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VWO vs. CSPX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWO vs. CSPX.L

Last updated Jun 16, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while CSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VWO returned 9.11%/yr vs 15.44%/yr for CSPX.L. At a 0.43 correlation, their price movements are largely independent. VWO charges 0.08%/yr vs 0.07%/yr for CSPX.L.

Performance

VWO vs. CSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VWO achieves a 13.17% return, which is significantly higher than CSPX.L's 10.20% return. Over the past 10 years, VWO has underperformed CSPX.L with an annualized return of 9.11%, while CSPX.L has yielded a comparatively higher 15.44% annualized return.

VWO

1D
2.17%
1M
4.11%
YTD
13.17%
6M
15.35%
1Y
29.26%
3Y*
16.84%
5Y*
5.83%
10Y*
9.11%

CSPX.L

1D
1.66%
1M
1.84%
YTD
10.20%
6M
11.35%
1Y
26.94%
3Y*
20.87%
5Y*
13.56%
10Y*
15.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VWO vs. CSPX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWO
Vanguard FTSE Emerging Markets ETF		13.17%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%
CSPX.L
iShares Core S&P 500 UCITS ETF USD (Acc)		10.20%17.45%25.25%26.74%-18.72%29.35%17.62%30.55%-5.46%21.60%

Correlation

The correlation between VWO and CSPX.L is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.55

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

0.44

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

0.44

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

0.45

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2010

0.43

The correlation between VWO and CSPX.L shifts across timeframes, from 0.43 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

VWO vs. CSPX.L - Sectors Allocation Comparison

Sectors
VWO
CSPX.L

Technology

29.6%
37.5%

Financial Services

19.5%
11.7%

Consumer Cyclical

10.7%
9.5%

Industrials

8.0%
8.0%

Basic Materials

8.0%
1.7%

Communication Services

7.1%
10.4%

Energy

4.6%
3.4%

Healthcare

3.9%
8.9%

Consumer Defensive

3.7%
4.8%

Utilities

2.9%
2.2%

Real Estate

2.2%
1.9%

Technology

VWO
29.6%
CSPX.L
37.5%

Financial Services

VWO
19.5%
CSPX.L
11.7%

Consumer Cyclical

VWO
10.7%
CSPX.L
9.5%

Industrials

VWO
8.0%
CSPX.L
8.0%

Basic Materials

VWO
8.0%
CSPX.L
1.7%

Communication Services

VWO
7.1%
CSPX.L
10.4%

Energy

VWO
4.6%
CSPX.L
3.4%

Healthcare

VWO
3.9%
CSPX.L
8.9%

Consumer Defensive

VWO
3.7%
CSPX.L
4.8%

Utilities

VWO
2.9%
CSPX.L
2.2%

Real Estate

VWO
2.2%
CSPX.L
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Emerging Markets ETF

iShares Core S&P 500 UCITS ETF USD (Acc)

Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX
Often compared with CSPX.L:
CSPX.L vs. VOOCSPX.L vs. VUAA.LCSPX.L vs. SPYCSPX.L vs. CSPX.ASCSPX.L vs. CSP1.LCSPX.L vs. VWRL.ASCSPX.L vs. IVV

Return for Risk

VWO vs. CSPX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWO
VWO Risk / Return Rank: 5858
Overall Rank
VWO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 5757
Sortino Ratio Rank
VWO Omega Ratio Rank: 6060
Omega Ratio Rank
VWO Calmar Ratio Rank: 5959
Calmar Ratio Rank
VWO Martin Ratio Rank: 5858
Martin Ratio Rank
CSPX.L
CSPX.L Risk / Return Rank: 7777
Overall Rank
CSPX.L Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
CSPX.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
CSPX.L Omega Ratio Rank: 7676
Omega Ratio Rank
CSPX.L Calmar Ratio Rank: 7272
Calmar Ratio Rank
CSPX.L Martin Ratio Rank: 7979
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.

VWO vs. CSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). 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.

VWOCSPX.LDifference
Sharpe ratioReturn per unit of total volatility
1.77
2.21

-0.44

Sortino ratioReturn per unit of downside risk
2.45
3.26

-0.81

Omega ratioGain probability vs. loss probability

1.33

1.40

-0.07

Calmar ratioReturn relative to maximum drawdown

2.63

3.28

-0.65

Martin ratioReturn relative to average drawdown

9.28

13.68

-4.41

VWO vs. CSPX.L - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.77, which is comparable to the CSPX.L Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of VWO and CSPX.L, 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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Drawdowns

VWO vs. CSPX.L - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, which is greater than CSPX.L's maximum drawdown of -33.90%. Use the drawdown chart below to compare losses from any high point for VWO and CSPX.L.

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Drawdown Indicators

VWOCSPX.LDifference

Max Drawdown

Largest peak-to-trough decline

-67.68%

-33.90%

-33.78%

Max Drawdown (1Y)

Largest decline over 1 year

-11.17%

-8.17%

-3.00%

Max Drawdown (3Y)

Largest decline over 3 years

-17.37%

-18.50%

+1.13%

Max Drawdown (5Y)

Largest decline over 5 years

-32.60%

-24.39%

-8.21%

Max Drawdown (10Y)

Largest decline over 10 years

-36.39%

-33.90%

-2.49%

Current Drawdown

Current decline from peak

-0.57%

-0.64%

+0.07%

Average Drawdown

Average peak-to-trough decline

-15.80%

-3.72%

-12.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

1.96%

+1.20%

Volatility

VWO vs. CSPX.L - Volatility Comparison

Vanguard FTSE Emerging Markets ETF (VWO) has a higher volatility of 6.98% compared to iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) at 4.15%. This indicates that VWO's price experiences larger fluctuations and is considered to be riskier than CSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VWOCSPX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.98%

4.15%

+2.83%

Volatility (6M)

Calculated over the trailing 6-month period

14.18%

9.16%

+5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

16.62%

12.15%

+4.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.51%

16.05%

+1.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.24%

16.23%

+3.01%

VWO vs. CSPX.L - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is higher than CSPX.L's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VWO vs. CSPX.L - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.38%, while CSPX.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CSPX.L
iShares Core S&P 500 UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VWO
Vanguard FTSE Emerging Markets ETF		2.38%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

VWO and CSPX.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CSPX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CSPX.L is cheaper with a 0.07% expense ratio, compared with 0.08% for VWO.

VWO is categorized as Emerging Markets Equities, while CSPX.L is S&P 500. VWO tracks FTSE Emerging Index, while CSPX.L tracks S&P 500 Index. They also come from different issuers: Vanguard and BlackRock. Their fees differ too: 0.08% for VWO and 0.07% for CSPX.L.

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