VPKIX vs. CNJFX

Last updated Aug 1, 2026

VPKIX (Vanguard Pacific Stock Index Fund Institutional Shares) and CNJFX (Commonwealth Japan Fund) are both mutual funds - VPKIX is a Asia Pacific Equities fund managed by Vanguard, while CNJFX is a Japan Equities fund managed by Commonwealth Intl Series Tr. Over the past 10 years, VPKIX returned 9.49%/yr vs 4.95%/yr for CNJFX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. VPKIX charges 0.08%/yr vs 1.75%/yr for CNJFX.

Performance

VPKIX vs. CNJFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) and Commonwealth Japan Fund (CNJFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPKIX achieves a 21.22% return, which is significantly higher than CNJFX's 18.08% return. Over the past 10 years, VPKIX has outperformed CNJFX with an annualized return of 9.49%, while CNJFX has yielded a comparatively lower 4.95% annualized return.

VPKIX

• 1D: 5.00%
• 1M: -1.24%
• 6M: 11.00%
• YTD: 21.22%
• 1Y: 38.82%
• 3Y*: 18.74%
• 5Y*: 9.54%
• 10Y*: 9.49%
• ALL TIME*: 4.96%

CNJFX

• 1D: 3.82%
• 1M: -3.37%
• 6M: 14.41%
• YTD: 18.08%
• 1Y: 28.01%
• 3Y*: 12.23%
• 5Y*: 4.57%
• 10Y*: 4.95%
• ALL TIME*: -0.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNJFX Commonwealth Japan Fund	$0.00	$0.00	$0.00
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00

VPKIX vs. CNJFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	21.22%	33.12%	1.29%	15.58%	-15.20%	1.47%	16.54%	17.61%	-13.87%	28.55%
CNJFX Commonwealth Japan Fund	18.08%	18.27%	-1.53%	14.15%	-18.49%	-7.92%	9.93%	19.15%	-10.80%	20.61%

Correlation

The correlation between VPKIX and CNJFX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since May 15, 2000	0.74

The correlation between VPKIX and CNJFX shifts across timeframes, from 0.68 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VPKIX vs. CNJFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VPKIX

VPKIX Risk / Return Rank: 72
VPKIX Sharpe Ratio Rank: 70
VPKIX Sortino Ratio Rank: 62
VPKIX Omega Ratio Rank: 72
VPKIX Calmar Ratio Rank: 84
VPKIX Martin Ratio Rank: 71

CNJFX

CNJFX Risk / Return Rank: 63
CNJFX Sharpe Ratio Rank: 63
CNJFX Sortino Ratio Rank: 63
CNJFX Omega Ratio Rank: 57
CNJFX Calmar Ratio Rank: 77
CNJFX Martin Ratio Rank: 57

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.

VPKIX vs. CNJFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) and Commonwealth Japan Fund (CNJFX). 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.

	VPKIX	CNJFX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.52	+0.12
Sortino ratio: Return per unit of downside risk	2.16	2.21	-0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	2.84	2.51	+0.32
Martin ratio: Return relative to average drawdown	8.71	7.64	+1.07

VPKIX vs. CNJFX - Sharpe Ratio Comparison

The current VPKIX Sharpe Ratio is 1.63, which is comparable to the CNJFX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VPKIX and CNJFX, 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

VPKIX vs. CNJFX - Drawdown Comparison

The maximum VPKIX drawdown since its inception was -55.26%, smaller than the maximum CNJFX drawdown of -73.98%. Use the drawdown chart below to compare losses from any high point for VPKIX and CNJFX.

Drawdown Indicators

	VPKIX	CNJFX	Difference
Max Drawdown Largest peak-to-trough decline	-55.26%	-73.98%	+18.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-11.44%	-1.96%
Max Drawdown (3Y) Largest decline over 3 years	-16.38%	-17.82%	+1.44%
Max Drawdown (5Y) Largest decline over 5 years	-31.12%	-36.47%	+5.35%
Max Drawdown (10Y) Largest decline over 10 years	-33.62%	-36.47%	+2.85%
Current Drawdown Current decline from peak	-8.66%	-30.49%	+21.83%
Average Drawdown Average peak-to-trough decline	-15.38%	-49.80%	+34.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	3.76%	+0.60%

Volatility

VPKIX vs. CNJFX - Volatility Comparison

Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) has a higher volatility of 10.46% compared to Commonwealth Japan Fund (CNJFX) at 6.77%. This indicates that VPKIX's price experiences larger fluctuations and is considered to be riskier than CNJFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPKIX	CNJFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	6.77%	+3.69%
Volatility (6M) Calculated over the trailing 6-month period	21.09%	14.98%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	23.27%	18.99%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	18.37%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.80%	17.39%	-0.59%

VPKIX vs. CNJFX - Expense Ratio Comparison

VPKIX has a 0.08% expense ratio, which is lower than CNJFX's 1.75% expense ratio.

Dividends

VPKIX vs. CNJFX - Dividend Comparison

VPKIX's dividend yield for the trailing twelve months is around 2.76%, more than CNJFX's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNJFX Commonwealth Japan Fund	1.02%	1.20%	0.58%	0.10%	0.00%	4.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	2.76%	4.00%	3.15%	3.11%	2.74%	3.17%	1.81%	2.85%	3.05%	2.60%	2.67%	2.45%

Frequently Asked Questions

Can I hold both VPKIX and CNJFX in my portfolio?

VPKIX and CNJFX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPKIX or CNJFX?

VPKIX has higher volatility (10.46%) compared to CNJFX (6.77%). In terms of maximum drawdown, VPKIX dropped -55.26% vs CNJFX's -73.98%.

Which has better risk-adjusted returns?

VPKIX currently has the higher Sharpe Ratio (1.63 vs 1.52), 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.