EMHY vs. VWOB

Last updated Jun 3, 2026

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 Barclays USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 10 years, EMHY returned 4.76%/yr vs 3.57%/yr for VWOB. Their correlation of 0.81 suggests significant overlap in exposure. EMHY charges 0.50%/yr vs 0.20%/yr for VWOB.

Performance

EMHY vs. VWOB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM High Yield Bond ETF (EMHY) 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, EMHY achieves a 3.18% return, which is significantly higher than VWOB's 1.86% return. Over the past 10 years, EMHY has outperformed VWOB with an annualized return of 4.76%, while VWOB has yielded a comparatively lower 3.57% annualized return.

EMHY

• 1D: 0.22%
• 1M: 1.20%
• YTD: 3.18%
• 6M: 4.08%
• 1Y: 13.76%
• 3Y*: 13.29%
• 5Y*: 4.43%
• 10Y*: 4.76%

VWOB

• 1D: 0.25%
• 1M: 0.97%
• YTD: 1.86%
• 6M: 2.07%
• 1Y: 11.50%
• 3Y*: 9.51%
• 5Y*: 2.27%
• 10Y*: 3.57%

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

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	3.18%	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	1.86%	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 0.90, 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	0.90
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 5, 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.

Return for Risk

EMHY vs. VWOB — Risk / Return Rank

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

EMHY

EMHY Risk / Return Rank: 75
EMHY Sharpe Ratio Rank: 74
EMHY Sortino Ratio Rank: 81
EMHY Omega Ratio Rank: 82
EMHY Calmar Ratio Rank: 64
EMHY Martin Ratio Rank: 75

VWOB

VWOB Risk / Return Rank: 64
VWOB Sharpe Ratio Rank: 67
VWOB Sortino Ratio Rank: 71
VWOB Omega Ratio Rank: 72
VWOB Calmar Ratio Rank: 51
VWOB Martin Ratio Rank: 60

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.

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.

	EMHY	VWOB	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.25	+0.20
Sortino ratio Return per unit of downside risk	3.66	3.27	+0.39
Omega ratio Gain probability vs. loss probability	1.50	1.44	+0.06
Calmar ratio Return relative to maximum drawdown	3.18	2.56	+0.62
Martin ratio Return relative to average drawdown	14.47	10.85	+3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMHY vs. VWOB - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 2.45, which is comparable to the VWOB Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of EMHY 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.

Sharpe Ratios by Period

	EMHY	VWOB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.25	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.25	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.38	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.42	+0.08

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.

Drawdown Indicators

	EMHY	VWOB	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.90%	-4.79%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.06%	-0.11%

Volatility

EMHY vs. VWOB - Volatility Comparison

iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and Vanguard Emerging Markets Government Bond ETF (VWOB) have volatilities of 1.72% and 1.76%, 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.

Volatility by Period

	EMHY	VWOB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	1.76%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.30%	4.17%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	5.14%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.10%	9.18%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	9.34%	+1.32%

EMHY vs. VWOB - Expense Ratio Comparison

EMHY has a 0.50% expense ratio, which is higher than VWOB's 0.20% 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 5.83% 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	5.83%	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 EMHY and VWOB in my portfolio?

EMHY and VWOB have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMHY or VWOB?

VWOB has higher volatility (1.76%) compared to EMHY (1.72%). In terms of maximum drawdown, EMHY dropped -30.11% vs VWOB's -26.98%.

Which ETF is better, EMHY or VWOB?

On 10-year performance, EMHY leads with 4.76% vs 3.57% for VWOB. On fees, VWOB is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMHY or VWOB?

Over the 10-year period, EMHY has performed better with a 4.76% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMHY or VWOB?

VWOB is cheaper with a 0.20% expense ratio, compared with 0.50% for EMHY.

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

EMHY has the higher dividend yield at 6.38%, compared with 5.83% for VWOB.

What is the main difference between EMHY and VWOB?

EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while VWOB tracks Barclays 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 0.20% for VWOB.

Which has better risk-adjusted returns?

EMHY currently has the higher Sharpe Ratio (2.45 vs 2.25), 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.