XCEM vs. VEIEX

Last updated Jun 23, 2026

XCEM (Columbia EM Core ex-China ETF) and VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) are both Emerging Markets Equities funds - XCEM tracks the MSCI Emerging Markets ex China Index while VEIEX tracks the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, XCEM returned 13.36%/yr vs 8.75%/yr for VEIEX. A 0.77 correlation means they provide meaningful diversification when combined. XCEM charges 0.16%/yr vs 0.29%/yr for VEIEX.

Performance

XCEM vs. VEIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia EM Core ex-China ETF (XCEM) and Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCEM achieves a 43.27% return, which is significantly higher than VEIEX's 13.04% return. Over the past 10 years, XCEM has outperformed VEIEX with an annualized return of 13.36%, while VEIEX has yielded a comparatively lower 8.75% annualized return.

XCEM

• 1D: 0.26%
• 1M: 11.26%
• YTD: 43.27%
• 6M: 46.87%
• 1Y: 73.75%
• 3Y*: 27.69%
• 5Y*: 13.15%
• 10Y*: 13.36%

VEIEX

• 1D: 1.49%
• 1M: 3.20%
• YTD: 13.04%
• 6M: 13.71%
• 1Y: 30.72%
• 3Y*: 16.54%
• 5Y*: 5.63%
• 10Y*: 8.75%

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

XCEM vs. VEIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCEM Columbia EM Core ex-China ETF	43.27%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	13.04%	24.58%	11.15%	8.66%	-17.91%	0.72%	15.05%	20.11%	-14.73%	31.14%

Correlation

The correlation between XCEM and VEIEX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.77

The correlation between XCEM and VEIEX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

XCEM vs. VEIEX — Risk / Return Rank

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

XCEM

XCEM Risk / Return Rank: 90
XCEM Sharpe Ratio Rank: 93
XCEM Sortino Ratio Rank: 89
XCEM Omega Ratio Rank: 91
XCEM Calmar Ratio Rank: 89
XCEM Martin Ratio Rank: 90

VEIEX

VEIEX Risk / Return Rank: 51
VEIEX Sharpe Ratio Rank: 52
VEIEX Sortino Ratio Rank: 48
VEIEX Omega Ratio Rank: 52
VEIEX Calmar Ratio Rank: 54
VEIEX Martin Ratio Rank: 50

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.

XCEM vs. VEIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia EM Core ex-China ETF (XCEM) and Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX). 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.

	XCEM	VEIEX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	1.96	+1.21
Sortino ratio: Return per unit of downside risk	3.88	2.70	+1.18
Omega ratio: Gain probability vs. loss probability	1.57	1.36	+0.21
Calmar ratio: Return relative to maximum drawdown	5.13	2.68	+2.44
Martin ratio: Return relative to average drawdown	19.88	9.77	+10.11

XCEM vs. VEIEX - Sharpe Ratio Comparison

The current XCEM Sharpe Ratio is 3.17, which is higher than the VEIEX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of XCEM and VEIEX, 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

XCEM vs. VEIEX - Drawdown Comparison

The maximum XCEM drawdown since its inception was -41.24%, smaller than the maximum VEIEX drawdown of -66.47%. Use the drawdown chart below to compare losses from any high point for XCEM and VEIEX.

Drawdown Indicators

	XCEM	VEIEX	Difference
Max Drawdown Largest peak-to-trough decline	-41.24%	-66.47%	+25.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-11.06%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-15.84%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-29.57%	-32.60%	+3.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	-36.30%	-4.94%
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-8.57%	-17.18%	+8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	3.03%	+0.69%

Volatility

XCEM vs. VEIEX - Volatility Comparison

Columbia EM Core ex-China ETF (XCEM) has a higher volatility of 12.12% compared to Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) at 6.10%. This indicates that XCEM's price experiences larger fluctuations and is considered to be riskier than VEIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCEM	VEIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.12%	6.10%	+6.02%
Volatility (6M) Calculated over the trailing 6-month period	21.53%	12.87%	+8.66%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	15.11%	+8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	15.52%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	16.50%	+3.41%

XCEM vs. VEIEX - Expense Ratio Comparison

XCEM has a 0.16% expense ratio, which is lower than VEIEX's 0.29% expense ratio.

Dividends

XCEM vs. VEIEX - Dividend Comparison

XCEM's dividend yield for the trailing twelve months is around 2.27%, more than VEIEX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.12%	2.59%	2.97%	3.32%	3.87%	2.41%	1.72%	3.07%	2.67%	2.14%	2.33%	3.04%
XCEM Columbia EM Core ex-China ETF	2.27%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both XCEM and VEIEX in my portfolio?

XCEM and VEIEX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCEM or VEIEX?

XCEM has higher volatility (12.12%) compared to VEIEX (6.10%). In terms of maximum drawdown, XCEM dropped -41.24% vs VEIEX's -66.47%.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (3.17 vs 1.96), 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.