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

VFEM.L vs. EMV.L

Last updated Jun 5, 2026

VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) and EMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF) 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 7.24%/yr for EMV.L. Their correlation of 0.90 suggests significant overlap in exposure. VFEM.L charges 0.22%/yr vs 0.40%/yr for EMV.L.

Performance

VFEM.L vs. EMV.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 Edge MSCI EM Minimum Volatility UCITS ETF (EMV.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 EMV.L is traded in GBp. To make them comparable, the EMV.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 EMV.L's 17.59% return. Over the past 10 years, VFEM.L has outperformed EMV.L with an annualized return of 11.67%, while EMV.L has yielded a comparatively lower 7.24% 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%

EMV.L

1D
-1.01%
1M
5.53%
YTD
17.59%
6M
17.45%
1Y
26.13%
3Y*
11.29%
5Y*
6.63%
10Y*
7.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VFEM.L vs. EMV.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%
EMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF		17.59%5.04%10.84%1.45%-4.20%5.93%4.08%3.48%-0.20%15.47%

Correlation

The correlation between VFEM.L and EMV.L is 0.80, 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

0.80

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

0.78

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

0.82

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

0.89

Correlation (All Time)
Calculated using the full available price history since Dec 14, 2012

0.90

The correlation between VFEM.L and EMV.L shifts across timeframes, from 0.78 (3 years) to 0.90 (all time), reflecting how their relationship changes across market environments.

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

Sectors
VFEM.L
EMV.L

Technology

29.6%
32.4%

Financial Services

20.8%
18.9%

Consumer Cyclical

10.8%
6.7%

Basic Materials

7.8%
2.9%

Communication Services

7.5%
11.0%

Industrials

7.1%
6.2%

Energy

4.9%
3.6%

Consumer Defensive

3.6%
6.9%

Healthcare

3.4%
6.1%

Utilities

3.0%
4.7%

Real Estate

1.7%
0.6%

Technology

VFEM.L
29.6%
EMV.L
32.4%

Financial Services

VFEM.L
20.8%
EMV.L
18.9%

Consumer Cyclical

VFEM.L
10.8%
EMV.L
6.7%

Basic Materials

VFEM.L
7.8%
EMV.L
2.9%

Communication Services

VFEM.L
7.5%
EMV.L
11.0%

Industrials

VFEM.L
7.1%
EMV.L
6.2%

Energy

VFEM.L
4.9%
EMV.L
3.6%

Consumer Defensive

VFEM.L
3.6%
EMV.L
6.9%

Healthcare

VFEM.L
3.4%
EMV.L
6.1%

Utilities

VFEM.L
3.0%
EMV.L
4.7%

Real Estate

VFEM.L
1.7%
EMV.L
0.6%

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Vanguard FTSE Emerging Markets UCITS ETF Distributing

iShares Edge MSCI EM Minimum Volatility 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 EMV.L:
EMV.L vs. CEA1.LEMV.L vs. EMIM.LEMV.L vs. NDIA.LEMV.L vs. XDEQ.LEMV.L vs. FEMQ.LEMV.L vs. ZEM.TOEMV.L vs. MXFP.L

Return for Risk

VFEM.L vs. EMV.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
EMV.L
EMV.L Risk / Return Rank: 6969
Overall Rank
EMV.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
EMV.L Sortino Ratio Rank: 7171
Sortino Ratio Rank
EMV.L Omega Ratio Rank: 7474
Omega Ratio Rank
EMV.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
EMV.L Martin Ratio Rank: 6262
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. EMV.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 Edge MSCI EM Minimum Volatility UCITS ETF (EMV.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.LEMV.LDifference
Sharpe ratioReturn per unit of total volatility
2.23
2.29

-0.06

Sortino ratioReturn per unit of downside risk
3.00
3.17

-0.17

Omega ratioGain probability vs. loss probability

1.40

1.43

-0.03

Calmar ratioReturn relative to maximum drawdown

3.46

3.28

+0.18

Martin ratioReturn relative to average drawdown

11.41

11.15

+0.26

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. EMV.L - Sharpe Ratio Comparison

The current VFEM.L Sharpe Ratio is 2.23, which is comparable to the EMV.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VFEM.L and EMV.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.LEMV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.23

2.29

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.61

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.54

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.41

+0.13

Drawdowns

VFEM.L vs. EMV.L - Drawdown Comparison

The maximum VFEM.L drawdown since its inception was -31.32%, which is greater than EMV.L's maximum drawdown of -28.68%. Use the drawdown chart below to compare losses from any high point for VFEM.L and EMV.L.

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Drawdown Indicators

VFEM.LEMV.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.32%

-28.68%

-2.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-7.93%

-0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-11.19%

-3.49%

Max Drawdown (5Y)

Largest decline over 5 years

-15.28%

-11.19%

-4.09%

Max Drawdown (10Y)

Largest decline over 10 years

-25.91%

-22.59%

-3.32%

Current Drawdown

Current decline from peak

-1.46%

-1.54%

+0.08%

Average Drawdown

Average peak-to-trough decline

-6.87%

-5.90%

-0.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

2.34%

+0.37%

Volatility

VFEM.L vs. EMV.L - Volatility Comparison

Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) has a higher volatility of 5.23% compared to iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) at 4.60%. This indicates that VFEM.L's price experiences larger fluctuations and is considered to be riskier than EMV.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.LEMV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.23%

4.60%

+0.63%

Volatility (6M)

Calculated over the trailing 6-month period

11.12%

9.74%

+1.38%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

11.37%

+2.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.47%

10.94%

+4.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.50%

13.28%

+4.22%

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

VFEM.L has a 0.22% expense ratio, which is lower than EMV.L's 0.40% expense ratio.

Dividends

VFEM.L vs. EMV.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
EMV.L
iShares Edge MSCI EM Minimum Volatility 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 EMV.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

VFEM.L is cheaper with a 0.22% expense ratio, compared with 0.40% for EMV.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 0.40% for EMV.L.

Portfolio Optimizer

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