GMF vs VEXC: Grades, Fees and Holdings Compared

State Street SPDR S&P Emerging Asia Pacific ETF

GMFBNYSE Arca

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

Overlap

28.4%by weight

Expense ratio

VEXC −0.42pt a year

GMF0.49%VEXC0.07%

Avg volume · 30D

VEXC 2.6×the volume

GMF8.19KVEXC21.2K

GMF vs VEXC Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%GMF+15.9%VEXC

Expense ratio: GMF 0.49%; VEXC 0.07%, better
Fund size: GMF $387M; VEXC $276M
1Y total return: GMF +4.8%; VEXC +15.9%, better
Yield (12M): GMF 1.27%; VEXC No data
Holdings: GMF 1312; VEXC 1008
Avg volume (30D): GMF 8.19K sh; VEXC 21.2K sh, better
NAV per share: GMF $148.88; VEXC $89.18
52W range

ETF.net Grade

Pillar letters and Scores for GMF, VEXC, with each pillar’s weight
Pillar	GMF	VEXC
Cost30% weight	C45	A100Higher
Mission25% weight	A89	A93Higher
Risk15% weight	B57	A85Higher
Tradability15% weight	B56	B65Higher
Holdings10% weight	A78Higher	D38
Durability5% weight	A80Higher	B57

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. GMF and VEXC are both graded against the same 20 Emerging Markets Stocks funds, so their Grades compare head to head.

Emerging Markets Stocks⁠

Category · 20 funds

See all 20 ›

VEXC ranks 1st and GMF 8th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 78
Rank 7BDEXCDimensional Emerging Markets ex China Core Equity ETFScore 65
Rank 8BGMFState Street SPDR S&P Emerging Asia Pacific ETFScore 64
Rank 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63

Our read on each fund

ETF.net Research

GMFBState Street SPDR S&P Emerging Asia Pacific ETF

VEXCAVanguard Emerging Markets Ex-China ETF

In short

GMF The emerging-markets fund that leaves out Brazil and South Africa on purpose. GMF holds emerging Asia only, roughly 1,300 stocks deep, and has been running since 2007.

VEXC Vanguard's emerging markets, China removed. Same index-tracking discipline, 0.07% a year, a fraction of what the typical EM fund charges. Ex-China is no longer a niche idea; this is the cheap way to own it.

Stated mandate

GMF The fund seeks to track, before fees and expenses, the total return performance of the S&P Emerging Asia Pacific BMI Index.

VEXC The fund invests in emerging-market stocks while excluding China and seeks to closely track the FTSE Emerging ex China Index.

Why people hold it

GMF Pure emerging Asia by design. The index is Asia Pacific only, so no Latin America or EMEA names dilute the regional call.ssga.com
Roughly 1,300 holdings reaches well past the megacaps most emerging-markets funds stop at, giving broader coverage of the region's listed market.
It has hugged its S&P index closely, one of the tighter implementations in its emerging-markets peer group.
Trading since 2007, a long live record for a single-region emerging-markets fund, backed by a State Street SPDR lineup.

VEXC Charges 0.07% a year against a 0.49% median for emerging-markets funds, and undercuts the other top-graded names in the group, including XCEM at 0.16% and BKEM at 0.11%.
Rules-based, not opinion-based: it tracks the FTSE Emerging ex China Index, so the China carve-out is written into the mandate rather than left to a manager's discretion.vanguard.com
Splitting China out of emerging markets puts the sizing decision in your hands instead of accepting whatever weight a broad EM index assigns. Pays quarterly.vanguard.com
Ranks among the strongest implementations in its emerging-markets peer group on the things we measure: cost, mandate clarity, index discipline.

Worth knowing

GMF The regional focus costs 0.49% a year. Broad emerging-markets index funds like VEXC (0.07%) and BKEM (0.11%) charge a fraction of that.
It is thinly traded, so bid-ask spreads can widen, especially on larger orders or outside Asian market hours.
Distributions land annually or semiannually rather than quarterly, so cash flow arrives in lumps.

