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VGE.AX vs. VHY.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VGE.AX vs. VHY.AX

Last updated Jul 16, 2026
Documentation

VGE.AX (Vanguard FTSE Emerging Markets Shares ETF) and VHY.AX (Vanguard Australian Shares High Yield ETF) are both exchange-traded funds - VGE.AX is a Emerging Markets Equities fund tracking the Vanguard FTSE Emerging Markets Shares Index, while VHY.AX is a Dividend fund tracking the FTSE Australia High Dividend Yield Index. Both are passively managed. Over the past 10 years, VGE.AX returned 8.28%/yr vs 9.28%/yr for VHY.AX. At a 0.36 correlation, their price movements are largely independent.

Performance

VGE.AX vs. VHY.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) and Vanguard Australian Shares High Yield ETF (VHY.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VGE.AX achieves a 4.15% return, which is significantly lower than VHY.AX's 8.22% return. Over the past 10 years, VGE.AX has underperformed VHY.AX with an annualized return of 8.28%, while VHY.AX has yielded a comparatively higher 9.28% annualized return.

VGE.AX

1D
-0.09%
1M
-0.57%
6M
1.41%
YTD
4.15%
1Y
11.82%
3Y*
13.35%
5Y*
5.34%
10Y*
8.28%

VHY.AX

1D
0.20%
1M
-0.91%
6M
9.04%
YTD
8.22%
1Y
15.11%
3Y*
12.91%
5Y*
9.87%
10Y*
9.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VGE.AX vs. VHY.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VGE.AX
Vanguard FTSE Emerging Markets Shares ETF		4.15%16.61%19.57%5.11%-12.17%7.21%6.36%20.69%-5.23%21.54%
VHY.AX
Vanguard Australian Shares High Yield ETF		8.22%14.77%9.04%9.83%7.71%16.73%1.71%20.44%-8.52%7.84%

Correlation

The correlation between VGE.AX and VHY.AX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.33

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

0.36

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

0.36

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2013

0.36

Compare stocks, funds, or ETFs

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Vanguard FTSE Emerging Markets Shares ETF

Vanguard Australian Shares High Yield ETF

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Return for Risk

VGE.AX vs. VHY.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGE.AX
VGE.AX Risk / Return Rank: 2626
Overall Rank
VGE.AX Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
VGE.AX Sortino Ratio Rank: 2727
Sortino Ratio Rank
VGE.AX Omega Ratio Rank: 2727
Omega Ratio Rank
VGE.AX Calmar Ratio Rank: 2323
Calmar Ratio Rank
VGE.AX Martin Ratio Rank: 2626
Martin Ratio Rank
VHY.AX
VHY.AX Risk / Return Rank: 5858
Overall Rank
VHY.AX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VHY.AX Sortino Ratio Rank: 5555
Sortino Ratio Rank
VHY.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VHY.AX Calmar Ratio Rank: 7777
Calmar Ratio Rank
VHY.AX Martin Ratio Rank: 5353
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.

VGE.AX vs. VHY.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) and Vanguard Australian Shares High Yield ETF (VHY.AX). 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.

VGE.AXVHY.AXDifference
Sharpe ratioReturn per unit of total volatility
0.85
1.49

-0.64

Sortino ratioReturn per unit of downside risk
1.27
2.15

-0.88

Omega ratioGain probability vs. loss probability

1.16

1.27

-0.11

Calmar ratioReturn relative to maximum drawdown

0.90

3.18

-2.28

Martin ratioReturn relative to average drawdown

2.80

7.34

-4.54

VGE.AX vs. VHY.AX - Sharpe Ratio Comparison

The current VGE.AX Sharpe Ratio is 0.85, which is lower than the VHY.AX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VGE.AX and VHY.AX, 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

VGE.AX vs. VHY.AX - Drawdown Comparison

The maximum VGE.AX drawdown since its inception was -27.06%, smaller than the maximum VHY.AX drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for VGE.AX and VHY.AX.

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Drawdown Indicators

VGE.AXVHY.AXDifference

Max Drawdown

Largest peak-to-trough decline

-27.06%

-35.54%

+8.48%

Max Drawdown (1Y)

Largest decline over 1 year

-12.53%

-4.84%

-7.69%

Max Drawdown (3Y)

Largest decline over 3 years

-12.53%

-11.68%

-0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-20.98%

-14.41%

-6.57%

Max Drawdown (10Y)

Largest decline over 10 years

-22.93%

-35.54%

+12.61%

Current Drawdown

Current decline from peak

-2.08%

-1.80%

-0.28%

Average Drawdown

Average peak-to-trough decline

-6.81%

-4.87%

-1.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.13%

2.14%

+1.99%

Volatility

VGE.AX vs. VHY.AX - Volatility Comparison

Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) has a higher volatility of 4.55% compared to Vanguard Australian Shares High Yield ETF (VHY.AX) at 2.23%. This indicates that VGE.AX's price experiences larger fluctuations and is considered to be riskier than VHY.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VGE.AXVHY.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.55%

2.23%

+2.32%

Volatility (6M)

Calculated over the trailing 6-month period

11.58%

8.14%

+3.44%

Volatility (1Y)

Calculated over the trailing 1-year period

13.39%

10.37%

+3.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.53%

12.70%

+0.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.50%

14.30%

+0.20%

Dividends

VGE.AX vs. VHY.AX - Dividend Comparison

VGE.AX's dividend yield for the trailing twelve months is around 0.32%, less than VHY.AX's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
VGE.AX
Vanguard FTSE Emerging Markets Shares ETF		0.32%3.22%0.50%1.62%2.83%2.68%3.78%3.15%2.22%2.01%1.65%3.22%
VHY.AX
Vanguard Australian Shares High Yield ETF		2.76%8.37%2.92%3.73%5.02%4.84%3.54%5.35%7.81%5.69%3.84%6.40%

Frequently Asked Questions

VGE.AX and VHY.AX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VGE.AX is categorized as Emerging Markets Equities, while VHY.AX is Dividend. VGE.AX tracks Vanguard FTSE Emerging Markets Shares Index, while VHY.AX tracks FTSE Australia High Dividend Yield Index.

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