EMHY vs. VWOB
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both Emerging Markets Bonds funds - EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index while VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 10 years, EMHY returned 4.67%/yr vs 3.50%/yr for VWOB. Their correlation of 0.81 suggests significant overlap in exposure. EMHY charges 0.50%/yr vs 0.15%/yr for VWOB.
Performance
EMHY vs. VWOB - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.26% return, which is significantly higher than VWOB's 1.92% return. Over the past 10 years, EMHY has outperformed VWOB with an annualized return of 4.67%, while VWOB has yielded a comparatively lower 3.50% annualized return.
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
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%
EMHY vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
VWOB Vanguard Emerging Markets Government Bond ETF | 1.92% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
Correlation
The correlation between EMHY and VWOB is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.81 |
The correlation between EMHY and VWOB shifts across timeframes, from 0.81 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMHY vs. VWOB — Risk / Return Rank
EMHY
VWOB
EMHY vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) 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.
| EMHY | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.37 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.26 | +0.64 |
| Martin ratioReturn relative to average drawdown | 13.15 | 9.52 | +3.64 |
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Drawdowns
EMHY vs. VWOB - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for EMHY and VWOB.
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Drawdown Indicators
| EMHY | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -26.98% | -3.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -4.48% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -7.71% | +1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -26.98% | +1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -26.98% | -3.13% |
Current DrawdownCurrent decline from peak | -0.47% | -0.53% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -4.79% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.06% | -0.10% |
Volatility
EMHY vs. VWOB - Volatility Comparison
The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 1.58%, while Vanguard Emerging Markets Government Bond ETF (VWOB) has a volatility of 1.74%. This indicates that EMHY 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
| EMHY | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.74% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 4.34% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.74% | 5.29% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.11% | 9.19% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 9.35% | +1.31% |
EMHY vs. VWOB - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than VWOB's 0.15% expense ratio.
Dividends
EMHY vs. VWOB - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.38%, more than VWOB's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
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 0.91, EMHY 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 EMHY (1.58%). In terms of maximum drawdown, EMHY dropped -30.11% vs VWOB's -26.98%.
On 10-year performance, EMHY leads with 4.67% vs 3.50% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, EMHY has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.67% return vs 3.50%. 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 0.50% for EMHY.
EMHY has the higher dividend yield at 6.38%, compared with 5.82% for VWOB.
EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond 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: 0.50% for EMHY and 0.15% for VWOB.
EMHY currently has the higher Sharpe Ratio (2.20 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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