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BNDX vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNDX vs. EEM

Last updated Jun 12, 2026

BNDX (Vanguard Total International Bond ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, BNDX returned 1.69%/yr vs 9.81%/yr for EEM. At a 0.03 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.72%/yr for EEM.

Performance

BNDX vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond ETF (BNDX) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BNDX achieves a 0.85% return, which is significantly lower than EEM's 23.38% return. Over the past 10 years, BNDX has underperformed EEM with an annualized return of 1.69%, while EEM has yielded a comparatively higher 9.81% annualized return.

BNDX

1D
0.58%
1M
1.01%
YTD
0.85%
6M
0.99%
1Y
1.99%
3Y*
4.13%
5Y*
0.29%
10Y*
1.69%

EEM

1D
4.39%
1M
2.55%
YTD
23.38%
6M
24.76%
1Y
44.65%
3Y*
21.77%
5Y*
6.44%
10Y*
9.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDX vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNDX
Vanguard Total International Bond ETF		0.85%2.86%3.57%8.77%-12.76%-2.29%4.65%7.87%2.81%2.40%
EEM
iShares MSCI Emerging Markets ETF		23.38%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%

Correlation

The correlation between BNDX and EEM is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2013

0.03

Over the past year, BNDX and EEM have become more correlated (0.37) than their long-term average of 0.03, meaning their price movements have been converging.

BNDX vs. EEM - Sectors Allocation Comparison

Sectors
BNDX
EEM

Real Estate

0.0%
0.9%

Financial Services

0.0%
17.5%

Industrials

0.0%
6.2%

Energy

0.0%
3.3%

Communication Services

0.0%
5.7%

Utilities

0.0%
2.0%

Healthcare

0.0%
2.5%

Basic Materials

-

6.1%

Consumer Cyclical

-

8.1%

Consumer Defensive

-

2.7%

Technology

-

43.6%

Real Estate

BNDX
0.0%
EEM
0.9%

Financial Services

BNDX
0.0%
EEM
17.5%

Industrials

BNDX
0.0%
EEM
6.2%

Energy

BNDX
0.0%
EEM
3.3%

Communication Services

BNDX
0.0%
EEM
5.7%

Utilities

BNDX
0.0%
EEM
2.0%

Healthcare

BNDX
0.0%
EEM
2.5%

Basic Materials

BNDX

-

EEM
6.1%

Consumer Cyclical

BNDX

-

EEM
8.1%

Consumer Defensive

BNDX

-

EEM
2.7%

Technology

BNDX

-

EEM
43.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Total International Bond ETF

iShares MSCI Emerging Markets ETF

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BNDX vs. BNDBNDX vs. BNDWBNDX vs. VTABXBNDX vs. IAGGBNDX vs. FBIIXBNDX vs. IGOVBNDX vs. VWOB
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

BNDX vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNDX
BNDX Risk / Return Rank: 2020
Overall Rank
BNDX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
BNDX Sortino Ratio Rank: 1919
Sortino Ratio Rank
BNDX Omega Ratio Rank: 1919
Omega Ratio Rank
BNDX Calmar Ratio Rank: 2020
Calmar Ratio Rank
BNDX Martin Ratio Rank: 2020
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 7777
Overall Rank
EEM Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7373
Sortino Ratio Rank
EEM Omega Ratio Rank: 8080
Omega Ratio Rank
EEM Calmar Ratio Rank: 7777
Calmar Ratio Rank
EEM Martin Ratio Rank: 7878
Martin Ratio Rank
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.

BNDX vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) and iShares MSCI Emerging Markets ETF (EEM). 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.

BNDXEEMDifference
Sharpe ratioReturn per unit of total volatility
0.58
2.07

-1.50

Sortino ratioReturn per unit of downside risk
0.84
2.70

-1.86

Omega ratioGain probability vs. loss probability

1.10

1.39

-0.29

Calmar ratioReturn relative to maximum drawdown

0.68

3.32

-2.64

Martin ratioReturn relative to average drawdown

1.90

12.25

-10.34

BNDX vs. EEM - Sharpe Ratio Comparison

The current BNDX Sharpe Ratio is 0.58, which is lower than the EEM Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of BNDX and EEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BNDX vs. EEM - Drawdown Comparison

The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for BNDX and EEM.

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Drawdown Indicators

BNDXEEMDifference

Max Drawdown

Largest peak-to-trough decline

-16.23%

-66.43%

+50.20%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

-13.52%

+10.59%

Max Drawdown (3Y)

Largest decline over 3 years

-2.93%

-17.29%

+14.36%

Max Drawdown (5Y)

Largest decline over 5 years

-15.86%

-37.49%

+21.63%

Max Drawdown (10Y)

Largest decline over 10 years

-16.23%

-39.82%

+23.59%

Current Drawdown

Current decline from peak

-1.18%

-4.66%

+3.48%

Average Drawdown

Average peak-to-trough decline

-3.10%

-16.01%

+12.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

3.66%

-2.61%

Volatility

BNDX vs. EEM - Volatility Comparison

The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.50%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 10.98%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDXEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.50%

10.98%

-9.48%

Volatility (6M)

Calculated over the trailing 6-month period

2.96%

19.41%

-16.45%

Volatility (1Y)

Calculated over the trailing 1-year period

3.47%

21.64%

-18.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.89%

19.27%

-14.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.10%

20.65%

-16.55%

BNDX vs. EEM - Expense Ratio Comparison

BNDX has a 0.07% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

BNDX vs. EEM - Dividend Comparison

BNDX's dividend yield for the trailing twelve months is around 4.48%, more than EEM's 1.80% yield.

PositionTTM20252024202320222021202020192018201720162015
BNDX
Vanguard Total International Bond ETF		4.48%4.39%4.18%4.42%1.51%3.74%1.11%3.40%3.01%2.23%1.89%1.63%
EEM
iShares MSCI Emerging Markets ETF		1.80%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%

Frequently Asked Questions

BNDX and EEM have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (10.98%) compared to BNDX (1.50%). In terms of maximum drawdown, BNDX dropped -16.23% vs EEM's -66.43%.

On 10-year performance, EEM leads with 9.81% vs 1.69% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EEM has performed better with a 9.81% return vs 1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNDX is cheaper with a 0.07% expense ratio, compared with 0.72% for EEM.

BNDX has the higher dividend yield at 4.48%, compared with 1.80% for EEM.

BNDX is categorized as Global Bonds, while EEM is Emerging Markets Diversified. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for BNDX and 0.72% for EEM.

EEM currently has the higher Sharpe Ratio (2.07 vs 0.58), 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.

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