VNM vs. THD

Last updated Jun 4, 2026

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 3.30%/yr vs 3.47%/yr for THD. At a 0.37 correlation, their price movements are largely independent. 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.

Returns By Period

In the year-to-date period, VNM achieves a -5.56% return, which is significantly lower than THD's 24.17% return. Over the past 10 years, VNM has underperformed THD with an annualized return of 3.30%, while THD has yielded a comparatively higher 3.47% annualized return.

VNM

• 1D: -0.61%
• 1M: -4.00%
• YTD: -5.56%
• 6M: -3.39%
• 1Y: 29.35%
• 3Y*: 13.96%
• 5Y*: -0.84%
• 10Y*: 3.30%

THD

• 1D: -0.75%
• 1M: 5.54%
• YTD: 24.17%
• 6M: 25.06%
• 1Y: 42.49%
• 3Y*: 5.77%
• 5Y*: 0.86%
• 10Y*: 3.47%

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

VNM vs. THD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNM VanEck Vectors Vietnam ETF	-5.56%	66.55%	-11.15%	15.01%	-43.74%	22.05%	9.84%	9.24%	-16.83%	38.80%
THD iShares MSCI Thailand ETF	24.17%	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 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 17, 2009	0.37

Over the past year, the correlation between VNM and THD has dropped to 0.03 - 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
Real Estate	31.4%	5.1%
Financial Services	27.5%	11.2%
Industrials	14.9%	29.3%
Consumer Defensive	14.4%	7.8%
Basic Materials	7.9%	3.5%
Technology	1.7%	0.9%
Energy	1.2%	14.3%
Utilities	1.0%	6.7%
Communication Services	-	10.3%
Consumer Cyclical	-	4.6%
Healthcare	-	6.4%

Return for Risk

VNM vs. THD — Risk / Return Rank

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

VNM

VNM Risk / Return Rank: 30
VNM Sharpe Ratio Rank: 30
VNM Sortino Ratio Rank: 30
VNM Omega Ratio Rank: 28
VNM Calmar Ratio Rank: 34
VNM Martin Ratio Rank: 30

THD

THD Risk / Return Rank: 55
THD Sharpe Ratio Rank: 55
THD Sortino Ratio Rank: 53
THD Omega Ratio Rank: 50
THD Calmar Ratio Rank: 65
THD Martin Ratio Rank: 54

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.

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.

	VNM	THD	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.88	-0.78
Sortino ratio: Return per unit of downside risk	1.66	2.60	-0.94
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.73	3.25	-1.53
Martin ratio: Return relative to average drawdown	4.39	9.35	-4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNM vs. THD - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 1.10, which is lower than the THD Sharpe Ratio of 1.88. 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.

Sharpe Ratios by Period

	VNM	THD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.88	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.04	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.16	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.18	-0.20

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.

Drawdown Indicators

	VNM	THD	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-64.22%	+1.03%
Max Drawdown (1Y) Largest decline over 1 year	-17.07%	-13.12%	-3.95%
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	-26.45%	-8.82%	-17.63%
Average Drawdown Average peak-to-trough decline	-37.83%	-18.28%	-19.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	4.58%	+2.14%

Volatility

VNM vs. THD - Volatility Comparison

The current volatility for VanEck Vectors Vietnam ETF (VNM) is 5.52%, while iShares MSCI Thailand ETF (THD) has a volatility of 6.41%. This indicates that VNM experiences smaller price fluctuations and is considered to be less risky than THD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNM	THD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	6.41%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	18.51%	18.28%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	26.79%	22.67%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	19.79%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.46%	21.58%	+1.88%

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 0.21%, less than THD's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THD iShares MSCI Thailand ETF	2.71%	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	0.21%	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

Can I hold both VNM and THD in my portfolio?

VNM and THD have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNM or THD?

THD has higher volatility (6.41%) compared to VNM (5.52%). In terms of maximum drawdown, VNM dropped -63.19% vs THD's -64.22%.

Which ETF is better, VNM or THD?

On 10-year performance, THD leads with 3.47% vs 3.30% for VNM. On fees, THD is cheaper at 0.59% per year. On volatility, VNM has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNM or THD?

Over the 10-year period, THD has performed better with a 3.47% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNM or THD?

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

Which ETF pays a higher dividend yield, VNM or THD?

THD has the higher dividend yield at 2.71%, compared with 0.21% for VNM.

What is the main difference between VNM and THD?

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.

Which has better risk-adjusted returns?

THD currently has the higher Sharpe Ratio (1.88 vs 1.10), 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.