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VIMAX vs. VEMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIMAX vs. VEMAX

Last updated Jun 25, 2026

VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - VIMAX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, VIMAX returned 11.91%/yr vs 8.83%/yr for VEMAX. A 0.71 correlation means they provide meaningful diversification when combined. VIMAX charges 0.05%/yr vs 0.13%/yr for VEMAX.

Performance

VIMAX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VIMAX having a 10.35% return and VEMAX slightly higher at 10.51%. Over the past 10 years, VIMAX has outperformed VEMAX with an annualized return of 11.91%, while VEMAX has yielded a comparatively lower 8.83% annualized return.

VIMAX

1D
-0.87%
1M
2.15%
YTD
10.35%
6M
8.74%
1Y
16.53%
3Y*
16.24%
5Y*
7.71%
10Y*
11.91%

VEMAX

1D
-2.86%
1M
0.82%
YTD
10.51%
6M
10.79%
1Y
24.51%
3Y*
17.22%
5Y*
5.01%
10Y*
8.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIMAX vs. VEMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIMAX
Vanguard Mid-Cap Index Fund Admiral Shares		10.35%11.67%14.66%16.53%-18.70%24.51%18.18%31.03%-9.24%19.26%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		10.51%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%31.37%

Correlation

The correlation between VIMAX and VEMAX is 0.57, 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

0.57

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

0.56

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

0.60

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

0.63

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2006

0.71

The correlation between VIMAX and VEMAX shifts across timeframes, from 0.56 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

VIMAX vs. VEMAX - Sectors Allocation Comparison

Sectors
VIMAX
VEMAX

Technology

20.8%
31.6%

Industrials

17.7%
6.8%

Financial Services

12.5%
16.8%

Consumer Cyclical

8.6%
8.7%

Utilities

7.9%
2.4%

Energy

7.9%
3.6%

Healthcare

7.5%
3.4%

Real Estate

5.1%
1.8%

Consumer Defensive

4.7%
3.1%

Basic Materials

4.0%
7.0%

Communication Services

3.0%
5.8%

Technology

VIMAX
20.8%
VEMAX
31.6%

Industrials

VIMAX
17.7%
VEMAX
6.8%

Financial Services

VIMAX
12.5%
VEMAX
16.8%

Consumer Cyclical

VIMAX
8.6%
VEMAX
8.7%

Utilities

VIMAX
7.9%
VEMAX
2.4%

Energy

VIMAX
7.9%
VEMAX
3.6%

Healthcare

VIMAX
7.5%
VEMAX
3.4%

Real Estate

VIMAX
5.1%
VEMAX
1.8%

Consumer Defensive

VIMAX
4.7%
VEMAX
3.1%

Basic Materials

VIMAX
4.0%
VEMAX
7.0%

Communication Services

VIMAX
3.0%
VEMAX
5.8%

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Vanguard Mid-Cap Index Fund Admiral Shares

Vanguard Emerging Markets Stock Index Fund Admiral Shares

Often compared with VIMAX:
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Often compared with VEMAX:
VEMAX vs. VWOVEMAX vs. VTMGXVEMAX vs. VFIAXVEMAX vs. FPADXVEMAX vs. FEMKXVEMAX vs. FSPSXVEMAX vs. VINEX

Return for Risk

VIMAX vs. VEMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIMAX
VIMAX Risk / Return Rank: 3232
Overall Rank
VIMAX Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
VIMAX Sortino Ratio Rank: 2828
Sortino Ratio Rank
VIMAX Omega Ratio Rank: 2626
Omega Ratio Rank
VIMAX Calmar Ratio Rank: 3737
Calmar Ratio Rank
VIMAX Martin Ratio Rank: 4040
Martin Ratio Rank
VEMAX
VEMAX Risk / Return Rank: 4444
Overall Rank
VEMAX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 4040
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 4444
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 4747
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 4646
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.

VIMAX vs. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

VIMAXVEMAXDifference
Sharpe ratioReturn per unit of total volatility
1.39
1.79

-0.40

Sortino ratioReturn per unit of downside risk
1.99
2.45

-0.46

Omega ratioGain probability vs. loss probability

1.24

1.33

-0.09

Calmar ratioReturn relative to maximum drawdown

2.19

2.49

-0.31

Martin ratioReturn relative to average drawdown

8.22

9.06

-0.84

VIMAX vs. VEMAX - Sharpe Ratio Comparison

The current VIMAX Sharpe Ratio is 1.39, which is comparable to the VEMAX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of VIMAX and VEMAX, 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

VIMAX vs. VEMAX - Drawdown Comparison

The maximum VIMAX drawdown since its inception was -58.88%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for VIMAX and VEMAX.

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Drawdown Indicators

VIMAXVEMAXDifference

Max Drawdown

Largest peak-to-trough decline

-58.88%

-66.45%

+7.57%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-11.05%

+2.92%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-15.78%

-3.15%

Max Drawdown (5Y)

Largest decline over 5 years

-27.55%

-32.46%

+4.91%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-36.11%

-3.19%

Current Drawdown

Current decline from peak

-1.30%

-3.03%

+1.73%

Average Drawdown

Average peak-to-trough decline

-8.10%

-16.08%

+7.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

3.03%

-0.87%

Volatility

VIMAX vs. VEMAX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) is 4.48%, while Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a volatility of 6.82%. This indicates that VIMAX experiences smaller price fluctuations and is considered to be less risky than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIMAXVEMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.48%

6.82%

-2.34%

Volatility (6M)

Calculated over the trailing 6-month period

9.89%

13.18%

-3.29%

Volatility (1Y)

Calculated over the trailing 1-year period

12.80%

15.36%

-2.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.70%

15.58%

+2.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

16.48%

+2.43%

VIMAX vs. VEMAX - Expense Ratio Comparison

VIMAX has a 0.05% expense ratio, which is lower than VEMAX's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIMAX vs. VEMAX - Dividend Comparison

VIMAX's dividend yield for the trailing twelve months is around 1.35%, less than VEMAX's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.29%2.74%3.13%3.47%4.05%2.57%1.87%3.20%2.85%2.31%2.51%3.25%
VIMAX
Vanguard Mid-Cap Index Fund Admiral Shares		1.35%1.51%1.48%1.50%1.59%1.11%1.44%1.47%1.82%1.35%1.45%1.47%

Frequently Asked Questions

VIMAX and VEMAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEMAX has higher volatility (6.82%) compared to VIMAX (4.48%). In terms of maximum drawdown, VIMAX dropped -58.88% vs VEMAX's -66.45%.

VEMAX currently has the higher Sharpe Ratio (1.79 vs 1.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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