VEXC Launched in 2025 and still thinly traded, so it lacks the trading heft of the giant EM funds. Spreads can be wider than the Vanguard name suggests.
Excluding an entire country by rule means results will drift away from broad EM funds, in both directions, depending on how China does.
The remaining basket screens more concentrated than most funds in the category, so a handful of countries and sectors drive much of the outcome.

Full GMF profile⁠

Full VEXC profile⁠

GMF vs VEXC Holdings

How GMF and VEXC differ

Overlap by weight

28.4%

Shared holdings make up 46.9% of VEXC and 32.4% of GMF.

Level by level

Holdings120 in both28.4%
Countryby domicile66.9%
Asset classEquity100%

Sector

No Sector split for VEXC.

Country, concentration and asset class

Country by domicile

Country weights in GMF and VEXC, widest gap first
Country	More in GMFMore in VEXC	GMF	VEXC
China	GMF +30.6 points	30.6%	0.0%
South Africa	VEXC +15.5 points	0.0%	15.5%
Taiwan	VEXC +6.5 points	41.9%	48.4%
Brazil	VEXC +6.1 points	0.0%	6.1%
Mexico	VEXC +2.8 points	0.0%	2.8%
Hong Kong	GMF +0.9 points	0.9%	0.0%
Chile	VEXC +0.9 points	0.0%	0.9%
India	VEXC +0.8 points	19.7%	20.5%
Other countries (10)	GMF +0.9 points	6.8%	5.9%

Outside the US: GMF 1% developed, 99% emerging. VEXC 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

GMF30.8%
VEXC35.5%

Securities held

GMF1,299
VEXC987

Asset class

GMF: Equity
VEXC: Equity

Holdings

Only in GMF1,179
In both120
Only in VEXC867

Only in GMF

1,179 securities, 67.4% of GMF by weight

Taiwan Semiconductor Sp Adr8.22%
Tencent Holdings Ltd3.02%
Alibaba Group Holding Ltd2.39%
China Construction Bank H1.36%
Icici Bank Ltd Spon Adr0.92%
Ind & Comm Bk of China H0.88%
Hdfc Bank Limited0.87%
Reliance Inds Spons Gdr 144A0.87%
Bharti Airtel Ltd0.68%
Bank of China Ltd H0.64%
Pdd Holdings Inc0.59%
Xiaomi Corp Class B0.55%
United Microelectron Sp Adr0.52%
Infosys Ltd Sp Adr0.48%
Meituan Class B0.48%
Netease Inc0.46%
Ping An Insurance Group Co H0.44%
Zijin Mining Group Co Ltd H0.41%
Tata Consultancy Svcs Ltd0.37%
Axis Bank Ltd0.36%
Byd Co Ltd H0.35%
China Life Insurance Co H0.35%
Jd.com Inc Class A0.34%
Kotak Mahindra Bank Ltd0.34%
Mahindra & Mahindra Ltd0.33%
Agricultural Bank of China H0.32%
Larsen & Toubro Gdr Reg’s0.32%
Delta Electronics Thai Forgn0.32%
Aspeed Technology Inc0.29%
Bajaj Finance Ltd0.29%
State Bank of India0.29%
Laurus Labs Ltd0.28%
Lenovo Group Ltd0.28%
Adani Ports and Special Econ0.27%
China Shenhua Energy Co H0.25%
Baidu Inc Class A Hkd0.25%
Beone Medicines Ltd0.25%
Tvs Motor Co Ltd0.25%
Eternal Ltd0.24%
China Merchants Bank H0.24%
Sun Pharmaceutical Indus0.24%
Hcl Technologies Ltd0.24%
Hindustan Unilever Ltd0.24%
Yum China Holdings Inc0.23%
Wuxi Biologics Cayman Inc0.23%
Public Bank Berhad0.23%
Bank of Communications Co H0.22%
Trip.com Group Ltd0.21%
Kweichow Moutai Co Ltd A0.21%
Bharat Electronics Ltd0.21%

