EMA5.DE vs. VGEM.DE
EMA5.DE (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - EMA5.DE tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, EMA5.DE returned 3.38%/yr vs 2.73%/yr for VGEM.DE. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.
Performance
EMA5.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EMA5.DE having a 2.33% return and VGEM.DE slightly higher at 2.34%.
EMA5.DE
- 1D
- -0.04%
- 1M
- 1.09%
- YTD
- 2.33%
- 6M
- 2.03%
- 1Y
- 4.26%
- 3Y*
- 5.12%
- 5Y*
- 3.38%
- 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*
- —
EMA5.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMA5.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF | 2.33% | -2.57% | 14.01% | 3.79% | -5.07% | 7.86% | -1.26% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 5.82% | -0.22% |
Correlation
The correlation between EMA5.DE and VGEM.DE is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.77 |
The correlation between EMA5.DE and VGEM.DE has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
EMA5.DE vs. VGEM.DE — Risk / Return Rank
EMA5.DE
VGEM.DE
EMA5.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.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.
| EMA5.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.21 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 2.16 | -0.78 |
| Martin ratioReturn relative to average drawdown | 3.47 | 5.71 | -2.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMA5.DE | VGEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 1.13 | -0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.34 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.29 | +0.18 |
Drawdowns
EMA5.DE vs. VGEM.DE - Drawdown Comparison
The maximum EMA5.DE drawdown since its inception was -10.01%, smaller than the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for EMA5.DE and VGEM.DE.
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Drawdown Indicators
| EMA5.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.01% | -19.64% | +9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -3.10% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -10.01% | -11.98% | +1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -10.01% | -12.46% | +2.45% |
Current DrawdownCurrent decline from peak | -3.17% | -2.18% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -6.63% | +3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.17% | +0.05% |
Volatility
EMA5.DE vs. VGEM.DE - Volatility Comparison
L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.DE) has a higher volatility of 2.25% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.18%. This indicates that EMA5.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.
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Volatility by Period
| EMA5.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.18% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 3.96% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.86% | 5.93% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 7.89% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 8.77% | -1.83% |
EMA5.DE vs. VGEM.DE - Expense Ratio Comparison
Both EMA5.DE and VGEM.DE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
EMA5.DE vs. VGEM.DE - Dividend Comparison
EMA5.DE's dividend yield for the trailing twelve months is around 4.59%, less than VGEM.DE's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMA5.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF | 4.59% | 5.61% | 5.39% | 4.22% | 2.89% | 1.01% | 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
EMA5.DE and VGEM.DE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMA5.DE and VGEM.DE have the same expense ratio: 0.25% per year.
EMA5.DE tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: Legal & General and Vanguard.
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