VMIAX vs. VEMIX
VMIAX (Vanguard Materials Index Fund Admiral Shares) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both mutual funds - VMIAX is a Materials fund managed by Vanguard, while VEMIX is a Emerging Markets Equities fund managed by Vanguard. Over the past 10 years, VMIAX returned 10.36%/yr vs 9.08%/yr for VEMIX. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.10% expense ratio.
Performance
VMIAX vs. VEMIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VMIAX having a 13.48% return and VEMIX slightly higher at 14.00%. Over the past 10 years, VMIAX has outperformed VEMIX with an annualized return of 10.36%, while VEMIX has yielded a comparatively lower 9.08% annualized return.
VMIAX
- 1D
- 1.31%
- 1M
- 2.84%
- YTD
- 13.48%
- 6M
- 16.50%
- 1Y
- 23.03%
- 3Y*
- 12.54%
- 5Y*
- 5.88%
- 10Y*
- 10.36%
VEMIX
- 1D
- 1.58%
- 1M
- 4.23%
- YTD
- 14.00%
- 6M
- 15.59%
- 1Y
- 32.74%
- 3Y*
- 18.68%
- 5Y*
- 5.66%
- 10Y*
- 9.08%
VMIAX vs. VEMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMIAX Vanguard Materials Index Fund Admiral Shares | 13.48% | 12.26% | 0.45% | 13.69% | -11.77% | 27.15% | 19.37% | 23.59% | -17.38% | 23.68% |
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares | 14.00% | 24.80% | 11.38% | 8.85% | -17.75% | 0.91% | 15.26% | 20.35% | -14.55% | 31.42% |
Correlation
The correlation between VMIAX and VEMIX is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2004 | 0.67 |
The correlation between VMIAX and VEMIX shifts across timeframes, from 0.55 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VMIAX vs. VEMIX — Risk / Return Rank
VMIAX
VEMIX
VMIAX vs. VEMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials Index Fund Admiral Shares (VMIAX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). 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.
| VMIAX | VEMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.42 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 3.00 | -1.18 |
| Martin ratioReturn relative to average drawdown | 5.98 | 11.20 | -5.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMIAX | VEMIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 2.32 | -0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.37 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.55 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.36 | +0.02 |
Drawdowns
VMIAX vs. VEMIX - Drawdown Comparison
The maximum VMIAX drawdown since its inception was -62.17%, smaller than the maximum VEMIX drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for VMIAX and VEMIX.
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Drawdown Indicators
| VMIAX | VEMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.17% | -66.43% | +4.26% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -11.05% | -2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.21% | -15.77% | -7.44% |
Max Drawdown (5Y)Largest decline over 5 years | -25.45% | -32.52% | +7.07% |
Max Drawdown (10Y)Largest decline over 10 years | -41.02% | -36.04% | -4.98% |
Current DrawdownCurrent decline from peak | -3.53% | 0.00% | -3.53% |
Average DrawdownAverage peak-to-trough decline | -9.63% | -15.99% | +6.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 2.96% | +1.12% |
Volatility
VMIAX vs. VEMIX - Volatility Comparison
Vanguard Materials Index Fund Admiral Shares (VMIAX) has a higher volatility of 6.36% compared to Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) at 5.01%. This indicates that VMIAX's price experiences larger fluctuations and is considered to be riskier than VEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMIAX | VEMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 5.01% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 13.89% | 11.81% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 14.32% | +3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 15.38% | +4.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 16.45% | +4.78% |
VMIAX vs. VEMIX - Expense Ratio Comparison
Both VMIAX and VEMIX have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VMIAX vs. VEMIX - Dividend Comparison
VMIAX's dividend yield for the trailing twelve months is around 1.36%, less than VEMIX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares | 2.36% | 2.77% | 3.17% | 3.51% | 4.09% | 2.61% | 1.90% | 3.23% | 2.89% | 2.33% | 2.55% | 2.51% |
VMIAX Vanguard Materials Index Fund Admiral Shares | 1.36% | 1.55% | 1.70% | 1.72% | 1.98% | 1.33% | 1.67% | 1.94% | 2.02% | 1.63% | 1.73% | 2.31% |
Frequently Asked Questions
VMIAX and VEMIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMIAX has higher volatility (6.36%) compared to VEMIX (5.01%). In terms of maximum drawdown, VMIAX dropped -62.17% vs VEMIX's -66.43%.
VEMIX currently has the higher Sharpe Ratio (2.32 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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