Asia UCITS ETF (EMAS.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.L	EMAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.85	-0.62
Sortino ratio: Return per unit of downside risk	3.00	7.46	-4.46
Omega ratio: Gain probability vs. loss probability	1.40	2.09	-0.69
Calmar ratio: Return relative to maximum drawdown	3.46	10.86	-7.40
Martin ratio: Return relative to average drawdown	11.41	35.47	-24.06
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. EMAS.L - Sharpe Ratio Comparison

The current VFEM.L Sharpe Ratio is 2.23, which is comparable to the EMAS.L Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of VFEM.L and EMAS.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

	VFEM.L	EMAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.85	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.63	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.71	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.58	-0.04

Drawdowns

VFEM.L vs. EMAS.L - Drawdown Comparison

The maximum VFEM.L drawdown since its inception was -31.32%, smaller than the maximum EMAS.L drawdown of -34.79%. Use the drawdown chart below to compare losses from any high point for VFEM.L and EMAS.L.

Drawdown Indicators

	VFEM.L	EMAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.32%	-34.79%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-11.14%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-17.88%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-15.28%	-29.16%	+13.88%
Max Drawdown (10Y) Largest decline over 10 years	-25.91%	-34.79%	+8.88%
Current Drawdown Current decline from peak	-1.46%	0.00%	-1.46%
Average Drawdown Average peak-to-trough decline	-6.87%	-11.69%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	3.42%	-0.71%

Volatility

VFEM.L vs. EMAS.L - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) is 5.23%, while SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a volatility of 33.13%. This indicates that VFEM.L experiences smaller price fluctuations and is considered to be less risky than EMAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFEM.L	EMAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	33.13%	-27.90%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	35.88%	-24.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	42.40%	-28.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	24.78%	-9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	22.18%	-4.68%

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

VFEM.L has a 0.22% expense ratio, which is lower than EMAS.L's 0.55% expense ratio.

Dividends

VFEM.L vs. EMAS.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMAS.L SPDR MSCI EM Asia 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

Can I hold both VFEM.L and EMAS.L in my portfolio?

VFEM.L and EMAS.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VFEM.L or EMAS.L?

On fees, VFEM.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VFEM.L or EMAS.L?

VFEM.L is cheaper with a 0.22% expense ratio, compared with 0.55% for EMAS.L.

What is the main difference between VFEM.L and EMAS.L?

VFEM.L is categorized as Emerging Markets Equities, while EMAS.L is Asia Pacific Equities. VFEM.L tracks MSCI EM NR USD, while EMAS.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.22% for VFEM.L and 0.55% for EMAS.L.