EMBD vs. VWOB

Last updated Jun 23, 2026

EMBD (Global X Emerging Markets Bond ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both Emerging Markets Bonds funds. EMBD is actively managed, while VWOB is passively managed. Over the past 5 years, EMBD returned 3.00%/yr vs 2.13%/yr for VWOB. Their correlation of 0.81 suggests significant overlap in exposure. EMBD charges 0.39%/yr vs 0.15%/yr for VWOB.

Performance

EMBD vs. VWOB - Performance Comparison

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

Returns By Period

In the year-to-date period, EMBD achieves a 1.83% return, which is significantly lower than VWOB's 2.09% return.

EMBD

• 1D: -0.50%
• 1M: 1.02%
• YTD: 1.83%
• 6M: 2.18%
• 1Y: 9.66%
• 3Y*: 9.20%
• 5Y*: 3.00%
• 10Y*: —

VWOB

• 1D: -0.37%
• 1M: 1.81%
• YTD: 2.09%
• 6M: 2.11%
• 1Y: 10.57%
• 3Y*: 9.07%
• 5Y*: 2.13%
• 10Y*: 3.52%

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

EMBD vs. VWOB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMBD Global X Emerging Markets Bond ETF	1.83%	12.55%	6.76%	10.60%	-13.84%	-1.84%	11.42%
VWOB Vanguard Emerging Markets Government Bond ETF	2.09%	13.49%	5.20%	10.68%	-17.39%	-1.80%	9.67%

Correlation

The correlation between EMBD and VWOB is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020	0.81

The correlation between EMBD and VWOB has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

EMBD vs. VWOB — Risk / Return Rank

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

EMBD

EMBD Risk / Return Rank: 49
EMBD Sharpe Ratio Rank: 47
EMBD Sortino Ratio Rank: 51
EMBD Omega Ratio Rank: 46
EMBD Calmar Ratio Rank: 48
EMBD Martin Ratio Rank: 53

VWOB

VWOB Risk / Return Rank: 61
VWOB Sharpe Ratio Rank: 63
VWOB Sortino Ratio Rank: 67
VWOB Omega Ratio Rank: 67
VWOB Calmar Ratio Rank: 49
VWOB Martin Ratio Rank: 58

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.

EMBD vs. VWOB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Bond ETF (EMBD) 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.

	EMBD	VWOB	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.01	-0.40
Sortino ratio: Return per unit of downside risk	2.40	2.94	-0.54
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	2.29	2.37	-0.08
Martin ratio: Return relative to average drawdown	8.88	9.98	-1.10

EMBD vs. VWOB - Sharpe Ratio Comparison

The current EMBD Sharpe Ratio is 1.60, which is comparable to the VWOB Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of EMBD and VWOB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMBD vs. VWOB - Drawdown Comparison

The maximum EMBD drawdown since its inception was -24.27%, smaller than the maximum VWOB drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for EMBD and VWOB.

Drawdown Indicators

	EMBD	VWOB	Difference
Max Drawdown Largest peak-to-trough decline	-24.27%	-26.98%	+2.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.23%	-4.48%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.03%	-7.71%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-26.98%	+2.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.98%	—
Current Drawdown Current decline from peak	-0.56%	-0.37%	-0.19%
Average Drawdown Average peak-to-trough decline	-5.83%	-4.79%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.06%	+0.03%

Volatility

EMBD vs. VWOB - Volatility Comparison

The current volatility for Global X Emerging Markets Bond ETF (EMBD) is 1.57%, while Vanguard Emerging Markets Government Bond ETF (VWOB) has a volatility of 1.72%. This indicates that EMBD experiences smaller price fluctuations and is considered to be less risky than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMBD	VWOB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	1.72%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	4.19%	4.36%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.06%	5.29%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.18%	9.19%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.87%	9.35%	-0.48%

EMBD vs. VWOB - Expense Ratio Comparison

EMBD has a 0.39% expense ratio, which is higher than VWOB's 0.15% expense ratio.

Dividends

EMBD vs. VWOB - Dividend Comparison

EMBD's dividend yield for the trailing twelve months is around 5.66%, less than VWOB's 5.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMBD Global X Emerging Markets Bond ETF	5.66%	5.48%	5.83%	5.29%	4.53%	4.99%	3.34%	0.00%	0.00%	0.00%	0.00%	0.00%
VWOB Vanguard Emerging Markets Government Bond ETF	5.81%	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

Can I hold both EMBD and VWOB in my portfolio?

EMBD and VWOB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMBD or VWOB?

VWOB has higher volatility (1.72%) compared to EMBD (1.57%). In terms of maximum drawdown, EMBD dropped -24.27% vs VWOB's -26.98%.

Which ETF is better, EMBD or VWOB?

On 5-year performance, EMBD leads with 3.00% vs 2.13% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, EMBD has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMBD or VWOB?

Over the 5-year period, EMBD has performed better with a 3.00% return vs 2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMBD or VWOB?

VWOB is cheaper with a 0.15% expense ratio, compared with 0.39% for EMBD.

Which ETF pays a higher dividend yield, EMBD or VWOB?

VWOB has the higher dividend yield at 5.81%, compared with 5.66% for EMBD.

What is the main difference between EMBD and VWOB?

They also come from different issuers: Global X and Vanguard. Their fees differ too: 0.39% for EMBD and 0.15% for VWOB.

Which has better risk-adjusted returns?

VWOB currently has the higher Sharpe Ratio (2.01 vs 1.60), 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.