GRNB vs. VWOB
GRNB (VanEck Green Bond ETF) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both exchange-traded funds - GRNB is a Global Bonds fund tracking the S&P Green Bond U.S. Dollar Select Index, while VWOB is a Emerging Markets Bonds fund tracking the Barclays USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 5 years, GRNB returned 0.77%/yr vs 2.08%/yr for VWOB. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
GRNB vs. VWOB - Performance Comparison
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Returns By Period
In the year-to-date period, GRNB achieves a 0.43% return, which is significantly lower than VWOB's 1.54% return.
GRNB
- 1D
- -0.19%
- 1M
- 0.45%
- YTD
- 0.43%
- 6M
- 0.57%
- 1Y
- 4.99%
- 3Y*
- 5.07%
- 5Y*
- 0.77%
- 10Y*
- —
VWOB
- 1D
- -0.31%
- 1M
- 1.13%
- YTD
- 1.54%
- 6M
- 1.55%
- 1Y
- 10.87%
- 3Y*
- 9.39%
- 5Y*
- 2.08%
- 10Y*
- 3.53%
GRNB vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GRNB VanEck Green Bond ETF | 0.43% | 7.09% | 3.31% | 7.08% | -11.93% | -2.36% | 7.98% | 5.40% | -4.07% | 9.87% |
VWOB Vanguard Emerging Markets Government Bond ETF | 1.54% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 5.46% |
Correlation
The correlation between GRNB and VWOB is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2017 | 0.59 |
Over the past year, GRNB and VWOB have become more correlated (0.79) than their long-term average of 0.59, meaning their price movements have been converging.
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Return for Risk
GRNB vs. VWOB — Risk / Return Rank
GRNB
VWOB
GRNB vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Green Bond ETF (GRNB) 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.
| GRNB | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.41 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.44 | -0.44 |
| Martin ratioReturn relative to average drawdown | 7.82 | 10.30 | -2.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GRNB | VWOB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.12 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.23 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.42 | +0.04 |
Drawdowns
GRNB vs. VWOB - Drawdown Comparison
The maximum GRNB drawdown since its inception was -18.08%, smaller than the maximum VWOB drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for GRNB and VWOB.
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Drawdown Indicators
| GRNB | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.08% | -26.98% | +8.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -4.48% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -4.24% | -7.71% | +3.47% |
Max Drawdown (5Y)Largest decline over 5 years | -17.94% | -26.98% | +9.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.98% | — |
Current DrawdownCurrent decline from peak | -0.57% | -0.36% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -4.78% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 1.06% | -0.42% |
Volatility
GRNB vs. VWOB - Volatility Comparison
The current volatility for VanEck Green Bond ETF (GRNB) is 0.93%, while Vanguard Emerging Markets Government Bond ETF (VWOB) has a volatility of 1.72%. This indicates that GRNB 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
| GRNB | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 1.72% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 4.17% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 5.15% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 9.18% | -4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 9.34% | -4.46% |
GRNB vs. VWOB - Expense Ratio Comparison
Both GRNB and VWOB have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GRNB vs. VWOB - Dividend Comparison
GRNB's dividend yield for the trailing twelve months is around 4.24%, less than VWOB's 5.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GRNB VanEck Green Bond ETF | 4.24% | 4.18% | 3.83% | 3.17% | 2.60% | 1.97% | 2.24% | 1.79% | 1.21% | 1.09% | 0.00% | 0.00% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.85% | 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
GRNB and VWOB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWOB has higher volatility (1.72%) compared to GRNB (0.93%). In terms of maximum drawdown, GRNB dropped -18.08% vs VWOB's -26.98%.
On 5-year performance, VWOB leads with 2.08% vs 0.77% for GRNB. Both ETFs have the same 0.20% expense ratio. On volatility, GRNB has been the lower-risk option at 0.93%. 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 2.08% return vs 0.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRNB and VWOB have the same expense ratio: 0.20% per year.
VWOB has the higher dividend yield at 5.85%, compared with 4.24% for GRNB.
GRNB is categorized as Global Bonds, while VWOB is Emerging Markets Bonds. GRNB tracks S&P Green Bond U.S. Dollar Select Index, while VWOB tracks Barclays USD Emerging Markets Government RIC Capped Index. They also come from different issuers: VanEck and Vanguard.
VWOB currently has the higher Sharpe Ratio (2.12 vs 1.69), 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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