VMMSX vs. SFENX

Last updated Jun 24, 2026

VMMSX (Vanguard Emerging Markets Select Stock Fund) and SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. Over the past 10 years, VMMSX returned 10.69%/yr vs 11.13%/yr for SFENX. Their correlation of 0.94 suggests significant overlap in exposure. VMMSX charges 0.84%/yr vs 0.39%/yr for SFENX.

Performance

VMMSX vs. SFENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Select Stock Fund (VMMSX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMMSX achieves a 18.63% return, which is significantly higher than SFENX's 13.84% return. Both investments have delivered pretty close results over the past 10 years, with VMMSX having a 10.69% annualized return and SFENX not far ahead at 11.13%.

VMMSX

• 1D: 0.67%
• 1M: 2.90%
• YTD: 18.63%
• 6M: 19.48%
• 1Y: 43.67%
• 3Y*: 20.79%
• 5Y*: 6.83%
• 10Y*: 10.69%

SFENX

• 1D: 0.23%
• 1M: 1.33%
• YTD: 13.84%
• 6M: 14.25%
• 1Y: 32.69%
• 3Y*: 20.69%
• 5Y*: 9.76%
• 10Y*: 11.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VMMSX vs. SFENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMMSX Vanguard Emerging Markets Select Stock Fund	18.63%	35.68%	5.91%	10.58%	-18.15%	-1.40%	15.79%	21.42%	-12.53%	32.01%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.84%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%

Correlation

The correlation between VMMSX and SFENX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 27, 2011	0.94

The correlation between VMMSX and SFENX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

VMMSX vs. SFENX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VMMSX

VMMSX Risk / Return Rank: 75
VMMSX Sharpe Ratio Rank: 82
VMMSX Sortino Ratio Rank: 69
VMMSX Omega Ratio Rank: 78
VMMSX Calmar Ratio Rank: 77
VMMSX Martin Ratio Rank: 69

SFENX

SFENX Risk / Return Rank: 75
SFENX Sharpe Ratio Rank: 80
SFENX Sortino Ratio Rank: 73
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 67

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.

VMMSX vs. SFENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Select Stock Fund (VMMSX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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.

	VMMSX	SFENX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.41	+0.07
Sortino ratio: Return per unit of downside risk	3.14	3.24	-0.09
Omega ratio: Gain probability vs. loss probability	1.46	1.44	+0.02
Calmar ratio: Return relative to maximum drawdown	3.29	3.52	-0.23
Martin ratio: Return relative to average drawdown	12.50	12.26	+0.24

VMMSX vs. SFENX - Sharpe Ratio Comparison

The current VMMSX Sharpe Ratio is 2.48, which is comparable to the SFENX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of VMMSX and SFENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMMSX vs. SFENX - Drawdown Comparison

The maximum VMMSX drawdown since its inception was -39.28%, smaller than the maximum SFENX drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for VMMSX and SFENX.

Drawdown Indicators

	VMMSX	SFENX	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-47.19%	+7.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.46%	-9.45%	-4.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.37%	-16.51%	-1.86%
Max Drawdown (5Y) Largest decline over 5 years	-36.84%	-29.26%	-7.58%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	-39.59%	+0.77%
Current Drawdown Current decline from peak	-1.91%	-2.93%	+1.02%
Average Drawdown Average peak-to-trough decline	-13.37%	-12.86%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.71%	+0.82%

Volatility

VMMSX vs. SFENX - Volatility Comparison

Vanguard Emerging Markets Select Stock Fund (VMMSX) has a higher volatility of 7.73% compared to Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) at 5.29%. This indicates that VMMSX's price experiences larger fluctuations and is considered to be riskier than SFENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMMSX	SFENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	5.29%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	11.50%	+3.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	13.82%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	15.49%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	16.89%	+1.58%

VMMSX vs. SFENX - Expense Ratio Comparison

VMMSX has a 0.84% expense ratio, which is higher than SFENX's 0.39% expense ratio.

Dividends

VMMSX vs. SFENX - Dividend Comparison

VMMSX's dividend yield for the trailing twelve months is around 1.95%, less than SFENX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.45%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%
VMMSX Vanguard Emerging Markets Select Stock Fund	1.95%	2.32%	3.33%	3.05%	3.71%	6.80%	1.04%	2.04%	2.53%	1.54%	1.44%	1.87%

Frequently Asked Questions

Can I hold both VMMSX and SFENX in my portfolio?

With a correlation of 0.93, VMMSX and SFENX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VMMSX or SFENX?

VMMSX has higher volatility (7.73%) compared to SFENX (5.29%). In terms of maximum drawdown, VMMSX dropped -39.28% vs SFENX's -47.19%.

Which has better risk-adjusted returns?

VMMSX currently has the higher Sharpe Ratio (2.48 vs 2.41), 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.