VNRA.DE vs. IEMA.L
VNRA.DE (Vanguard FTSE North America UCITS ETF (USD) Accumulating) and IEMA.L (iShares MSCI EM UCITS ETF USD (Acc)) are both exchange-traded funds - VNRA.DE is a Large Cap Blend Equities fund tracking the FTSE North America, while IEMA.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 5 years, VNRA.DE returned 14.38%/yr vs 8.42%/yr for IEMA.L. A 0.59 correlation means they provide meaningful diversification when combined. VNRA.DE charges 0.10%/yr vs 0.18%/yr for IEMA.L.
Performance
VNRA.DE vs. IEMA.L - Performance Comparison
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Different Trading Currencies
VNRA.DE is traded in EUR, while IEMA.L is traded in USD. To make them comparable, the IEMA.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, VNRA.DE achieves a 11.15% return, which is significantly lower than IEMA.L's 27.05% return.
VNRA.DE
- 1D
- -0.02%
- 1M
- 4.57%
- YTD
- 11.15%
- 6M
- 10.70%
- 1Y
- 25.18%
- 3Y*
- 19.14%
- 5Y*
- 14.38%
- 10Y*
- —
IEMA.L
- 1D
- -1.56%
- 1M
- 3.55%
- YTD
- 27.05%
- 6M
- 28.11%
- 1Y
- 48.65%
- 3Y*
- 20.80%
- 5Y*
- 8.42%
- 10Y*
- 9.83%
VNRA.DE vs. IEMA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VNRA.DE Vanguard FTSE North America UCITS ETF (USD) Accumulating | 11.15% | 5.41% | 32.23% | 22.65% | -15.14% | 38.59% | 9.69% | 8.03% |
IEMA.L iShares MSCI EM UCITS ETF USD (Acc) | 27.05% | 18.46% | 14.71% | 6.15% | -15.28% | 4.44% | 9.20% | 6.47% |
Correlation
The correlation between VNRA.DE and IEMA.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019 | 0.59 |
The correlation between VNRA.DE and IEMA.L has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
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Return for Risk
VNRA.DE vs. IEMA.L — Risk / Return Rank
VNRA.DE
IEMA.L
VNRA.DE vs. IEMA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRA.DE) and iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L). 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.
| VNRA.DE | IEMA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.48 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 4.61 | -1.09 |
| Martin ratioReturn relative to average drawdown | 12.55 | 16.47 | -3.92 |
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
| VNRA.DE | IEMA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.19 | 2.62 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.49 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.39 | +0.48 |
Drawdowns
VNRA.DE vs. IEMA.L - Drawdown Comparison
The maximum VNRA.DE drawdown since its inception was -34.48%, roughly equal to the maximum IEMA.L drawdown of -35.69%. Use the drawdown chart below to compare losses from any high point for VNRA.DE and IEMA.L.
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Drawdown Indicators
| VNRA.DE | IEMA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.48% | -35.69% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -7.14% | -10.75% | +3.61% |
Max Drawdown (3Y)Largest decline over 3 years | -23.30% | -18.12% | -5.18% |
Max Drawdown (5Y)Largest decline over 5 years | -23.30% | -23.81% | +0.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.06% | — |
Current DrawdownCurrent decline from peak | -0.35% | -2.57% | +2.22% |
Average DrawdownAverage peak-to-trough decline | -4.72% | -10.76% | +6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 3.02% | -1.01% |
Volatility
VNRA.DE vs. IEMA.L - Volatility Comparison
The current volatility for Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRA.DE) is 2.61%, while iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L) has a volatility of 8.03%. This indicates that VNRA.DE experiences smaller price fluctuations and is considered to be less risky than IEMA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNRA.DE | IEMA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 8.03% | -5.42% |
Volatility (6M)Calculated over the trailing 6-month period | 7.47% | 16.03% | -8.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.49% | 18.95% | -7.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.22% | 17.34% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 18.88% | -1.48% |
VNRA.DE vs. IEMA.L - Expense Ratio Comparison
VNRA.DE has a 0.10% expense ratio, which is lower than IEMA.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VNRA.DE vs. IEMA.L - Dividend Comparison
Neither VNRA.DE nor IEMA.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IEMA.L iShares MSCI EM UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VNRA.DE Vanguard FTSE North America UCITS ETF (USD) Accumulating | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% | 0.00% | 0.89% |
Frequently Asked Questions
VNRA.DE and IEMA.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VNRA.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VNRA.DE is cheaper with a 0.10% expense ratio, compared with 0.18% for IEMA.L.
VNRA.DE is categorized as Large Cap Blend Equities, while IEMA.L is Emerging Markets Equities. VNRA.DE tracks FTSE North America, while IEMA.L tracks MSCI Emerging Markets Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VNRA.DE and 0.18% for IEMA.L.
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