EM1C.DE vs. VGEM.DE

Last updated Jun 5, 2026

EM1C.DE (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - EM1C.DE tracks the JP Morgan GBI-Emerging Markets Global Core while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, EM1C.DE returned 2.23%/yr vs 2.73%/yr for VGEM.DE. A 0.55 correlation means they provide meaningful diversification when combined. EM1C.DE charges 0.30%/yr vs 0.25%/yr for VGEM.DE.

Performance

EM1C.DE vs. VGEM.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EM1C.DE having a 2.30% return and VGEM.DE slightly higher at 2.34%.

EM1C.DE

• 1D: -0.08%
• 1M: 1.38%
• YTD: 2.30%
• 6M: 2.32%
• 1Y: 7.02%
• 3Y*: 4.00%
• 5Y*: 2.23%
• 10Y*: —

VGEM.DE

• 1D: 0.20%
• 1M: 1.24%
• YTD: 2.34%
• 6M: 1.63%
• 1Y: 6.72%
• 3Y*: 5.24%
• 5Y*: 2.73%
• 10Y*: —

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

EM1C.DE vs. VGEM.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EM1C.DE VanEck J.P. Morgan EM Local Currency Bond UCITS ETF	2.30%	4.53%	3.69%	6.44%	-4.38%	-2.30%	-6.16%	12.05%	-4.25%	0.17%
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing	2.34%	-1.55%	12.06%	5.25%	-10.22%	5.82%	-3.91%	15.57%	0.84%	-1.87%

Correlation

The correlation between EM1C.DE and VGEM.DE is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.55

The correlation between EM1C.DE and VGEM.DE has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

EM1C.DE vs. VGEM.DE — Risk / Return Rank

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

EM1C.DE

EM1C.DE Risk / Return Rank: 41
EM1C.DE Sharpe Ratio Rank: 40
EM1C.DE Sortino Ratio Rank: 43
EM1C.DE Omega Ratio Rank: 40
EM1C.DE Calmar Ratio Rank: 42
EM1C.DE Martin Ratio Rank: 43

VGEM.DE

VGEM.DE Risk / Return Rank: 35
VGEM.DE Sharpe Ratio Rank: 32
VGEM.DE Sortino Ratio Rank: 31
VGEM.DE Omega Ratio Rank: 31
VGEM.DE Calmar Ratio Rank: 44
VGEM.DE Martin Ratio Rank: 38

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.

EM1C.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE). 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.

	EM1C.DE	VGEM.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.13	+0.26
Sortino ratio: Return per unit of downside risk	2.12	1.65	+0.47
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	2.04	2.16	-0.12
Martin ratio: Return relative to average drawdown	6.75	5.71	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EM1C.DE vs. VGEM.DE - Sharpe Ratio Comparison

The current EM1C.DE Sharpe Ratio is 1.39, which is comparable to the VGEM.DE Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of EM1C.DE and VGEM.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EM1C.DE	VGEM.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.13	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.34	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.29	-0.20

Drawdowns

EM1C.DE vs. VGEM.DE - Drawdown Comparison

The maximum EM1C.DE drawdown since its inception was -18.83%, roughly equal to the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for EM1C.DE and VGEM.DE.

Drawdown Indicators

	EM1C.DE	VGEM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-19.64%	+0.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-3.10%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	-11.98%	+4.78%
Max Drawdown (5Y) Largest decline over 5 years	-8.53%	-12.46%	+3.93%
Current Drawdown Current decline from peak	-0.85%	-2.18%	+1.33%
Average Drawdown Average peak-to-trough decline	-8.00%	-6.63%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.17%	-0.13%

Volatility

EM1C.DE vs. VGEM.DE - Volatility Comparison

VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) has a higher volatility of 1.55% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.18%. This indicates that EM1C.DE's price experiences larger fluctuations and is considered to be riskier than VGEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EM1C.DE	VGEM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.18%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	4.15%	3.96%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.03%	5.93%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.03%	7.89%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	8.77%	-0.71%

EM1C.DE vs. VGEM.DE - Expense Ratio Comparison

EM1C.DE has a 0.30% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.

Dividends

EM1C.DE vs. VGEM.DE - Dividend Comparison

EM1C.DE has not paid dividends to shareholders, while VGEM.DE's dividend yield for the trailing twelve months is around 5.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EM1C.DE VanEck J.P. Morgan EM Local Currency Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing	5.06%	5.60%	5.23%	5.14%	4.84%	3.16%	3.99%	3.87%	3.84%	0.68%

Frequently Asked Questions

Can I hold both EM1C.DE and VGEM.DE in my portfolio?

EM1C.DE and VGEM.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EM1C.DE or VGEM.DE?

On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EM1C.DE or VGEM.DE?

VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.30% for EM1C.DE.

What is the main difference between EM1C.DE and VGEM.DE?

EM1C.DE tracks JP Morgan GBI-Emerging Markets Global Core, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.30% for EM1C.DE and 0.25% for VGEM.DE.