VPL vs. BKEM

Last updated Jun 24, 2026

VPL (Vanguard FTSE Pacific ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Asia Pacific Equities funds - VPL tracks the FTSE Developed Asia Pacific Index while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, VPL returned 9.86%/yr vs 6.77%/yr for BKEM. A 0.78 correlation means they provide meaningful diversification when combined. VPL charges 0.08%/yr vs 0.11%/yr for BKEM.

Performance

VPL vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Pacific ETF (VPL) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VPL having a 25.73% return and BKEM slightly lower at 24.97%.

VPL

• 1D: -5.86%
• 1M: 1.56%
• YTD: 25.73%
• 6M: 25.83%
• 1Y: 47.86%
• 3Y*: 22.03%
• 5Y*: 9.86%
• 10Y*: 10.76%

BKEM

• 1D: -5.37%
• 1M: 2.20%
• YTD: 24.97%
• 6M: 25.93%
• 1Y: 47.05%
• 3Y*: 22.54%
• 5Y*: 6.77%
• 10Y*: —

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

VPL vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VPL Vanguard FTSE Pacific ETF	25.73%	32.66%	1.68%	15.58%	-15.20%	1.10%	42.39%
BKEM BNY Mellon Emerging Markets Equity ETF	24.97%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%

Correlation

The correlation between VPL and BKEM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.78

The correlation between VPL and BKEM has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

VPL vs. BKEM - Sectors Allocation Comparison

Sectors	VPL	BKEM
Technology	22.6%	43.0%
Industrials	20.5%	8.1%
Financial Services	19.3%	16.9%
Consumer Cyclical	9.6%	8.7%
Basic Materials	7.3%	5.7%
Healthcare	5.0%	2.7%
Communication Services	4.8%	5.8%
Real Estate	4.3%	1.1%
Consumer Defensive	3.5%	2.6%
Energy	1.6%	3.4%
Utilities	1.6%	2.0%

Return for Risk

VPL vs. BKEM — Risk / Return Rank

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

VPL

VPL Risk / Return Rank: 70
VPL Sharpe Ratio Rank: 70
VPL Sortino Ratio Rank: 61
VPL Omega Ratio Rank: 72
VPL Calmar Ratio Rank: 74
VPL Martin Ratio Rank: 75

BKEM

BKEM Risk / Return Rank: 71
BKEM Sharpe Ratio Rank: 71
BKEM Sortino Ratio Rank: 62
BKEM Omega Ratio Rank: 72
BKEM Calmar Ratio Rank: 75
BKEM Martin Ratio Rank: 74

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.

VPL vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Pacific ETF (VPL) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	VPL	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.14	+0.02
Sortino ratio: Return per unit of downside risk	2.76	2.71	+0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	3.61	3.61	0.00
Martin ratio: Return relative to average drawdown	13.71	13.18	+0.53

VPL vs. BKEM - Sharpe Ratio Comparison

The current VPL Sharpe Ratio is 2.16, which is comparable to the BKEM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of VPL and BKEM, 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

VPL vs. BKEM - Drawdown Comparison

The maximum VPL drawdown since its inception was -55.49%, which is greater than BKEM's maximum drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for VPL and BKEM.

Drawdown Indicators

	VPL	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-55.49%	-39.48%	-16.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.33%	-13.11%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-18.38%	+2.03%
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	-36.20%	+5.11%
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	—	—
Current Drawdown Current decline from peak	-5.86%	-5.37%	-0.49%
Average Drawdown Average peak-to-trough decline	-11.61%	-15.89%	+4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	3.58%	-0.08%

Volatility

VPL vs. BKEM - Volatility Comparison

Vanguard FTSE Pacific ETF (VPL) and BNY Mellon Emerging Markets Equity ETF (BKEM) have volatilities of 11.91% and 12.30%, 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

	VPL	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.91%	12.30%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	19.95%	20.07%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	22.25%	22.13%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	19.35%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	19.55%	-2.03%

VPL vs. BKEM - Expense Ratio Comparison

VPL has a 0.08% expense ratio, which is lower than BKEM's 0.11% 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

VPL vs. BKEM - Dividend Comparison

VPL's dividend yield for the trailing twelve months is around 2.66%, more than BKEM's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.51%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
VPL Vanguard FTSE Pacific ETF	2.66%	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 VPL and BKEM in my portfolio?

VPL and BKEM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPL or BKEM?

BKEM has higher volatility (12.30%) compared to VPL (11.91%). In terms of maximum drawdown, VPL dropped -55.49% vs BKEM's -39.48%.

Which ETF is better, VPL or BKEM?

On 5-year performance, VPL leads with 9.86% vs 6.77% for BKEM. On fees, VPL is cheaper at 0.08% per year. On volatility, VPL has been the lower-risk option at 11.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPL or BKEM?

Over the 5-year period, VPL has performed better with a 9.86% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPL or BKEM?

VPL is cheaper with a 0.08% expense ratio, compared with 0.11% for BKEM.

Which ETF pays a higher dividend yield, VPL or BKEM?

VPL has the higher dividend yield at 2.66%, compared with 1.51% for BKEM.

What is the main difference between VPL and BKEM?

VPL tracks FTSE Developed Asia Pacific Index, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: Vanguard and BNY Mellon. Their fees differ too: 0.08% for VPL and 0.11% for BKEM.

Which has better risk-adjusted returns?

VPL currently has the higher Sharpe Ratio (2.16 vs 2.14), 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.