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VNM vs. THD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VNM vs. THD

Last updated Aug 4, 2026
Documentation

VNM (VanEck Vectors Vietnam ETF) and THD (iShares MSCI Thailand ETF) are both Asia Pacific Equities funds - VNM tracks the MVIS Vietnam Index while THD tracks the MSCI Thailand Investable Market Index. Both are passively managed. Over the past 10 years, VNM returned 3.26%/yr vs 2.88%/yr for THD. Their 0.37 correlation means their historical movements had little consistent relationship. VNM charges 0.68%/yr vs 0.59%/yr for THD.

Performance

VNM vs. THD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) and iShares MSCI Thailand ETF (THD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VNM achieves a -8.28% return, which is significantly lower than THD's 25.13% return. Over the past 10 years, VNM has outperformed THD with an annualized return of 3.26%, while THD has yielded a comparatively lower 2.88% annualized return.

VNM

1D
3.06%
1M
-5.35%
6M
-6.77%
YTD
-8.28%
1Y
9.95%
3Y*
7.02%
5Y*
-1.14%
10Y*
3.26%
ALL TIME*
-0.96%

THD

1D
-0.12%
1M
1.86%
6M
18.50%
YTD
25.13%
1Y
34.70%
3Y*
5.85%
5Y*
3.28%
10Y*
2.88%
ALL TIME*
4.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

THD

iShares MSCI Thailand ETF
$1.98M$2.36M$5.51M

VNM

VanEck Vectors Vietnam ETF
$13.14M$11.75M$11.73M

VNM vs. THD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VNM
VanEck Vectors Vietnam ETF		-8.28%66.55%-11.15%15.01%-43.74%22.05%9.84%9.24%-16.83%38.80%
THD
iShares MSCI Thailand ETF		25.13%2.36%-2.21%-12.63%1.22%1.87%-9.89%8.32%-8.25%31.45%

Correlation

The correlation between VNM and THD is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.08

Correlation (3Y)
Balances recent behavior with more history.

0.15

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.22

Correlation (10Y)
Provides a long-term view across more market conditions.

0.32

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2009

0.37

Over the past year, the correlation between VNM and THD has dropped to 0.08 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

VNM vs. THD - Sectors Allocation Comparison

Sectors
VNM
THD

Financial Services

32.7%
11.9%

Real Estate

24.8%
5.2%

Industrials

14.3%
30.2%

Consumer Defensive

14.3%
7.5%

Basic Materials

7.0%
2.8%

Technology

2.5%
1.3%

Consumer Cyclical

2.2%
5.2%

Energy

1.4%
13.0%

Utilities

0.9%
7.0%

Communication Services

-

9.8%

Healthcare

-

6.4%

Financial Services

VNM
32.7%
THD
11.9%

Real Estate

VNM
24.8%
THD
5.2%

Industrials

VNM
14.3%
THD
30.2%

Consumer Defensive

VNM
14.3%
THD
7.5%

Basic Materials

VNM
7.0%
THD
2.8%

Technology

VNM
2.5%
THD
1.3%

Consumer Cyclical

VNM
2.2%
THD
5.2%

Energy

VNM
1.4%
THD
13.0%

Utilities

VNM
0.9%
THD
7.0%

Communication Services

VNM

-

THD
9.8%

Healthcare

VNM

-

THD
6.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors Vietnam ETF

iShares MSCI Thailand ETF

Often compared with VNM:
VNM vs. VOOVNM vs. INDAVNM vs. IDXVNM vs. SPYVNM vs. VNAMVNM vs. EMXCVNM vs. VXUS
Often compared with THD:
THD vs. VOOTHD vs. AAXJTHD vs. GQETXTHD vs. GREKTHD vs. SSOTHD vs. BRAZTHD vs. EPU

