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EEM vs. BNDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. BNDX

Last updated Jun 12, 2026

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

Performance

EEM vs. BNDX - Performance Comparison

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

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Returns By Period

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

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%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEM vs. BNDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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%

Correlation

The correlation between EEM and BNDX 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, EEM and BNDX have become more correlated (0.37) than their long-term average of 0.03, meaning their price movements have been converging.

EEM vs. BNDX - Sectors Allocation Comparison

Sectors
EEM
BNDX

Technology

43.6%

-

Financial Services

17.5%
0.0%

Consumer Cyclical

8.1%

-

Industrials

6.2%
0.0%

Basic Materials

6.1%

-

Communication Services

5.7%
0.0%

Energy

3.3%
0.0%

Consumer Defensive

2.7%

-

Healthcare

2.5%
0.0%

Utilities

2.0%
0.0%

Real Estate

0.9%
0.0%

Technology

EEM
43.6%
BNDX

-

Financial Services

EEM
17.5%
BNDX
0.0%

Consumer Cyclical

EEM
8.1%
BNDX

-

Industrials

EEM
6.2%
BNDX
0.0%

Basic Materials

EEM
6.1%
BNDX

-

Communication Services

EEM
5.7%
BNDX
0.0%

Energy

EEM
3.3%
BNDX
0.0%

Consumer Defensive

EEM
2.7%
BNDX

-

Healthcare

EEM
2.5%
BNDX
0.0%

Utilities

EEM
2.0%
BNDX
0.0%

Real Estate

EEM
0.9%
BNDX
0.0%

Compare stocks, funds, or ETFs

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

iShares MSCI Emerging Markets ETF

Vanguard Total International Bond ETF

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Often compared with BNDX:
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Return for Risk

EEM vs. BNDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
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
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.

EEM vs. BNDX - Risk-Adjusted Trends Comparison

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

EEMBNDXDifference
Sharpe ratioReturn per unit of total volatility
2.07
0.58

+1.50

Sortino ratioReturn per unit of downside risk
2.70
0.84

+1.86

Omega ratioGain probability vs. loss probability

1.39

1.10

+0.29

Calmar ratioReturn relative to maximum drawdown

3.32

0.68

+2.64

Martin ratioReturn relative to average drawdown

12.25

1.90

+10.34

EEM vs. BNDX - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.07, which is higher than the BNDX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of EEM and BNDX, 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

EEM vs. BNDX - Drawdown Comparison

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

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Drawdown Indicators

EEMBNDXDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-16.23%

-50.20%

Max Drawdown (1Y)

Largest decline over 1 year

-13.52%

-2.93%

-10.59%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-2.93%

-14.36%

Max Drawdown (5Y)

Largest decline over 5 years

-37.49%

-15.86%

-21.63%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

-16.23%

-23.59%

Current Drawdown

Current decline from peak

-4.66%

-1.18%

-3.48%

Average Drawdown

Average peak-to-trough decline

-16.01%

-3.10%

-12.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

1.05%

+2.61%

Volatility

EEM vs. BNDX - Volatility Comparison

iShares MSCI Emerging Markets ETF (EEM) has a higher volatility of 10.98% compared to Vanguard Total International Bond ETF (BNDX) at 1.50%. This indicates that EEM's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMBNDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.98%

1.50%

+9.48%

Volatility (6M)

Calculated over the trailing 6-month period

19.41%

2.96%

+16.45%

Volatility (1Y)

Calculated over the trailing 1-year period

21.64%

3.47%

+18.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.27%

4.89%

+14.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.65%

4.10%

+16.55%

EEM vs. BNDX - Expense Ratio Comparison

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

Dividends

EEM vs. BNDX - Dividend Comparison

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

EEM and BNDX 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, EEM dropped -66.43% vs BNDX's -16.23%.

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.

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

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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