EMB vs. VWOB
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both Emerging Markets Bonds funds - EMB tracks the J.P. Morgan EMBI Global Core Index while VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 10 years, EMB returned 2.84%/yr vs 3.04%/yr for VWOB. Their correlation of 0.91 means they have usually moved in the same direction. EMB charges 0.39%/yr vs 0.15%/yr for VWOB.
Performance
EMB vs. VWOB - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 0.90% return, which is significantly higher than VWOB's 0.51% return. Over the past 10 years, EMB has underperformed VWOB with an annualized return of 2.84%, while VWOB has yielded a comparatively higher 3.04% annualized return.
EMB
- 1D
- -0.14%
- 1M
- -1.60%
- 6M
- 0.59%
- YTD
- 0.90%
- 1Y
- 6.95%
- 3Y*
- 8.45%
- 5Y*
- 1.48%
- 10Y*
- 2.84%
- ALL TIME*
- 4.60%
VWOB
- 1D
- -0.05%
- 1M
- -1.73%
- 6M
- 0.17%
- YTD
- 0.51%
- 1Y
- 6.22%
- 3Y*
- 8.10%
- 5Y*
- 1.67%
- 10Y*
- 3.04%
- ALL TIME*
- 3.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $536.38M | $549.68M | $593.36M | |
| $31.27M | $31.92M | $36.19M |
EMB vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.90% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
VWOB Vanguard Emerging Markets Government Bond ETF | 0.51% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
Correlation
The correlation between EMB and VWOB is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.91 |
The correlation between EMB and VWOB has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
EMB vs. VWOB — Risk / Return Rank
EMB
VWOB
EMB vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and Vanguard Emerging Markets Government Bond ETF (VWOB). 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.
| EMB | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.47 | +0.15 |
| Martin ratioReturn relative to average drawdown | 6.59 | 5.83 | +0.76 |
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Drawdowns
EMB vs. VWOB - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for EMB and VWOB.
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Drawdown Indicators
| EMB | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -26.98% | -7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -4.48% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -6.91% | -6.65% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -26.98% | -1.76% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | -26.98% | -1.76% |
Current DrawdownCurrent decline from peak | -1.82% | -1.97% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -4.75% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.12% | -0.02% |
Volatility
EMB vs. VWOB - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and Vanguard Emerging Markets Government Bond ETF (VWOB) have volatilities of 1.40% and 1.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 1.35% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.77% | 4.48% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 5.31% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.77% | 9.20% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.95% | 9.34% | +0.61% |
EMB vs. VWOB - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is higher than VWOB's 0.15% expense ratio.
Dividends
EMB vs. VWOB - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.14%, less than VWOB's 5.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.71% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.34% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
With a correlation of 0.98, EMB and VWOB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EMB has higher volatility (1.40%) compared to VWOB (1.35%). In terms of maximum drawdown, EMB dropped -34.70% vs VWOB's -26.98%.
On 10-year performance, VWOB leads with 3.04% vs 2.84% for EMB. On fees, VWOB is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VWOB has performed better with a 3.04% return vs 2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 0.39% for EMB.
VWOB has the higher dividend yield at 5.34%, compared with 4.71% for EMB.
EMB tracks J.P. Morgan EMBI Global Core Index, while VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.39% for EMB and 0.15% for VWOB.
EMB currently has the higher Sharpe Ratio (1.28 vs 1.24), 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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