EMCR.L vs. VAGU.L
EMCR.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist)) and VAGU.L (Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating) are both exchange-traded funds - EMCR.L is a Emerging Markets Bonds fund tracking the J.P. Morgan CEMBI Broad Diversified Core Index, while VAGU.L is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted and Scaled Index in USD. Both are passively managed. Over the past 5 years, EMCR.L returned 1.97%/yr vs 0.04%/yr for VAGU.L. At a 0.43 correlation, their price movements are largely independent. EMCR.L charges 0.50%/yr vs 0.10%/yr for VAGU.L.
Performance
EMCR.L vs. VAGU.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMCR.L achieves a 1.77% return, which is significantly higher than VAGU.L's 0.37% return.
EMCR.L
- 1D
- 0.26%
- 1M
- 0.19%
- 6M
- 1.48%
- YTD
- 1.77%
- 1Y
- 6.02%
- 3Y*
- 6.91%
- 5Y*
- 1.97%
- 10Y*
- 3.51%
VAGU.L
- 1D
- 0.19%
- 1M
- -0.52%
- 6M
- 0.30%
- YTD
- 0.37%
- 1Y
- 3.17%
- 3Y*
- 3.94%
- 5Y*
- 0.04%
- 10Y*
- —
EMCR.L vs. VAGU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 1.77% | 8.43% | 6.66% | 7.85% | -12.39% | -0.65% | 7.22% | 5.66% |
VAGU.L Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating | 0.37% | 4.95% | 2.72% | 6.90% | -12.61% | -2.00% | 5.90% | 3.01% |
Correlation
The correlation between EMCR.L and VAGU.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.43 |
The correlation between EMCR.L and VAGU.L has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
EMCR.L vs. VAGU.L — Risk / Return Rank
EMCR.L
VAGU.L
EMCR.L vs. VAGU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCR.L) and Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L). 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.
| EMCR.L | VAGU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.16 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 1.17 | +1.03 |
| Martin ratioReturn relative to average drawdown | 9.44 | 2.98 | +6.46 |
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Drawdowns
EMCR.L vs. VAGU.L - Drawdown Comparison
The maximum EMCR.L drawdown since its inception was -22.67%, which is greater than VAGU.L's maximum drawdown of -17.42%. Use the drawdown chart below to compare losses from any high point for EMCR.L and VAGU.L.
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Drawdown Indicators
| EMCR.L | VAGU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -17.42% | -5.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.70% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -3.78% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -20.20% | -17.10% | -3.10% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -1.39% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -5.44% | +2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 1.06% | -0.42% |
Volatility
EMCR.L vs. VAGU.L - Volatility Comparison
iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCR.L) and Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L) have volatilities of 1.01% and 1.06%, 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
| EMCR.L | VAGU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.06% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 2.91% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 3.58% | +0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 5.19% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 4.77% | +2.73% |
EMCR.L vs. VAGU.L - Expense Ratio Comparison
EMCR.L has a 0.50% expense ratio, which is higher than VAGU.L's 0.10% expense ratio.
Dividends
EMCR.L vs. VAGU.L - Dividend Comparison
EMCR.L's dividend yield for the trailing twelve months is around 5.59%, while VAGU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 5.59% | 5.56% | 5.44% | 5.04% | 4.28% | 3.62% | 3.93% | 4.58% | 4.70% | 4.35% | 4.61% | 5.13% |
VAGU.L Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMCR.L and VAGU.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGU.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGU.L is cheaper with a 0.10% expense ratio, compared with 0.50% for EMCR.L.
EMCR.L is categorized as Emerging Markets Bonds, while VAGU.L is Global Bonds. EMCR.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, while VAGU.L tracks Bloomberg Global Aggregate Float Adjusted and Scaled Index in USD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EMCR.L and 0.10% for VAGU.L.
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