CEMB vs. VGIVX
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) are both funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while VGIVX is a Government Bonds fund managed by Vanguard. Over the past 10 years, CEMB returned 3.55%/yr vs 3.58%/yr for VGIVX. At a 0.48 correlation, their price movements are largely independent. CEMB charges 0.50%/yr vs 0.18%/yr for VGIVX.
Performance
CEMB vs. VGIVX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CEMB having a 1.54% return and VGIVX slightly lower at 1.51%. Both investments have delivered pretty close results over the past 10 years, with CEMB having a 3.55% annualized return and VGIVX not far ahead at 3.58%.
CEMB
- 1D
- 0.04%
- 1M
- 0.30%
- YTD
- 1.54%
- 6M
- 1.92%
- 1Y
- 6.95%
- 3Y*
- 7.15%
- 5Y*
- 1.92%
- 10Y*
- 3.55%
VGIVX
- 1D
- 0.45%
- 1M
- 0.71%
- YTD
- 1.51%
- 6M
- 2.06%
- 1Y
- 10.33%
- 3Y*
- 9.47%
- 5Y*
- 2.07%
- 10Y*
- 3.58%
CEMB vs. VGIVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.54% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 13.90% | -2.57% | 7.11% |
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares | 1.51% | 13.05% | 6.31% | 10.48% | -16.72% | -2.41% | 5.83% | 14.03% | -2.72% | 8.47% |
Correlation
The correlation between CEMB and VGIVX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.48 |
The correlation between CEMB and VGIVX shifts across timeframes, from 0.48 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CEMB vs. VGIVX — Risk / Return Rank
CEMB
VGIVX
CEMB vs. VGIVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) and Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX). 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.
| CEMB | VGIVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.49 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.59 | -0.28 |
| Martin ratioReturn relative to average drawdown | 9.95 | 10.36 | -0.41 |
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Drawdowns
CEMB vs. VGIVX - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum VGIVX drawdown of -26.79%. Use the drawdown chart below to compare losses from any high point for CEMB and VGIVX.
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Drawdown Indicators
| CEMB | VGIVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -26.79% | +5.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -3.93% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -7.14% | +3.29% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -26.79% | +6.31% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -26.79% | +5.95% |
Current DrawdownCurrent decline from peak | -0.20% | -0.25% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -4.69% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.98% | -0.31% |
Volatility
CEMB vs. VGIVX - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 1.20%, while Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) has a volatility of 1.51%. This indicates that CEMB experiences smaller price fluctuations and is considered to be less risky than VGIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMB | VGIVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.51% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 3.39% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 4.15% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.64% | 6.30% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.29% | 6.36% | -0.07% |
CEMB vs. VGIVX - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than VGIVX's 0.18% expense ratio.
Dividends
CEMB vs. VGIVX - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.13%, less than VGIVX's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.13% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares | 5.89% | 5.95% | 6.58% | 5.53% | 5.32% | 3.53% | 4.21% | 4.62% | 4.62% | 4.67% | 4.76% | 4.55% |
Frequently Asked Questions
CEMB and VGIVX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGIVX has higher volatility (1.51%) compared to CEMB (1.20%). In terms of maximum drawdown, CEMB dropped -20.84% vs VGIVX's -26.79%.
VGIVX currently has the higher Sharpe Ratio (2.47 vs 2.14), 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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