VNAM vs. VWO

Last updated Jun 4, 2026

VNAM (Global X MSCI Vietnam ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds - VNAM tracks the MSCI Vietnam Select 25/50 Index while VWO tracks the FTSE Emerging Index. Both are passively managed. Over the past 3 years, VNAM returned 16.20%/yr vs 18.02%/yr for VWO. At a 0.28 correlation, their price movements are largely independent. VNAM charges 0.51%/yr vs 0.08%/yr for VWO.

Performance

VNAM vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Vietnam ETF (VNAM) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNAM achieves a -2.39% return, which is significantly lower than VWO's 12.22% return.

VNAM

• 1D: -0.41%
• 1M: -5.03%
• YTD: -2.39%
• 6M: 1.38%
• 1Y: 42.45%
• 3Y*: 16.20%
• 5Y*: —
• 10Y*: —

VWO

• 1D: -1.41%
• 1M: 2.72%
• YTD: 12.22%
• 6M: 13.79%
• 1Y: 30.72%
• 3Y*: 18.02%
• 5Y*: 5.17%
• 10Y*: 8.85%

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

VNAM vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VNAM Global X MSCI Vietnam ETF	-2.39%	67.05%	-7.78%	12.95%	-44.16%	2.41%
VWO Vanguard FTSE Emerging Markets ETF	12.22%	25.60%	10.59%	9.25%	-17.98%	-0.38%

Correlation

The correlation between VNAM and VWO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.28

The correlation between VNAM and VWO shifts across timeframes, from 0.15 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

VNAM vs. VWO - Sectors Allocation Comparison

Sectors	VNAM	VWO
Real Estate	38.6%	2.2%
Financial Services	25.5%	19.5%
Industrials	12.8%	8.0%
Basic Materials	9.0%	8.0%
Consumer Defensive	5.9%	3.7%
Technology	4.7%	29.6%
Energy	1.9%	4.6%
Consumer Cyclical	0.9%	10.7%
Utilities	0.7%	2.9%
Communication Services	-	7.1%
Healthcare	-	3.9%

Return for Risk

VNAM vs. VWO — Risk / Return Rank

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

VNAM

VNAM Risk / Return Rank: 46
VNAM Sharpe Ratio Rank: 46
VNAM Sortino Ratio Rank: 44
VNAM Omega Ratio Rank: 43
VNAM Calmar Ratio Rank: 51
VNAM Martin Ratio Rank: 45

VWO

VWO Risk / Return Rank: 56
VWO Sharpe Ratio Rank: 56
VWO Sortino Ratio Rank: 55
VWO Omega Ratio Rank: 57
VWO Calmar Ratio Rank: 54
VWO Martin Ratio Rank: 56

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.

VNAM vs. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Vietnam ETF (VNAM) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	VNAM	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.94	-0.35
Sortino ratio: Return per unit of downside risk	2.21	2.69	-0.48
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.51	2.76	-0.26
Martin ratio: Return relative to average drawdown	7.34	9.96	-2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNAM vs. VWO - Sharpe Ratio Comparison

The current VNAM Sharpe Ratio is 1.59, which is comparable to the VWO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of VNAM and VWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VNAM	VWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.94	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.27	-0.29

Drawdowns

VNAM vs. VWO - Drawdown Comparison

The maximum VNAM drawdown since its inception was -52.84%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for VNAM and VWO.

Drawdown Indicators

	VNAM	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-52.84%	-67.68%	+14.84%
Max Drawdown (1Y) Largest decline over 1 year	-17.03%	-11.17%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-31.34%	-17.37%	-13.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.39%	—
Current Drawdown Current decline from peak	-9.01%	-1.41%	-7.60%
Average Drawdown Average peak-to-trough decline	-30.54%	-15.82%	-14.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.81%	3.09%	+2.72%

Volatility

VNAM vs. VWO - Volatility Comparison

Global X MSCI Vietnam ETF (VNAM) has a higher volatility of 6.74% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.61%. This indicates that VNAM's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNAM	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	5.61%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	19.91%	13.22%	+6.69%
Volatility (1Y) Calculated over the trailing 1-year period	26.85%	15.89%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.60%	17.37%	+8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	19.20%	+6.40%

VNAM vs. VWO - Expense Ratio Comparison

VNAM has a 0.51% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

VNAM vs. VWO - Dividend Comparison

VNAM's dividend yield for the trailing twelve months is around 0.51%, less than VWO's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VNAM Global X MSCI Vietnam ETF	0.51%	0.50%	1.00%	0.49%	1.04%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VWO Vanguard FTSE Emerging Markets ETF	2.40%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VNAM and VWO in my portfolio?

VNAM and VWO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNAM or VWO?

VNAM has higher volatility (6.74%) compared to VWO (5.61%). In terms of maximum drawdown, VNAM dropped -52.84% vs VWO's -67.68%.

Which ETF is better, VNAM or VWO?

On 3-year performance, VWO leads with 18.02% vs 16.20% for VNAM. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNAM or VWO?

Over the 3-year period, VWO has performed better with a 18.02% return vs 16.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNAM or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.51% for VNAM.

Which ETF pays a higher dividend yield, VNAM or VWO?

VWO has the higher dividend yield at 2.40%, compared with 0.51% for VNAM.

What is the main difference between VNAM and VWO?

VNAM tracks MSCI Vietnam Select 25/50 Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: Global X and Vanguard. Their fees differ too: 0.51% for VNAM and 0.08% for VWO.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.94 vs 1.59), 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.