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VFV.TO vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFV.TO vs. EEM

Last updated Jun 16, 2026

VFV.TO (Vanguard S&P 500 Index ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - VFV.TO is a S&P 500 fund tracking the S&P 500 Index, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, VFV.TO returned 16.32%/yr vs 11.02%/yr for EEM. At a 0.44 correlation, their price movements are largely independent. VFV.TO charges 0.09%/yr vs 0.72%/yr for EEM.

Performance

VFV.TO vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard S&P 500 Index ETF (VFV.TO) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VFV.TO is traded in CAD, while EEM is traded in USD. To make them comparable, the EEM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VFV.TO achieves a 13.00% return, which is significantly lower than EEM's 30.67% return. Over the past 10 years, VFV.TO has outperformed EEM with an annualized return of 16.32%, while EEM has yielded a comparatively lower 11.02% annualized return.

VFV.TO

1D
1.74%
1M
3.84%
YTD
13.00%
6M
13.01%
1Y
31.44%
3Y*
23.27%
5Y*
16.66%
10Y*
16.32%

EEM

1D
3.22%
1M
9.63%
YTD
30.67%
6M
33.37%
1Y
56.53%
3Y*
24.62%
5Y*
10.60%
10Y*
11.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VFV.TO vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VFV.TO
Vanguard S&P 500 Index ETF		13.00%12.18%35.23%23.23%-12.58%27.51%15.61%25.14%2.95%13.69%
EEM
iShares MSCI Emerging Markets ETF		30.67%27.86%15.51%6.36%-15.53%-3.68%14.24%13.35%-8.19%27.97%

Correlation

The correlation between VFV.TO and EEM is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.58

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

0.45

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

0.45

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

0.44

Correlation (All Time)
Calculated using the full available price history since Nov 8, 2012

0.44

The correlation between VFV.TO and EEM shifts across timeframes, from 0.44 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

VFV.TO vs. EEM - Sectors Allocation Comparison

Sectors
VFV.TO
EEM

Technology

35.7%
44.3%

Financial Services

11.6%
17.7%

Communication Services

11.3%
6.0%

Consumer Cyclical

10.2%
8.3%

Healthcare

8.5%
2.5%

Industrials

8.3%
6.6%

Consumer Defensive

4.9%
2.5%

Energy

3.5%
3.4%

Utilities

2.4%
1.8%

Real Estate

1.9%
1.0%

Basic Materials

1.8%
5.9%

Technology

VFV.TO
35.7%
EEM
44.3%

Financial Services

VFV.TO
11.6%
EEM
17.7%

Communication Services

VFV.TO
11.3%
EEM
6.0%

Consumer Cyclical

VFV.TO
10.2%
EEM
8.3%

Healthcare

VFV.TO
8.5%
EEM
2.5%

Industrials

VFV.TO
8.3%
EEM
6.6%

Consumer Defensive

VFV.TO
4.9%
EEM
2.5%

Energy

VFV.TO
3.5%
EEM
3.4%

Utilities

VFV.TO
2.4%
EEM
1.8%

Real Estate

VFV.TO
1.9%
EEM
1.0%

Basic Materials

VFV.TO
1.8%
EEM
5.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P 500 Index ETF

iShares MSCI Emerging Markets ETF

Often compared with VFV.TO:
VFV.TO vs. XEQT.TOVFV.TO vs. VEQT.TOVFV.TO vs. VOOVFV.TO vs. QQC.TOVFV.TO vs. VSP.TOVFV.TO vs. VCN.TOVFV.TO vs. XQQ.TO
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

VFV.TO vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VFV.TO
VFV.TO Risk / Return Rank: 8585
Overall Rank
VFV.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VFV.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
VFV.TO Omega Ratio Rank: 8989
Omega Ratio Rank
VFV.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
VFV.TO Martin Ratio Rank: 7979
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 8282
Overall Rank
EEM Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7878
Sortino Ratio Rank
EEM Omega Ratio Rank: 8484
Omega Ratio Rank
EEM Calmar Ratio Rank: 8282
Calmar Ratio Rank
EEM Martin Ratio Rank: 8181
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.

VFV.TO vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Index ETF (VFV.TO) and iShares MSCI Emerging Markets ETF (EEM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

VFV.TOEEMDifference
Sharpe ratioReturn per unit of total volatility
2.66
2.59

+0.07

Sortino ratioReturn per unit of downside risk
3.56
3.28

+0.27

Omega ratioGain probability vs. loss probability

1.49

1.47

+0.02

Calmar ratioReturn relative to maximum drawdown

3.66

4.63

-0.97

Martin ratioReturn relative to average drawdown

13.81

16.10

-2.29

VFV.TO vs. EEM - Sharpe Ratio Comparison

The current VFV.TO Sharpe Ratio is 2.66, which is comparable to the EEM Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of VFV.TO and EEM, 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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Drawdowns

VFV.TO vs. EEM - Drawdown Comparison

The maximum VFV.TO drawdown since its inception was -27.43%, smaller than the maximum EEM drawdown of -55.52%. Use the drawdown chart below to compare losses from any high point for VFV.TO and EEM.

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Drawdown Indicators

VFV.TOEEMDifference

Max Drawdown

Largest peak-to-trough decline

-27.43%

-55.52%

+28.09%

Max Drawdown (1Y)

Largest decline over 1 year

-8.62%

-12.26%

+3.64%

Max Drawdown (3Y)

Largest decline over 3 years

-19.05%

-15.82%

-3.23%

Max Drawdown (5Y)

Largest decline over 5 years

-22.19%

-30.79%

+8.60%

Max Drawdown (10Y)

Largest decline over 10 years

-27.43%

-35.39%

+7.96%

Current Drawdown

Current decline from peak

0.00%

-0.08%

+0.08%

Average Drawdown

Average peak-to-trough decline

-3.35%

-12.02%

+8.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.28%

3.52%

-1.24%

Volatility

VFV.TO vs. EEM - Volatility Comparison

The current volatility for Vanguard S&P 500 Index ETF (VFV.TO) is 4.71%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 11.28%. This indicates that VFV.TO experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VFV.TOEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.71%

11.28%

-6.57%

Volatility (6M)

Calculated over the trailing 6-month period

9.36%

19.84%

-10.48%

Volatility (1Y)

Calculated over the trailing 1-year period

11.91%

22.01%

-10.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.01%

20.22%

-5.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.61%

21.72%

-5.11%

VFV.TO vs. EEM - Expense Ratio Comparison

VFV.TO has a 0.09% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

VFV.TO vs. EEM - Dividend Comparison

VFV.TO's dividend yield for the trailing twelve months is around 0.83%, less than EEM's 2.24% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		2.24%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
VFV.TO
Vanguard S&P 500 Index ETF		0.83%0.92%0.99%1.20%1.31%1.06%1.33%1.55%1.69%1.51%1.65%1.63%

Frequently Asked Questions

VFV.TO and EEM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VFV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VFV.TO is cheaper with a 0.09% expense ratio, compared with 0.72% for EEM.

VFV.TO is categorized as S&P 500, while EEM is Emerging Markets Diversified. VFV.TO tracks S&P 500 Index, while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VFV.TO and 0.72% for EEM.

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