WBELX vs. VEMIX

Last updated Aug 4, 2026

WBELX (William Blair Emerging Markets Leaders Fund) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 10 years, WBELX returned 6.99%/yr vs 7.82%/yr for VEMIX. Their correlation of 0.89 means they have usually moved in the same direction. WBELX charges 1.05%/yr vs 0.06%/yr for VEMIX.

Performance

WBELX vs. VEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair Emerging Markets Leaders Fund (WBELX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WBELX achieves a 10.70% return, which is significantly higher than VEMIX's 9.18% return. Over the past 10 years, WBELX has underperformed VEMIX with an annualized return of 6.99%, while VEMIX has yielded a comparatively higher 7.82% annualized return.

WBELX

• 1D: 1.66%
• 1M: -3.39%
• 6M: 5.25%
• YTD: 10.70%
• 1Y: 26.56%
• 3Y*: 13.88%
• 5Y*: 2.40%
• 10Y*: 6.99%
• ALL TIME*: 3.57%

VEMIX

• 1D: 1.26%
• 1M: -0.48%
• 6M: 3.65%
• YTD: 9.18%
• 1Y: 21.49%
• 3Y*: 14.60%
• 5Y*: 6.08%
• 10Y*: 7.82%
• ALL TIME*: 7.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00
WBELX William Blair Emerging Markets Leaders Fund	$0.00	$0.00	$0.00

WBELX vs. VEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WBELX William Blair Emerging Markets Leaders Fund	10.70%	26.44%	5.86%	6.14%	-25.85%	-7.51%	27.53%	28.37%	-17.41%	41.89%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	9.18%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%

Correlation

The correlation between WBELX and VEMIX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 27, 2008	0.89

The correlation between WBELX and VEMIX shifts across timeframes, from 0.74 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WBELX vs. VEMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WBELX

WBELX Risk / Return Rank: 33
WBELX Sharpe Ratio Rank: 32
WBELX Sortino Ratio Rank: 30
WBELX Omega Ratio Rank: 33
WBELX Calmar Ratio Rank: 38
WBELX Martin Ratio Rank: 33

VEMIX

VEMIX Risk / Return Rank: 40
VEMIX Sharpe Ratio Rank: 40
VEMIX Sortino Ratio Rank: 38
VEMIX Omega Ratio Rank: 39
VEMIX Calmar Ratio Rank: 44
VEMIX Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WBELX vs. VEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair Emerging Markets Leaders Fund (WBELX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). 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.

	WBELX	VEMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.29	-0.16
Sortino ratio: Return per unit of downside risk	1.58	1.82	-0.24
Omega ratio: Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.72	1.87	-0.15
Martin ratio: Return relative to average drawdown	5.18	6.20	-1.02

WBELX vs. VEMIX - Sharpe Ratio Comparison

The current WBELX Sharpe Ratio is 1.13, which is comparable to the VEMIX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of WBELX and VEMIX, 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

WBELX vs. VEMIX - Drawdown Comparison

The maximum WBELX drawdown since its inception was -64.98%, roughly equal to the maximum VEMIX drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for WBELX and VEMIX.

Drawdown Indicators

	WBELX	VEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.98%	-66.43%	+1.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-11.05%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.98%	-15.77%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-38.20%	-30.68%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	-45.26%	-36.04%	-9.22%
Current Drawdown Current decline from peak	-9.07%	-4.23%	-4.84%
Average Drawdown Average peak-to-trough decline	-18.66%	-15.91%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	3.32%	+1.54%

Volatility

WBELX vs. VEMIX - Volatility Comparison

William Blair Emerging Markets Leaders Fund (WBELX) has a higher volatility of 9.13% compared to Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) at 5.34%. This indicates that WBELX's price experiences larger fluctuations and is considered to be riskier than VEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WBELX	VEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.13%	5.34%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	19.88%	13.86%	+6.02%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	16.03%	+6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	15.59%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	16.50%	+1.43%

WBELX vs. VEMIX - Expense Ratio Comparison

WBELX has a 1.05% expense ratio, which is higher than VEMIX's 0.06% expense ratio.

Dividends

WBELX vs. VEMIX - Dividend Comparison

WBELX's dividend yield for the trailing twelve months is around 0.80%, less than VEMIX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.35%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%
WBELX William Blair Emerging Markets Leaders Fund	0.80%	0.88%	0.25%	0.78%	0.99%	8.25%	1.00%	0.88%	10.92%	0.67%	0.13%	0.46%

Frequently Asked Questions

Can I hold both WBELX and VEMIX in my portfolio?

WBELX and VEMIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WBELX or VEMIX?

WBELX has higher volatility (9.13%) compared to VEMIX (5.34%). In terms of maximum drawdown, WBELX dropped -64.98% vs VEMIX's -66.43%.

Which has better risk-adjusted returns?

VEMIX currently has the higher Sharpe Ratio (1.29 vs 1.13), 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.