EMHC vs. VWOB
EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both Emerging Markets Bonds funds - EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net while VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 5 years, EMHC returned 1.55%/yr vs 2.07%/yr for VWOB. With a 0.95 correlation, they move nearly in lockstep. EMHC charges 0.23%/yr vs 0.15%/yr for VWOB.
Performance
EMHC vs. VWOB - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EMHC having a 1.93% return and VWOB slightly lower at 1.92%.
EMHC
- 1D
- -0.18%
- 1M
- 1.60%
- YTD
- 1.93%
- 6M
- 2.03%
- 1Y
- 10.91%
- 3Y*
- 8.46%
- 5Y*
- 1.55%
- 10Y*
- —
VWOB
- 1D
- -0.16%
- 1M
- 1.64%
- YTD
- 1.92%
- 6M
- 1.94%
- 1Y
- 10.08%
- 3Y*
- 9.01%
- 5Y*
- 2.07%
- 10Y*
- 3.50%
EMHC vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.93% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
VWOB Vanguard Emerging Markets Government Bond ETF | 1.92% | 13.49% | 5.20% | 10.68% | -17.39% | 2.73% |
Correlation
The correlation between EMHC and VWOB is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.95 |
The correlation between EMHC and VWOB has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
EMHC vs. VWOB — Risk / Return Rank
EMHC
VWOB
EMHC vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) 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.
| EMHC | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.26 | +0.25 |
| Martin ratioReturn relative to average drawdown | 10.44 | 9.52 | +0.93 |
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Drawdowns
EMHC vs. VWOB - Drawdown Comparison
The maximum EMHC drawdown since its inception was -28.03%, roughly equal to the maximum VWOB drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for EMHC and VWOB.
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Drawdown Indicators
| EMHC | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.03% | -26.98% | -1.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -4.48% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -7.67% | -7.71% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -28.03% | -26.98% | -1.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.98% | — |
Current DrawdownCurrent decline from peak | -0.55% | -0.53% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -4.79% | -5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.06% | -0.01% |
Volatility
EMHC vs. VWOB - Volatility Comparison
The current volatility for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) is 1.65%, while Vanguard Emerging Markets Government Bond ETF (VWOB) has a volatility of 1.74%. This indicates that EMHC 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.
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Volatility by Period
| EMHC | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.74% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 4.34% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.52% | 5.29% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.06% | 9.19% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.94% | 9.35% | -0.41% |
EMHC vs. VWOB - Expense Ratio Comparison
EMHC has a 0.23% expense ratio, which is higher than VWOB's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EMHC vs. VWOB - Dividend Comparison
EMHC's dividend yield for the trailing twelve months is around 6.09%, more than VWOB's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.09% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.82% | 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 0.95, EMHC 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.
VWOB has higher volatility (1.74%) compared to EMHC (1.65%). In terms of maximum drawdown, EMHC dropped -28.03% vs VWOB's -26.98%.
On 5-year performance, VWOB leads with 2.07% vs 1.55% for EMHC. 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 5-year period, VWOB has performed better with a 2.07% return vs 1.55%. 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 0.23% for EMHC.
EMHC has the higher dividend yield at 6.09%, compared with 5.82% for VWOB.
EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.23% for EMHC and 0.15% for VWOB.
EMHC currently has the higher Sharpe Ratio (1.99 vs 1.92), 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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