VPL vs. IPAC

Last updated Jun 3, 2026

VPL (Vanguard FTSE Pacific ETF) and IPAC (iShares Core MSCI Pacific ETF) are both Asia Pacific Equities funds - VPL tracks the FTSE Developed Asia Pacific Index while IPAC tracks the MSCI Pacific Investable Market Index. Both are passively managed. Over the past 10 years, VPL returned 10.87%/yr vs 9.14%/yr for IPAC. With a 0.97 correlation, they move nearly in lockstep. VPL charges 0.08%/yr vs 0.09%/yr for IPAC.

Performance

VPL vs. IPAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Pacific ETF (VPL) and iShares Core MSCI Pacific ETF (IPAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPL achieves a 30.65% return, which is significantly higher than IPAC's 13.85% return. Over the past 10 years, VPL has outperformed IPAC with an annualized return of 10.87%, while IPAC has yielded a comparatively lower 9.14% annualized return.

VPL

• 1D: 0.40%
• 1M: 10.55%
• YTD: 30.65%
• 6M: 33.92%
• 1Y: 52.92%
• 3Y*: 23.14%
• 5Y*: 10.67%
• 10Y*: 10.87%

IPAC

• 1D: 0.63%
• 1M: 4.19%
• YTD: 13.85%
• 6M: 15.83%
• 1Y: 27.22%
• 3Y*: 17.07%
• 5Y*: 7.92%
• 10Y*: 9.14%

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

VPL vs. IPAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPL Vanguard FTSE Pacific ETF	30.65%	32.66%	1.68%	15.58%	-15.20%	1.10%	16.65%	18.16%	-14.40%	28.85%
IPAC iShares Core MSCI Pacific ETF	13.85%	25.16%	6.18%	14.51%	-13.68%	3.09%	12.39%	19.44%	-12.78%	25.97%

Correlation

The correlation between VPL and IPAC is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.97

The correlation between VPL and IPAC has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

VPL vs. IPAC - Sectors Allocation Comparison

Sectors	VPL	IPAC
Technology	22.6%	12.9%
Industrials	20.5%	21.3%
Financial Services	19.3%	22.9%
Consumer Cyclical	9.6%	10.8%
Basic Materials	7.3%	8.2%
Healthcare	5.0%	5.3%
Communication Services	4.8%	5.7%
Real Estate	4.3%	5.5%
Consumer Defensive	3.5%	4.0%
Energy	1.6%	1.8%
Utilities	1.6%	1.9%

Return for Risk

VPL vs. IPAC — Risk / Return Rank

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

VPL

VPL Risk / Return Rank: 80
VPL Sharpe Ratio Rank: 83
VPL Sortino Ratio Rank: 78
VPL Omega Ratio Rank: 81
VPL Calmar Ratio Rank: 79
VPL Martin Ratio Rank: 81

IPAC

IPAC Risk / Return Rank: 49
IPAC Sharpe Ratio Rank: 47
IPAC Sortino Ratio Rank: 48
IPAC Omega Ratio Rank: 48
IPAC Calmar Ratio Rank: 50
IPAC Martin Ratio Rank: 52

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. IPAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Pacific ETF (VPL) and iShares Core MSCI Pacific ETF (IPAC). 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.

	VPL	IPAC	Difference
Sharpe ratio Return per unit of total volatility	2.72	1.67	+1.05
Sortino ratio Return per unit of downside risk	3.55	2.39	+1.17
Omega ratio Gain probability vs. loss probability	1.49	1.31	+0.18
Calmar ratio Return relative to maximum drawdown	4.13	2.53	+1.60
Martin ratio Return relative to average drawdown	16.33	9.12	+7.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPL vs. IPAC - Sharpe Ratio Comparison

The current VPL Sharpe Ratio is 2.72, which is higher than the IPAC Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of VPL and IPAC, 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

	VPL	IPAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	1.67	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.48	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.55	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.45	-0.10

Drawdowns

VPL vs. IPAC - Drawdown Comparison

The maximum VPL drawdown since its inception was -55.49%, which is greater than IPAC's maximum drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for VPL and IPAC.

Drawdown Indicators

	VPL	IPAC	Difference
Max Drawdown Largest peak-to-trough decline	-55.49%	-30.99%	-24.50%
Max Drawdown (1Y) Largest decline over 1 year	-13.33%	-11.49%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-15.45%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	-29.64%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	-30.99%	-2.91%
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-11.64%	-7.49%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.18%	+0.19%

Volatility

VPL vs. IPAC - Volatility Comparison

Vanguard FTSE Pacific ETF (VPL) has a higher volatility of 7.31% compared to iShares Core MSCI Pacific ETF (IPAC) at 4.05%. This indicates that VPL's price experiences larger fluctuations and is considered to be riskier than IPAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPL	IPAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	4.05%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	16.71%	13.11%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.58%	16.46%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	16.63%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	16.59%	+0.71%

VPL vs. IPAC - Expense Ratio Comparison

VPL has a 0.08% expense ratio, which is lower than IPAC's 0.09% 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. IPAC - Dividend Comparison

VPL's dividend yield for the trailing twelve months is around 2.72%, less than IPAC's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAC iShares Core MSCI Pacific ETF	3.80%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%
VPL Vanguard FTSE Pacific ETF	2.72%	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 IPAC in my portfolio?

With a correlation of 0.94, VPL and IPAC 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, VPL or IPAC?

VPL has higher volatility (7.31%) compared to IPAC (4.05%). In terms of maximum drawdown, VPL dropped -55.49% vs IPAC's -30.99%.

Which ETF is better, VPL or IPAC?

On 10-year performance, VPL leads with 10.87% vs 9.14% for IPAC. On fees, VPL is cheaper at 0.08% per year. On volatility, IPAC has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPL or IPAC?

Over the 10-year period, VPL has performed better with a 10.87% return vs 9.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPL or IPAC?

VPL is cheaper with a 0.08% expense ratio, compared with 0.09% for IPAC.

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

IPAC has the higher dividend yield at 3.80%, compared with 2.72% for VPL.

What is the main difference between VPL and IPAC?

VPL tracks FTSE Developed Asia Pacific Index, while IPAC tracks MSCI Pacific Investable Market Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VPL and 0.09% for IPAC.

Which has better risk-adjusted returns?

VPL currently has the higher Sharpe Ratio (2.72 vs 1.67), 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.