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VUIAX vs. VEMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VUIAX vs. VEMAX

Last updated Jun 4, 2026

VUIAX (Vanguard Utilities Index Fund Admiral Shares) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - VUIAX is a Utilities Equities fund managed by Vanguard, while VEMAX is a Emerging Markets Equities fund managed by Vanguard. Over the past 10 years, VUIAX returned 9.05%/yr vs 9.04%/yr for VEMAX. At a 0.38 correlation, their price movements are largely independent. VUIAX charges 0.10%/yr vs 0.14%/yr for VEMAX.

Performance

VUIAX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities Index Fund Admiral Shares (VUIAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VUIAX achieves a 3.85% return, which is significantly lower than VEMAX's 13.97% return. Both investments have delivered pretty close results over the past 10 years, with VUIAX having a 9.05% annualized return and VEMAX not far behind at 9.04%.

VUIAX

1D
1.99%
1M
-4.84%
YTD
3.85%
6M
1.87%
1Y
10.24%
3Y*
13.81%
5Y*
9.16%
10Y*
9.05%

VEMAX

1D
1.58%
1M
4.22%
YTD
13.97%
6M
15.57%
1Y
32.68%
3Y*
18.62%
5Y*
5.62%
10Y*
9.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VUIAX vs. VEMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VUIAX
Vanguard Utilities Index Fund Admiral Shares		3.85%16.39%23.03%-7.49%1.13%17.16%-0.90%24.97%4.45%12.49%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		13.97%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%31.37%

Correlation

The correlation between VUIAX and VEMAX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.21

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2006

0.38

Over the past year, the correlation between VUIAX and VEMAX has dropped to 0.17 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

VUIAX vs. VEMAX - Sectors Allocation Comparison

Sectors
VUIAX
VEMAX

Utilities

99.3%
2.9%

Energy

0.5%
4.6%

Industrials

0.2%
8.0%

Basic Materials

-

8.0%

Communication Services

-

7.1%

Consumer Cyclical

-

10.7%

Consumer Defensive

-

3.7%

Financial Services

-

19.5%

Healthcare

-

3.9%

Real Estate

-

2.2%

Technology

-

29.6%

Utilities

VUIAX
99.3%
VEMAX
2.9%

Energy

VUIAX
0.5%
VEMAX
4.6%

Industrials

VUIAX
0.2%
VEMAX
8.0%

Basic Materials

VUIAX

-

VEMAX
8.0%

Communication Services

VUIAX

-

VEMAX
7.1%

Consumer Cyclical

VUIAX

-

VEMAX
10.7%

Consumer Defensive

VUIAX

-

VEMAX
3.7%

Financial Services

VUIAX

-

VEMAX
19.5%

Healthcare

VUIAX

-

VEMAX
3.9%

Real Estate

VUIAX

-

VEMAX
2.2%

Technology

VUIAX

-

VEMAX
29.6%

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Vanguard Utilities Index Fund Admiral Shares

Vanguard Emerging Markets Stock Index Fund Admiral Shares

Often compared with VUIAX:
VUIAX vs. VPUVUIAX vs. FKUTXVUIAX vs. VOOVUIAX vs. VTSAXVUIAX vs. FUTYVUIAX vs. VITAXVUIAX vs. VFAIX
Often compared with VEMAX:
VEMAX vs. VWOVEMAX vs. VTMGXVEMAX vs. VFIAXVEMAX vs. FPADXVEMAX vs. FEMKXVEMAX vs. FSPSXVEMAX vs. VINEX

Return for Risk

VUIAX vs. VEMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VUIAX
VUIAX Risk / Return Rank: 99
Overall Rank
VUIAX Sharpe Ratio Rank: 99
Sharpe Ratio Rank
VUIAX Sortino Ratio Rank: 88
Sortino Ratio Rank
VUIAX Omega Ratio Rank: 99
Omega Ratio Rank
VUIAX Calmar Ratio Rank: 1313
Calmar Ratio Rank
VUIAX Martin Ratio Rank: 99
Martin Ratio Rank
VEMAX
VEMAX Risk / Return Rank: 5959
Overall Rank
VEMAX Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 5858
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 6161
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 5656
Martin Ratio Rank
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.

VUIAX vs. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities Index Fund Admiral Shares (VUIAX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

VUIAXVEMAXDifference
Sharpe ratioReturn per unit of total volatility
0.73
2.31

-1.58

Sortino ratioReturn per unit of downside risk
1.07
3.18

-2.11

Omega ratioGain probability vs. loss probability

1.13

1.42

-0.29

Calmar ratioReturn relative to maximum drawdown

1.19

3.00

-1.81

Martin ratioReturn relative to average drawdown

2.68

11.18

-8.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUIAX vs. VEMAX - Sharpe Ratio Comparison

The current VUIAX Sharpe Ratio is 0.73, which is lower than the VEMAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VUIAX and VEMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VUIAXVEMAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.73

2.31

-1.58

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.37

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.55

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.30

+0.23

Drawdowns

VUIAX vs. VEMAX - Drawdown Comparison

The maximum VUIAX drawdown since its inception was -46.29%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for VUIAX and VEMAX.

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Drawdown Indicators

VUIAXVEMAXDifference

Max Drawdown

Largest peak-to-trough decline

-46.29%

-66.45%

+20.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.87%

-11.05%

+2.18%

Max Drawdown (3Y)

Largest decline over 3 years

-17.42%

-15.78%

-1.64%

Max Drawdown (5Y)

Largest decline over 5 years

-25.18%

-32.55%

+7.37%

Max Drawdown (10Y)

Largest decline over 10 years

-36.21%

-36.11%

-0.10%

Current Drawdown

Current decline from peak

-6.69%

0.00%

-6.69%

Average Drawdown

Average peak-to-trough decline

-7.77%

-16.12%

+8.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.92%

2.96%

+0.96%

Volatility

VUIAX vs. VEMAX - Volatility Comparison

Vanguard Utilities Index Fund Admiral Shares (VUIAX) has a higher volatility of 5.42% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 5.01%. This indicates that VUIAX's price experiences larger fluctuations and is considered to be riskier than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VUIAXVEMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.42%

5.01%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

11.64%

11.80%

-0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

14.38%

14.31%

+0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.11%

15.38%

+1.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.18%

16.46%

+2.72%

VUIAX vs. VEMAX - Expense Ratio Comparison

VUIAX has a 0.10% expense ratio, which is lower than VEMAX's 0.14% 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

VUIAX vs. VEMAX - Dividend Comparison

VUIAX's dividend yield for the trailing twelve months is around 2.67%, more than VEMAX's 2.34% yield.

PositionTTM20252024202320222021202020192018201720162015
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.34%2.74%3.13%3.47%4.05%2.57%1.87%3.20%2.85%2.31%2.51%3.25%
VUIAX
Vanguard Utilities Index Fund Admiral Shares		2.67%2.73%3.01%3.49%2.98%2.56%3.17%2.82%3.23%3.18%3.19%3.64%

Frequently Asked Questions

VUIAX and VEMAX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VUIAX has higher volatility (5.42%) compared to VEMAX (5.01%). In terms of maximum drawdown, VUIAX dropped -46.29% vs VEMAX's -66.45%.

VEMAX currently has the higher Sharpe Ratio (2.31 vs 0.73), 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.

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