Return for Risk

VNM vs. THD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VNM
VNM Risk / Return Rank: 2020
Overall Rank
VNM Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
VNM Sortino Ratio Rank: 2121
Sortino Ratio Rank
VNM Omega Ratio Rank: 1919
Omega Ratio Rank
VNM Calmar Ratio Rank: 2121
Calmar Ratio Rank
VNM Martin Ratio Rank: 2020
Martin Ratio Rank
THD
THD Risk / Return Rank: 6464
Overall Rank
THD Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
THD Sortino Ratio Rank: 6363
Sortino Ratio Rank
THD Omega Ratio Rank: 5858
Omega Ratio Rank
THD Calmar Ratio Rank: 7373
Calmar Ratio Rank
THD Martin Ratio Rank: 6161
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VNM vs. THD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) and iShares MSCI Thailand ETF (THD). 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.

VNMTHDDifference
Sharpe ratioReturn per unit of total volatility
0.37
1.57

-1.20

Sortino ratioReturn per unit of downside risk
0.74
2.19

-1.46

Omega ratioGain probability vs. loss probability

1.08

1.27

-0.18

Calmar ratioReturn relative to maximum drawdown

0.57

2.66

-2.08

Martin ratioReturn relative to average drawdown

1.25

7.62

-6.37

VNM vs. THD - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 0.37, which is lower than the THD Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of VNM and THD, 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

VNM vs. THD - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, roughly equal to the maximum THD drawdown of -64.22%. Use the drawdown chart below to compare losses from any high point for VNM and THD.

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Drawdown Indicators

VNMTHDDifference

Max Drawdown

Largest peak-to-trough decline

-63.19%

-64.22%

+1.03%

Max Drawdown (1Y)

Largest decline over 1 year

-17.47%

-13.12%

-4.35%

Max Drawdown (3Y)

Largest decline over 3 years

-31.60%

-34.11%

+2.51%

Max Drawdown (5Y)

Largest decline over 5 years

-49.95%

-40.24%

-9.71%

Max Drawdown (10Y)

Largest decline over 10 years

-51.67%

-49.32%

-2.35%

Current Drawdown

Current decline from peak

-28.57%

-8.11%

-20.46%

Average Drawdown

Average peak-to-trough decline

-37.73%

-18.19%

-19.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.98%

4.56%

+3.42%

Volatility

VNM vs. THD - Volatility Comparison

VanEck Vectors Vietnam ETF (VNM) has a higher volatility of 8.83% compared to iShares MSCI Thailand ETF (THD) at 4.28%. This indicates that VNM's price experiences larger fluctuations and is considered to be riskier than THD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VNMTHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.83%

4.28%

+4.55%

Volatility (6M)

Calculated over the trailing 6-month period

18.63%

18.21%

+0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

26.88%

22.25%

+4.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.49%

20.01%

+4.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.53%

21.57%

+1.96%

VNM vs. THD - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is higher than THD's 0.59% expense ratio.

Dividends

VNM vs. THD - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.22%, less than THD's 3.46% yield.

PositionTTM20252024202320222021202020192018201720162015
THD
iShares MSCI Thailand ETF		3.46%3.36%3.15%2.92%2.41%3.16%2.31%2.42%2.57%2.16%2.61%3.58%
VNM
VanEck Vectors Vietnam ETF		0.22%0.20%0.00%5.21%0.96%0.49%0.40%0.76%0.83%1.14%2.44%3.69%

Frequently Asked Questions

VNM and THD have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VNM has higher volatility (8.83%) compared to THD (4.28%). In terms of maximum drawdown, VNM dropped -63.19% vs THD's -64.22%.

On 10-year performance, VNM leads with 3.26% vs 2.88% for THD. On fees, THD is cheaper at 0.59% per year. On volatility, THD has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VNM has performed better with a 3.26% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

THD is cheaper with a 0.59% expense ratio, compared with 0.68% for VNM.

THD has the higher dividend yield at 3.46%, compared with 0.22% for VNM.

VNM tracks MVIS Vietnam Index, while THD tracks MSCI Thailand Investable Market Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.68% for VNM and 0.59% for THD.

THD currently has the higher Sharpe Ratio (1.57 vs 0.37), 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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