VPKIX vs. VPL

Last updated Jun 23, 2026

VPKIX (Vanguard Pacific Stock Index Fund Institutional Shares) and VPL (Vanguard FTSE Pacific ETF) are both Asia Pacific Equities funds from Vanguard. Over the past 10 years, VPKIX returned 11.11%/yr vs 11.43%/yr for VPL. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.08% expense ratio.

Performance

VPKIX vs. VPL - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VPKIX having a 32.65% return and VPL slightly higher at 33.55%. Both investments have delivered pretty close results over the past 10 years, with VPKIX having a 11.11% annualized return and VPL not far ahead at 11.43%.

VPKIX

• 1D: 2.94%
• 1M: 7.06%
• YTD: 32.65%
• 6M: 34.38%
• 1Y: 57.08%
• 3Y*: 22.78%
• 5Y*: 11.39%
• 10Y*: 11.11%

VPL

• 1D: 0.32%
• 1M: 7.88%
• YTD: 33.55%
• 6M: 35.00%
• 1Y: 58.07%
• 3Y*: 24.51%
• 5Y*: 11.40%
• 10Y*: 11.43%

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

VPKIX vs. VPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	32.65%	33.12%	1.29%	15.58%	-15.20%	1.47%	16.54%	17.61%	-13.87%	28.55%
VPL Vanguard FTSE Pacific ETF	33.55%	32.66%	1.68%	15.58%	-15.20%	1.10%	16.65%	18.16%	-14.40%	28.85%

Correlation

The correlation between VPKIX and VPL is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 10, 2005	0.96

The correlation between VPKIX and VPL has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

VPKIX vs. VPL — Risk / Return Rank

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

VPKIX

VPKIX Risk / Return Rank: 85
VPKIX Sharpe Ratio Rank: 89
VPKIX Sortino Ratio Rank: 78
VPKIX Omega Ratio Rank: 82
VPKIX Calmar Ratio Rank: 88
VPKIX Martin Ratio Rank: 87

VPL

VPL Risk / Return Rank: 84
VPL Sharpe Ratio Rank: 87
VPL Sortino Ratio Rank: 81
VPL Omega Ratio Rank: 85
VPL Calmar Ratio Rank: 84
VPL Martin Ratio Rank: 84

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.

VPKIX vs. VPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) and Vanguard FTSE Pacific ETF (VPL). 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	VPL	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.73	-0.01
Sortino ratio: Return per unit of downside risk	3.40	3.46	-0.06
Omega ratio: Gain probability vs. loss probability	1.50	1.50	0.00
Calmar ratio: Return relative to maximum drawdown	4.14	4.38	-0.23
Martin ratio: Return relative to average drawdown	15.46	16.73	-1.28

VPKIX vs. VPL - Sharpe Ratio Comparison

The current VPKIX Sharpe Ratio is 2.71, which is comparable to the VPL Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of VPKIX and VPL, 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. VPL - Drawdown Comparison

The maximum VPKIX drawdown since its inception was -55.26%, roughly equal to the maximum VPL drawdown of -55.49%. Use the drawdown chart below to compare losses from any high point for VPKIX and VPL.

Drawdown Indicators

	VPKIX	VPL	Difference
Max Drawdown Largest peak-to-trough decline	-55.26%	-55.49%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-13.33%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.38%	-16.35%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-31.12%	-31.09%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-33.62%	-33.90%	+0.28%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.41%	-11.61%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.48%	+0.11%

Volatility

VPKIX vs. VPL - Volatility Comparison

Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) and Vanguard FTSE Pacific ETF (VPL) have volatilities of 10.05% and 10.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPKIX	VPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.05%	10.07%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	17.61%	18.94%	-1.33%
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	21.45%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	17.74%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	17.49%	-1.01%

VPKIX vs. VPL - Expense Ratio Comparison

Both VPKIX and VPL have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VPKIX vs. VPL - Dividend Comparison

VPKIX's dividend yield for the trailing twelve months is around 2.52%, which matches VPL's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	2.52%	4.00%	3.15%	3.11%	2.74%	3.17%	1.81%	2.85%	3.05%	2.60%	2.67%	2.45%
VPL Vanguard FTSE Pacific ETF	2.51%	4.01%	3.15%	3.12%	2.75%	3.19%	1.81%	2.84%	3.06%	2.57%	2.65%	2.43%

Frequently Asked Questions

Can I hold both VPKIX and VPL in my portfolio?

With a correlation of 0.95, VPKIX and VPL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VPKIX or VPL?

VPL has higher volatility (10.07%) compared to VPKIX (10.05%). In terms of maximum drawdown, VPKIX dropped -55.26% vs VPL's -55.49%.

Which has better risk-adjusted returns?

VPL currently has the higher Sharpe Ratio (2.73 vs 2.71), 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.