VN30 vs VN Diamond ETFs: A Deep Dive into Performance, Fund Flows, and Tracking Error (August 2026)
The Vietnamese ETF market in August 2026 shows a striking short-term divergence: the DCVFMVN Diamond ETF (FUEVFVND) gained +1.13% on 17/08/2026, while the VFMVN30 ETF (E1VFVN30) slipped -0.29% on the same day. Yet over the year-to-date period, the picture flips — E1VFVN30 is down -6.35%, significantly outperforming FUEVFVND at -11.54%.
This analysis compares the two most-watched index ETF families in Vietnam — VN30 and VN Diamond — using trading data as of 17/08/2026. We explore performance, trading activity, and the often-misunderstood difference between trading volume and true fund flows, while highlighting tracking error considerations for investors.
Performance Snapshot: VN30 vs VN Diamond (August 2026)
Based on Yahoo Finance data for 17/08/2026, the key ETFs in this comparison show clearly divergent momentum across different time frames. FUEVFVND (DCVFMVN Diamond ETF) closed at 33,880 VND, up +1.13% on the day and +1.62% over the past week. Meanwhile, E1VFVN30 (VFMVN30 ETF) traded at 33,800 VND, down -0.29% daily and -2.00% weekly.
A third VN30-tracking product, SSIAM VN30 ETF (FUESSV30), demonstrated the strongest short-term bounce, rising +1.20% on 17/08 and nearly flat at -0.04% over the week. Its most recent price stood at 24,380 VND.
Short-term divergence: Diamond leads, VN30 lags
Over one month, FUEVFVND at -1.71% still outperformed E1VFVN30 at -2.51% and FUESSV30 at -0.37%. The daily and weekly numbers for FUEVFVND suggest a recent rotation into large-cap non-VN30 names that dominate the VN Diamond index, such as private banking and consumer stocks — although we do not have the index constituent weight data in this dataset to confirm the cause.
Year-to-date: VN30 clearly outperforms Diamond
The most notable number in the year-to-date column is the gap: FUEVFVND at -11.54% versus E1VFVN30 at -6.35%. Even FUESSV30, the third VN30 ETF, limited its YTD loss to -3.64%. This means that over the first eight months of 2026, holding a VN30-tracking ETF would have delivered a substantially better relative return than a VN Diamond ETF — a crucial data point for investors benchmarking their portfolios.
For broader context, the VanEck Vietnam ETF (VNM) showed -10.23% YTD, while the SSIAM VN FINLEAD ETF (FUESSVFL) dipped -6.62% and the KIM Growth VN30 ETF (FUEKIVFS) stayed positive at +2.93% YTD.
Trading Volume: What the 17/08 Numbers Tell Us
Before discussing liquidity, it is important to clarify a common misconception: exchange-traded volume is not the same as fund flow. True fund flows measure creation and redemption activity — changes in shares outstanding multiplied by NAV. The table provided for this article shows trading volume only, so we describe it as exactly that: exchange trading volume.
On 17/08/2026, E1VFVN30 recorded the highest volume at 276,000 units, followed by FUESSVFL at 170,000 units, FUEVFVND at 112,000 units, and FUESSV30 at 109,000 units. This means that in secondary-market activity, the VN30 flagship E1VFVN30 saw roughly 2.5 times the traded units of the VN Diamond leader FUEVFVND.
Liquidity hierarchy within VN30 ETFs
Among VN30 products, E1VFVN30 remains the most actively traded on the exchange. FUESSV30, despite its slightly better YTD return, has lower daily turnover — 109,000 units — which may affect execution costs for larger institutional trades. Investors who prioritize secondary-market liquidity often look first at E1VFVN30, although this is not a recommendation.
Low-liquidity segments
At the other end, SSIAM VNX50 ETF (FUESSV50) traded only 3,000 units on 17/08 and dropped -5.56% on the day, while KIM Growth VN30 ETF (FUEKIVFS) saw essentially zero trades (0K units shown). These figures highlight why traders should differentiate between an ETF's net asset performance and its tradability; a positive YTD return (FUEKIVFS at +2.93%) does not guarantee liquid secondary-market turnover.
Tracking Error and Index Design — VN30 vs VN Diamond
Tracking error — the deviation between an ETF's return and its underlying index — is a central metric for selecting between VN30 and VN Diamond products. Although the current data block does not include NAV or index values, the return gaps among ETFs in the same index family (E1VFVN30 at -6.35% YTD vs FUESSV30 at -3.64% YTD) already suggest that product-level factors such as fees, replication methodology, and cash drag can materially affect investor outcomes.
Dividend treatment and cash holdings
ETFs often hold dividend distributions as cash, which historically creates a temporary drag. VN30 and VN Diamond ETFs in Vietnam may use different distribution policies and cash buffers, leading to small but observable deviations from their stated benchmarks. While this dataset does not include exact tracking-error values, comparing E1VFVN30 and FUESSV30's YTD returns is a practical reminder that two ETFs tracking the same VN30 index are not identical in performance.
Index concentration: VN30 vs VN Diamond
The VN30 index selects the top 30 large-cap and most-liquid stocks, while the VN Diamond index targets large caps that are not already in the VN30 — effectively capturing stocks like VPB, HDB, and others that face higher foreign-ownership limits. This structural difference explains why FUEVFVND can rally on one day (+1.13%) while E1VFVN30 falls; the underlying pools of securities are distinct. Investors should view 'VN30 vs VN Diamond' as a sector and style choice, not just a ticker comparison.
What to Watch in H2 2026
As of mid-August 2026, the key divergence is clear: short-term momentum favors FUEVFVND, but YTD results favor VN30 ETFs. Between the two VN30 leaders, FUEKIVFS (KIM Growth VN30) is the only ETF in the entire table in positive YTD territory at +2.93%, although its near-zero trading volume on 17/08 raises questions about accessible liquidity.
In the coming months, investors should monitor whether FUEVFVND's one-week gain (+1.62%) can translate into a sustained YTD recovery, or whether the -11.54% YTD gap versus VN30 signals a continued structural underperformance.
For a deeper look at product specifics, explore our dedicated ETF pages:
Or browse all ETF product pages and the latest market updates on etf.com.vn.
Frequently Asked Questions
What is the difference between trading volume and fund flow?
Trading volume is the total number of ETF units exchanged on the secondary market on a given day. Fund flow refers to creations and redemptions — new units issued or existing units cancelled, which changes the ETF's total assets under management. In this article, the 17/08/2026 figures are exchange trading volume only; they do not measure capital inflow or outflow into the funds.
Which ETF had better YTD performance as of 17/08/2026: VN30 or VN Diamond?
Among the largest products, VN30 ETFs outperformed VN Diamond on a year-to-date basis. E1VFVN30 lost -6.35% YTD, FUESSV30 lost -3.64%, while FUEVFVND (VN Diamond) lost -11.54%.
Why does tracking error matter when choosing between E1VFVN30 and FUEVFVND?
Tracking error measures how consistently an ETF mirrors its index. Even within the same index family, different ETFs can diverge due to fees, cash drag, and replication methods. A higher tracking error means your actual returns may deviate more from the index, which is especially important for long-term investors expecting precise index exposure.
This content is for informational purposes only and does not constitute personal investment advice.