VFEM.L vs. EMIM.L
VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) and EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (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 10 years, VFEM.L returned 11.67%/yr vs 11.09%/yr for EMIM.L. With a 0.97 correlation, they move nearly in lockstep. VFEM.L charges 0.22%/yr vs 0.18%/yr for EMIM.L.
Performance
VFEM.L vs. EMIM.L - Performance Comparison
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Different Trading Currencies
VFEM.L is traded in GBP, while EMIM.L is traded in GBp. To make them comparable, the EMIM.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 EMIM.L's 24.23% return. Both investments have delivered pretty close results over the past 10 years, with VFEM.L having a 11.67% annualized return and EMIM.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%
EMIM.L
- 1D
- -1.35%
- 1M
- 5.54%
- YTD
- 24.23%
- 6M
- 26.48%
- 1Y
- 50.85%
- 3Y*
- 20.15%
- 5Y*
- 8.76%
- 10Y*
- 11.09%
VFEM.L vs. EMIM.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% |
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 24.23% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 14.91% | 12.69% | -9.32% | 24.72% |
Correlation
The correlation between VFEM.L and EMIM.L is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2014 | 0.97 |
The correlation between VFEM.L and EMIM.L has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
VFEM.L vs. EMIM.L — Risk / Return Rank
VFEM.L
EMIM.L
VFEM.L vs. EMIM.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 Emerging Markets IMI UCITS ETF (Acc) (EMIM.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 | EMIM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.57 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 4.63 | -1.18 |
| Martin ratioReturn relative to average drawdown | 11.41 | 16.57 | -5.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VFEM.L | EMIM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 3.04 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.55 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.62 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.49 | +0.05 |
Drawdowns
VFEM.L vs. EMIM.L - Drawdown Comparison
The maximum VFEM.L drawdown since its inception was -31.32%, roughly equal to the maximum EMIM.L drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for VFEM.L and EMIM.L.
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Drawdown Indicators
| VFEM.L | EMIM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.32% | -31.70% | +0.38% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -10.92% | +2.00% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -15.56% | +0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.28% | -21.98% | +6.70% |
Max Drawdown (10Y)Largest decline over 10 years | -25.91% | -26.46% | +0.55% |
Current DrawdownCurrent decline from peak | -1.46% | -2.39% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -6.87% | -8.71% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 3.06% | -0.35% |
Volatility
VFEM.L vs. EMIM.L - Volatility Comparison
The current volatility for Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) is 5.23%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a volatility of 7.03%. This indicates that VFEM.L experiences smaller price fluctuations and is considered to be less risky than EMIM.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.L | EMIM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 7.03% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 11.12% | 14.14% | -3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 16.67% | -2.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 15.82% | -0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.50% | 17.81% | -0.31% |
VFEM.L vs. EMIM.L - Expense Ratio Comparison
VFEM.L has a 0.22% expense ratio, which is higher than EMIM.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. EMIM.L - Dividend Comparison
VFEM.L's dividend yield for the trailing twelve months is around 2.04%, while EMIM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMIM.L iShares Core MSCI Emerging Markets IMI 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 0.93, VFEM.L and EMIM.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, EMIM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMIM.L is cheaper with a 0.18% expense ratio, compared with 0.22% for VFEM.L.
Both ETFs track MSCI EM NR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VFEM.L and 0.18% for EMIM.L.
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