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VWO: Vanguard FTSE Emerging Markets ETF returns, drawdowns and risk

Funds on emerging and Asian markets, as a block or country by country.

Data updated October 2026

VWO · US exchange · USDCategory: Emerging markets and Asia ETFsData from June 2020

From June 2020 to October 2026 VWO returned 9.6% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $18,000.

Its deepest fall was 34.3%, from February 2021 to October 2022, and it took about 52 months to get back to the previous high. Annual volatility was 17.6%; at the last close it was 5.0% below its high.

Against SPY (SPDR S&P 500 ETF Trust), over the 76 months both have data, the correlation of monthly returns was 0.63: they moved together only in part. Beta was 0.60. In months when SPY rose, VWO moved 59% as much on average; in months when SPY fell, 59% as much.

Key figures

Annual return (CAGR)
+9.6%
1-year return
+8.8%
5 years, a year
+5.3%
10 years, a year
—
Annual volatility
17.6%
Maximum drawdown
−34.3%
Sharpe ratio
0.45
Worst year
2022: −18.0%

Trailing returns

PeriodVWOSPY
1 year+8.8%+16.6%
3 years, a year+18.9%+23.1%
5 years, a year+5.3%+12.7%

To the last close of October 2026. Periods longer than a year are annualised.

Growth of $10,000: VWO vs SPY

$10,000$15,000$20,000$25,000202120222023202420252026
VWO — Vanguard FTSE Emerging Markets ETFSPY — SPDR S&P 500 ETF Trust

Month-end values from July 2020, the first month both funds have data.

VWO drawdowns

-30%-20%-10%0%202120222023202420252026

Percentage below the previous high, weekly.

Returns by calendar year

YearVWOSPY
2026(partial)+9.2%+13.3%
2025+25.6%+17.7%
2024+10.6%+24.9%
2023+9.3%+26.2%
2022−18.0%−18.2%
2021+1.3%+28.7%
2020(partial)+30.8%—

VWO compared

How the figures are calculated

Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.

Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.

Questions

What is the average annual return of VWO?

From June 2020 to October 2026 VWO returned 9.6% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +5.3% a year. Over the last 12 months: +8.8%.

What was the worst drawdown of VWO?

34.3%, from February 2021 to October 2022; it took about 52 months from the previous high to get back to it.

How volatile is VWO?

Annual volatility was 17.6% over the period. Its worst month was −10.1% and 59% of months were positive. Worst calendar year: 2022 (−18.0%).

How closely does VWO follow SPY?

Over 76 months the correlation of monthly returns was 0.63, so they moved together only in part, with a beta of 0.60.

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Other Emerging markets and Asia ETFs

Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.