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

VFEM.L vs. ISF.L

Last updated Jun 5, 2026

VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) and ISF.L (iShares Core FTSE 100 UCITS ETF (Dist)) are both exchange-traded funds - VFEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while ISF.L is a Europe Equities fund tracking the FTSE AllSh TR GBP. Both are passively managed. Over the past 10 years, VFEM.L returned 11.67%/yr vs 9.12%/yr for ISF.L. A 0.62 correlation means they provide meaningful diversification when combined. VFEM.L charges 0.22%/yr vs 0.07%/yr for ISF.L.

Performance

VFEM.L vs. ISF.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 FTSE 100 UCITS ETF (Dist) (ISF.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 ISF.L is traded in GBp. To make them comparable, the ISF.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 higher than ISF.L's 6.13% return. Over the past 10 years, VFEM.L has outperformed ISF.L with an annualized return of 11.67%, while ISF.L has yielded a comparatively lower 9.12% 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%

ISF.L

1D
0.26%
1M
1.75%
YTD
6.13%
6M
8.49%
1Y
21.32%
3Y*
14.88%
5Y*
11.88%
10Y*
9.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VFEM.L vs. ISF.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%
ISF.L
iShares Core FTSE 100 UCITS ETF (Dist)		6.13%25.97%9.28%7.81%4.83%17.68%-11.67%17.11%-8.96%13.10%

Correlation

The correlation between VFEM.L and ISF.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

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

0.48

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

0.48

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

0.58

Correlation (All Time)
Calculated using the full available price history since May 24, 2012

0.62

Over the past year, the correlation between VFEM.L and ISF.L has dropped to 0.41 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

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

Sectors
VFEM.L
ISF.L

Technology

29.6%
0.8%

Financial Services

20.8%
24.8%

Consumer Cyclical

10.8%
4.7%

Basic Materials

7.8%
8.6%

Communication Services

7.5%
2.6%

Industrials

7.1%
13.8%

Energy

4.9%
11.9%

Consumer Defensive

3.6%
12.8%

Healthcare

3.4%
13.8%

Utilities

3.0%
5.3%

Real Estate

1.7%
0.9%

Technology

VFEM.L
29.6%
ISF.L
0.8%

Financial Services

VFEM.L
20.8%
ISF.L
24.8%

Consumer Cyclical

VFEM.L
10.8%
ISF.L
4.7%

Basic Materials

VFEM.L
7.8%
ISF.L
8.6%

Communication Services

VFEM.L
7.5%
ISF.L
2.6%

Industrials

VFEM.L
7.1%
ISF.L
13.8%

Energy

VFEM.L
4.9%
ISF.L
11.9%

Consumer Defensive

VFEM.L
3.6%
ISF.L
12.8%

Healthcare

VFEM.L
3.4%
ISF.L
13.8%

Utilities

VFEM.L
3.0%
ISF.L
5.3%

Real Estate

VFEM.L
1.7%
ISF.L
0.9%

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Vanguard FTSE Emerging Markets UCITS ETF Distributing

iShares Core FTSE 100 UCITS ETF (Dist)

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 ISF.L:
ISF.L vs. VUKE.LISF.L vs. HUKX.LISF.L vs. UKDV.LISF.L vs. XDAX.LISF.L vs. VUSA.ASISF.L vs. VOOISF.L vs. FEUI.L

Return for Risk

VFEM.L vs. ISF.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
ISF.L
ISF.L Risk / Return Rank: 5656
Overall Rank
ISF.L Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ISF.L Sortino Ratio Rank: 6060
Sortino Ratio Rank
ISF.L Omega Ratio Rank: 6262
Omega Ratio Rank
ISF.L Calmar Ratio Rank: 5050
Calmar Ratio Rank
ISF.L Martin Ratio Rank: 4949
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. ISF.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 FTSE 100 UCITS ETF (Dist) (ISF.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.LISF.LDifference
Sharpe ratioReturn per unit of total volatility
2.23
1.98

+0.25

Sortino ratioReturn per unit of downside risk
3.00
2.78

+0.22

Omega ratioGain probability vs. loss probability

1.40

1.37

+0.03

Calmar ratioReturn relative to maximum drawdown

3.46

2.41

+1.05

Martin ratioReturn relative to average drawdown

11.41

8.18

+3.23

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. ISF.L - Sharpe Ratio Comparison

The current VFEM.L Sharpe Ratio is 2.23, which is comparable to the ISF.L Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VFEM.L and ISF.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.LISF.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.23

1.98

+0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.95

-0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.61

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.16

+0.38

Drawdowns

VFEM.L vs. ISF.L - Drawdown Comparison

The maximum VFEM.L drawdown since its inception was -31.32%, smaller than the maximum ISF.L drawdown of -68.24%. Use the drawdown chart below to compare losses from any high point for VFEM.L and ISF.L.

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Drawdown Indicators

VFEM.LISF.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.32%

-68.24%

+36.92%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-8.82%

-0.10%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-12.69%

-1.99%

Max Drawdown (5Y)

Largest decline over 5 years

-15.28%

-12.69%

-2.59%

Max Drawdown (10Y)

Largest decline over 10 years

-25.91%

-34.13%

+8.22%

Current Drawdown

Current decline from peak

-1.46%

-3.90%

+2.44%

Average Drawdown

Average peak-to-trough decline

-6.87%

-21.87%

+15.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

2.60%

+0.11%

Volatility

VFEM.L vs. ISF.L - Volatility Comparison

Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) has a higher volatility of 5.23% compared to iShares Core FTSE 100 UCITS ETF (Dist) (ISF.L) at 3.85%. This indicates that VFEM.L's price experiences larger fluctuations and is considered to be riskier than ISF.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.LISF.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.23%

3.85%

+1.38%

Volatility (6M)

Calculated over the trailing 6-month period

11.12%

9.31%

+1.81%

Volatility (1Y)

Calculated over the trailing 1-year period

13.85%

10.73%

+3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.47%

12.56%

+2.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.50%

14.84%

+2.66%

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

VFEM.L has a 0.22% expense ratio, which is higher than ISF.L's 0.07% 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. ISF.L - Dividend Comparison

VFEM.L's dividend yield for the trailing twelve months is around 2.04%, less than ISF.L's 2.86% yield.

PositionTTM20252024202320222021202020192018201720162015
ISF.L
iShares Core FTSE 100 UCITS ETF (Dist)		2.86%3.01%3.71%3.86%3.75%3.76%3.11%4.47%4.44%3.96%3.79%4.12%
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 ISF.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ISF.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ISF.L is cheaper with a 0.07% expense ratio, compared with 0.22% for VFEM.L.

VFEM.L is categorized as Emerging Markets Equities, while ISF.L is Europe Equities. VFEM.L tracks MSCI EM NR USD, while ISF.L tracks FTSE AllSh TR GBP. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VFEM.L and 0.07% for ISF.L.

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