Only in VEXC

867 securities, 53.7% of VEXC by weight

HDFC Bank Ltd1.08%
Reliance Industries Ltd1.07%
ICICI Bank Ltd0.94%
Bharti Airtel Ltd0.73%
United Microelectronics Corp0.73%
Al Rajhi Bank0.64%
Vale SA0.62%
Anglogold Ashanti Plc0.60%
Itau Unibanco Holding S-Pref0.59%
Petrobras - Petroleo Bras-Pr0.55%
Saudi Arabian Oil Co0.51%
Petroleo Brasileiro SA - Petrobras0.50%
Infosys Ltd0.48%
Grupo Mexico SAB de CV0.46%
Gold Fields Ltd0.42%
Naspers Ltd0.41%
Saudi National Bank/The0.40%
Kuwait Finance House KSCP0.39%
OTP Bank Nyrt0.38%
FirstRand Ltd0.38%
Axis Bank Ltd0.38%
Mahindra & Mahindra Ltd0.37%
Emaar Properties PJSC0.36%
Bajaj Finance Ltd0.35%
Larsen & Toubro Ltd0.34%
Grupo Financiero Banorte SAB de CV0.33%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.31%
National Bank of Kuwait SAKP0.30%
Standard Bank Group Ltd0.30%
Capitec Limited0.30%
Saudi Arabian Mining Co0.29%
Tata Consultancy Services Ltd0.28%
Saudi Telecom Co0.28%
Valterra Platinum Ltd0.27%
Emirates Telecommunications Group Co PJSC0.26%
Fomento Economico Mexicano SAB de CV0.26%
Sun Pharmaceutical Industries Ltd0.26%
ASPEED Technology Inc0.25%
MTN Group Ltd0.24%
Malayan Banking Bhd0.24%
Qatar National Bank QPSC0.24%
Banco Bradesco Sa-Pref0.24%
State Bank of India0.24%
B3 SA - Brasil Bolsa Balcao0.23%
Titan Co Ltd0.23%
Hindustan Unilever Ltd0.23%
Public Bank Bhd0.22%
Itausa SA - Preferred Shares0.21%
America Movil SAB de CV0.21%

Weight gaps

The 100 widest of 120 Holdings in both funds.

