VWOvsDFEMETF Comparison
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Vanguard FTSE Emerging Markets ETF (VWO) and Dimensional Emerging Markets Core Equity 2 ETF (DFEM) belong to the same industry segment: EM Blended Cap. Both ETFs have the same top 3 sector exposures: Technology, Finance and Non-Energy Materials. VWO is less expensive with a Total Expense Ratio (TER) of 0.06%, versus 0.39% for DFEM. VWO is up 6.16% year-to-date (YTD) with +$8.69B in YTD flows. DFEM performs better with 14.17% YTD performance, and +$1.12B in YTD flows. Run a side-by-side ETF comparison of VWO and DFEM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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VWO vs DFEM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VWO DFEM | -6.01%-8.06% | -2.24%-2.49% | +6.16%+14.17% | +6.06%+16.48% | +62.92%+77.81% | +26.98%n/a |
| Flows | VWO DFEM | +$167M+$68M | +$2.45B+$357M | +$8.69B+$1.12B | +$12.00B+$1.56B | +$17.73B+$4.11B | +$27.00B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VWO DFEM | +13.78%+20.16% | +16.12%+21.03% | +14.53%+16.51% | +15.27%n/a |
| Max drawdown | VWO DFEM | -7.17%-8.74% | -11.04%-12.93% | -15.75%-16.42% | -29.62%n/a |
| Max drawdown duration | VWO DFEM | 31d43d | 50d122d | 240d244d | 1044dn/a |
Trading data
VWO | DFEM | |
Last sale 10/23/2026 at 1:30 PM | $56.84 | $37.22 |
| Previous close 10/22/2026 | $56.85 | $37.13 |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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DFEM
is actively managed and doesn’t replicate an indexVWO | DFEM | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
VWO | DFEM | |
|---|---|---|
| Last price | $56.84 | $37.22 |
| 1D performance | -0.02% | +0.24% |
| AuM | $119.96 B | $9.03 B |
| E/R | 0.06% | 0.39% |
Characteristics
VWO | DFEM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Vanguard | Dimensional |
| Benchmark | FTSE Emerging Markets All Cap China A Inclusion Index | - |
| N° of holdings | 4589 | 6507 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 4, 2005 | April 26, 2022 |
| ESG | No | No |
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Exposure
Countries
VWO
Taiwan
31.08%
China
22.97%
India
15.69%
Other
30.25%
DFEM
Taiwan
28.02%
Republic of Korea
18.22%
China
17.71%
India
12.83%
Other
23.21%
Sectors
VWO
Technology
33.04%
Finance
21.34%
Non-Energy Materi.
9.05%
Other
36.57%
DFEM
Technology
37.51%
Finance
17.97%
Non-Energy Materi.
10.67%
Industrials
9.38%
Other
24.47%
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Diversification
VWO
Total weight of top 15 holdings out of 15
28.36%
DFEM
Total weight of top 15 holdings out of 15
25.44%
Top 15 holdings
Data as of August 31, 2026
VWO
Taiwan Semiconductor Manufacturing Co., Ltd.
14.67%
Tencent Holdings Ltd.
2.89%
Alibaba Group Holding Ltd.
2.18%
MediaTek, Inc.
1.46%
Delta Electronics, Inc.
0.90%
China Construction Bank Corp.
0.86%
Hon Hai Precision Industry Co., Ltd.
0.77%
Reliance Industries Ltd.
0.72%
HDFC Bank Ltd.
0.68%
ICICI Bank Ltd.
0.65%
Industrial & Commercial Bank of China Ltd.
0.62%
PDD Holdings, Inc.
0.52%
ASE Technology Holding Co., Ltd.
0.49%
Xiaomi Corp.
0.49%
Bharti Airtel Ltd.
0.46%
DFEM
Taiwan Semiconductor Manufacturing Co., Ltd.
9.92%
Samsung Electronics Co., Ltd.
4.22%
SK hynix, Inc.
4.05%
Tencent Holdings Ltd.
1.78%
Alibaba Group Holding Ltd.
0.75%
China Construction Bank Corp.
0.73%
Samsung Electronics Co., Ltd.
0.50%
Unimicron Technology Corp.
0.47%
Samsung Electro-Mechanics Co., Ltd.
0.45%
Hon Hai Precision Industry Co., Ltd.
0.45%
Ping An Insurance (Group) Co. of China Ltd.
0.44%
MediaTek, Inc.
0.43%
ICICI Bank Ltd.
0.42%
MPI Corp.
0.41%
Lenovo Group Ltd.
0.41%
Frequently asked questions about VWO and DFEM
How have the VWO and DFEM ETFs performed in 2026?
As of October 23, 2026, VWO is up 6.16% year-to-date (YTD), while DFEM has returned 14.17%. That puts DFEM better performer ahead so far this year.
Which ETF is attracting more investor money: VWO or DFEM?
Year-to-date, the VWO ETF saw +$8.69B in flows, compared to +$1.12B for DFEM.
Which ETF is more volatile: VWO or DFEM?
Over the past year, VWO had a volatility of 16.12%, while DFEM experienced 21.03%.
Which ETF is bigger: VWO or DFEM?
As of October 23, 2026, VWO holds $119.96 B in assets under management (AUM), while DFEM manages $9.03 B.
What sectors do the VWO and DFEM ETFs invest in?
VWO leans toward sectors like Technology, Finance and Non-Energy Materials. Meanwhile, DFEM focuses on Technology, Finance and Non-Energy Materials.
What are the top holdings of the VWO ETF and DFEM ETF?
VWO top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Ltd. and Alibaba Group Holding Ltd.. DFEM holds in its top three: Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd. and SK hynix, Inc..
Which ETF is more diversified: VWO or DFEM?
VWO holds 4953 securities with 28.36% of its assets in the top 15. DFEM has 6761 securities and a top 15 weight of 25.44%.
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Latest news about VWO & DFEM
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