EMB vs. VWOB

Last updated Apr 2, 2026

Compare and contrast key facts about iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and Vanguard Emerging Markets Government Bond ETF (VWOB).

EMB and VWOB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMB is a passively managed fund by iShares that tracks the performance of the JPMorgan EMBI Global Core Index. It was launched on Dec 17, 2007. VWOB is a passively managed fund by Vanguard that tracks the performance of the Barclays USD Emerging Markets Government RIC Capped Index. It was launched on May 31, 2013. Both EMB and VWOB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMB vs. VWOB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and Vanguard Emerging Markets Government Bond ETF (VWOB). The values are adjusted to include any dividend payments, if applicable.

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	-1.21%	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	-1.27%	13.49%	5.20%	10.68%	-17.39%	-1.80%	5.65%	14.46%	-2.92%	8.41%

Returns By Period

The year-to-date returns for both stocks are quite close, with EMB having a -1.21% return and VWOB slightly lower at -1.27%. Over the past 10 years, EMB has underperformed VWOB with an annualized return of 3.23%, while VWOB has yielded a comparatively higher 3.49% annualized return.

EMB

• 1D: 0.41%
• 1M: -2.76%
• YTD: -1.21%
• 6M: 1.22%
• 1Y: 9.20%
• 3Y*: 8.49%
• 5Y*: 1.86%
• 10Y*: 3.23%

VWOB

• 1D: 0.37%
• 1M: -2.64%
• YTD: -1.27%
• 6M: 1.07%
• 1Y: 8.63%
• 3Y*: 8.17%
• 5Y*: 2.10%
• 10Y*: 3.49%

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

EMB vs. VWOB - Expense Ratio Comparison

EMB has a 0.39% expense ratio, which is higher than VWOB's 0.20% expense ratio.

EMB

iShares J.P. Morgan USD Emerging Markets Bond ETF

VWOB

Vanguard Emerging Markets Government Bond ETF

Return for Risk

EMB vs. VWOB — Risk / Return Rank

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

EMB

EMB Risk / Return Rank: 74
EMB Sharpe Ratio Rank: 72
EMB Sortino Ratio Rank: 72
EMB Omega Ratio Rank: 72
EMB Calmar Ratio Rank: 77
EMB Martin Ratio Rank: 77

VWOB

VWOB Risk / Return Rank: 73
VWOB Sharpe Ratio Rank: 72
VWOB Sortino Ratio Rank: 71
VWOB Omega Ratio Rank: 73
VWOB Calmar Ratio Rank: 74
VWOB Martin Ratio Rank: 75

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.

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.

	EMB	VWOB	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.33	0.00
Sortino ratio Return per unit of downside risk	1.88	1.84	+0.04
Omega ratio Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio Return relative to maximum drawdown	2.12	2.00	+0.12
Martin ratio Return relative to average drawdown	8.52	8.18	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMB vs. VWOB - Sharpe Ratio Comparison

The current EMB Sharpe Ratio is 1.33, which is comparable to the VWOB Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of EMB and VWOB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMB	VWOB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.33	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.23	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.37	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.39	+0.03

Correlation

The correlation between EMB and VWOB is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EMB vs. VWOB - Dividend Comparison

EMB's dividend yield for the trailing twelve months is around 5.16%, less than VWOB's 5.96% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	5.16%	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	5.96%	5.92%	6.08%	5.50%	5.30%	4.04%	4.18%	4.58%	4.52%	4.61%	4.71%	4.93%

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.

Drawdown Indicators

	EMB	VWOB	Difference
Max Drawdown Largest 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 (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 Drawdown Current decline from peak	-3.10%	-3.12%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.10%	-4.83%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.10%	+0.02%

Volatility

EMB vs. VWOB - Volatility Comparison

iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a higher volatility of 3.15% compared to Vanguard Emerging Markets Government Bond ETF (VWOB) at 2.95%. This indicates that EMB's price experiences larger fluctuations and is considered to be riskier than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMB	VWOB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	2.95%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	4.02%	3.75%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.96%	6.52%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.74%	9.17%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.94%	9.32%	+0.62%