Holding weights in GMF and VEXC, widest gap first
Holding	More in GMFMore in VEXC	GMF	VEXC
Taiwan Semiconductor Manufac	VEXC +14.69 points	9.72%	24.41%
Delta Electronics Inc	VEXC +0.80 points	0.95%	1.75%
Mediatek Inc	VEXC +0.79 points	2.12%	2.91%
Yuanta Financial Holding Co	GMF +0.28 points	0.60%	0.32%
Sinopac Financial Holdings	GMF +0.20 points	0.43%	0.23%
Tripod Technology Corp	GMF +0.19 points	0.28%	0.09%
Nan Ya Plastics Corp	GMF +0.18 points	0.69%	0.51%
Bizlink Holding Inc	VEXC +0.18 points	0.01%	0.19%
Powertech Technology Inc	GMF +0.17 points	0.25%	0.08%
King Yuan Electronics Co Ltd	GMF +0.17 points	0.30%	0.13%
Ctbc Financial Holding Co Lt	GMF +0.15 points	0.64%	0.49%
Global Unichip Corp	VEXC +0.14 points	0.12%	0.26%
Fubon Financial Holding Co	GMF +0.12 points	0.63%	0.51%
Winbond Electronics Corp	VEXC +0.12 points	0.10%	0.22%
King Slide Works Co Ltd	VEXC +0.11 points	0.16%	0.27%
Kgi Financial Holding Co Ltd	GMF +0.11 points	0.36%	0.25%
United Integrated Services	GMF +0.11 points	0.19%	0.08%
Nanya Technology Corp	VEXC +0.10 points	0.17%	0.27%
Formosa Chemicals & Fibre	GMF +0.11 points	0.20%	0.09%
Compal Electronics	GMF +0.10 points	0.16%	0.06%
Realtek Semiconductor Corp	GMF +0.09 points	0.24%	0.15%
Asustek Computer Inc	GMF +0.09 points	0.35%	0.26%
Jentech Precision Industrial	VEXC +0.09 points	0.15%	0.24%
Cathay Financial Holding Co	GMF +0.08 points	0.51%	0.43%
Pegatron Corp	GMF +0.09 points	0.16%	0.07%
Formosa Plastics Corp	GMF +0.08 points	0.19%	0.11%
Unimicron Technology Corp	VEXC +0.08 points	0.54%	0.62%
Ts Financial Holding Co Ltd	GMF +0.07 points	0.47%	0.40%
Far Eastern New Century Corp	GMF +0.07 points	0.11%	0.04%
Taiwan Cooperative Financial	VEXC +0.06 points	0.05%	0.11%
Novatek Microelectronics Cor	GMF +0.06 points	0.19%	0.13%
Walsin Lihwa Corp	GMF +0.07 points	0.11%	0.04%
Hua Nan Financial Holdings C	GMF +0.06 points	0.23%	0.17%
Synnex Technology Intl Corp	GMF +0.06 points	0.11%	0.05%
Asia Cement Corp	GMF +0.05 points	0.09%	0.04%
Catcher Technology Co Ltd	GMF +0.06 points	0.10%	0.04%
Tcc Group Holdings Co Ltd	GMF +0.06 points	0.13%	0.07%
Largan Precision Co Ltd	GMF +0.06 points	0.28%	0.22%
Acer Inc	GMF +0.05 points	0.09%	0.04%
Chroma Ate Inc	VEXC +0.06 points	0.26%	0.32%
Eclat Textile Company Ltd	GMF +0.05 points	0.07%	0.02%
Hotai Motor Company Ltd	GMF +0.05 points	0.11%	0.06%
Compeq Manufacturing Co Ltd	VEXC +0.06 points	0.04%	0.10%
China Steel Corp	GMF +0.06 points	0.14%	0.08%
Walsin Technology Corp	GMF +0.04 points	0.08%	0.04%
Inventec Corp	GMF +0.04 points	0.10%	0.06%
Bank Central Asia Tbk Pt	VEXC +0.04 points	0.17%	0.21%
Wiwynn Corp	GMF +0.05 points	0.31%	0.26%
Hon Precision Inc	VEXC +0.05 points	0.08%	0.13%
Airtac International Group	GMF +0.04 points	0.11%	0.07%
Foxconn Technology Co Ltd	GMF +0.04 points	0.07%	0.03%
Astra International Tbk Pt	GMF +0.04 points	0.10%	0.06%
Zhen Ding Technology Holding	VEXC +0.04 points	0.12%	0.16%
Yageo Corporation	GMF +0.03 points	0.38%	0.35%
Wpg Holdings Ltd	VEXC +0.04 points	0.03%	0.07%
Genius Electronic Optical Co	GMF +0.03 points	0.06%	0.03%
Pldt IncTEL	GMF +0.03 points	0.05%	0.02%
Uni President Enterprises Co	VEXC +0.03 points	0.12%	0.15%
Quanta Computer Inc	VEXC +0.03 points	0.32%	0.35%
Bank Mandiri Persero Tbk Pt	GMF +0.03 points	0.15%	0.12%
The Shanghai Commercial & SA	GMF +0.02 points	0.10%	0.08%
Mega Financial Holding Co Lt	GMF +0.03 points	0.26%	0.23%
Hiwin Technologies Corp	GMF +0.03 points	0.07%	0.04%
Alamtri Resources Indonesia	GMF +0.03 points	0.04%	0.01%
Macronix International Co	GMF +0.03 points	0.12%	0.09%
Asia Vital Components	VEXC +0.03 points	0.41%	0.44%
Voltronic Power Technology	GMF +0.03 points	0.05%	0.02%
Lite On Technology Corp	VEXC +0.03 points	0.19%	0.22%
Misc Bhd	VEXC +0.02 points	0.03%	0.05%
Bank Rakyat Indonesia Perser	GMF +0.02 points	0.17%	0.15%
Wistron Corp	VEXC +0.02 points	0.20%	0.22%
Silergy Corp	VEXC +0.02 points	0.03%	0.05%
E.sun Financial Holding Co	VEXC +0.02 points	0.27%	0.29%
Ptt Global Chemical Pcl Nvdr	VEXC +0.02 points	0.02%	0.04%
Alchip Technologies Ltd	GMF +0.01 points	0.14%	0.13%
Chang Hwa Commercial Bank	GMF +0.01 points	0.10%	0.09%
Formosa Petrochemical Corp	GMF +0.01 points	0.06%	0.05%
Ase Technology Holding Co Lt	VEXC +0.02 points	0.92%	0.94%
Teco Electric & Machinery	GMF +0.02 points	0.05%	0.03%
Pharmaessentia Corp	VEXC +0.01 points	0.14%	0.15%
Chunghwa Telecom Co Ltd	VEXC +0.01 points	0.20%	0.22%
Elite Material Co Ltd	GMF +0.01 points	0.59%	0.58%
Chailease Holding Co Ltd	GMF +0.01 points	0.07%	0.06%
Ltm Ltd	GMF +0.01 points	0.06%	0.05%
Amman Mineral Internasional	GMF +0.02 points	0.04%	0.02%
Hon Hai Precision Industry	VEXC +0.01 points	1.22%	1.23%
United Tractors Tbk Pt	GMF +0.01 points	0.04%	0.03%
Bank of The Philippine IslanBPI	VEXC +0.02 points	0.02%	0.04%
Caliway Biopharmaceuticals C	VEXC +0.01 points	0.02%	0.03%
Telkom Indonesia Persero Tbk	GMF +0.01 points	0.08%	0.07%
Indocement Tunggal Prakarsa	GMF +0.01 points	0.01%	<0.01%
Advantech Co Ltd	GMF +0.01 points	0.14%	0.13%
Far Eastone Telecomm Co Ltd	VEXC +0.01 points	0.06%	0.07%
Nien Made Enterprise Co Ltd	GMF +0.01 points	0.03%	0.02%
Accton Technology Corp	VEXC +0.01 points	0.34%	0.35%
Perusahaan Gas Negara Perser	GMF +0.01 points	0.02%	<0.01%
Feng Tay Enterprise Co Ltd	GMF +0.01 points	0.02%	0.01%
Metropolitan Bank & TrustMBT	VEXC +0.01 points	0.01%	0.02%
Siemens Energy India Ltd	VEXC +0.01 points	0.03%	0.04%
Evergreen Marine Corp Ltd	Same weight	0.10%	0.10%

All 1,306 GMF holdings⁠All VEXC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GMF vs VEXC Cost

Overpaying GMF vs VEXC

$8,312

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GMF 0.49%
$9,792
VEXC 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

GMF 0.49%
VEXC 0.07%
Overpaying

Year by year

Year	GMF	VEXC	Overpaying
10	$883	$128	$755
20	$3,394	$503	$2,891
30	$9,792	$1,480	$8,312

Expense ratio

0.49%GMF
0.07%VEXC, cheaper

VEXC0.07%GMF0.49%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

GMF 12th cheapest of 20 funds

GMF vs VEXC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GMF 1.27%; VEXC No data
Payout (12M): GMF $1.86; VEXC No data
Last payment: GMF $0.66; VEXC $0.54
Ex-dividend: GMF Jun 22, 2026; VEXC Sep 18, 2026
Paid on: GMF Jun 26, 2026; VEXC Sep 22, 2026
Frequency: GMF Twice a year; VEXC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GMFTwice a year · 19 paymentsAll GMF payments⁠

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

GMF vs VEXC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GMF 13.3%VEXC 19.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: GMF 0.98VEXC 0.65since Nov 2025
Worst fallMax drawdown, 5 years: GMF −33.2%VEXC −12.4%since Oct 2025
Market sensitivityBeta, 5 years: GMF 0.85VEXC 1.14; Market = 1

GMF and VEXC in the news

All news⁠

First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026VEXC
Deep Dive
Korea's 3.9% drop split two kinds of emerging-markets fund
Sep 20, 2026VEXC
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026VEXC
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026VEXC

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GMF vs VEXC

In short

Stated mandate

Why people hold it