LEMB vs. VMNVX

Last updated Jun 4, 2026

LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and VMNVX (Vanguard Global Minimum Volatility Fund Admiral Shares) are both funds - LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while VMNVX is a Global Equities fund managed by Vanguard. Over the past 10 years, LEMB returned 1.37%/yr vs 8.74%/yr for VMNVX. At a 0.39 correlation, their price movements are largely independent. LEMB charges 0.30%/yr vs 0.14%/yr for VMNVX.

Performance

LEMB vs. VMNVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LEMB achieves a 1.19% return, which is significantly lower than VMNVX's 8.44% return. Over the past 10 years, LEMB has underperformed VMNVX with an annualized return of 1.37%, while VMNVX has yielded a comparatively higher 8.74% annualized return.

LEMB

• 1D: -0.57%
• 1M: 1.13%
• YTD: 1.19%
• 6M: 2.18%
• 1Y: 9.81%
• 3Y*: 6.09%
• 5Y*: 0.59%
• 10Y*: 1.37%

VMNVX

• 1D: 0.00%
• 1M: 2.49%
• YTD: 8.44%
• 6M: 8.97%
• 1Y: 13.19%
• 3Y*: 13.68%
• 5Y*: 9.29%
• 10Y*: 8.74%

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

LEMB vs. VMNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEMB iShares J.P. Morgan EM Local Currency Bond ETF	1.19%	18.02%	-1.72%	7.23%	-10.74%	-9.92%	3.10%	6.40%	-7.49%	12.49%
VMNVX Vanguard Global Minimum Volatility Fund Admiral Shares	8.44%	12.83%	13.42%	7.94%	-4.46%	15.40%	-3.94%	22.66%	-1.70%	16.03%

Correlation

The correlation between LEMB and VMNVX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 18, 2013	0.39

Return for Risk

LEMB vs. VMNVX — Risk / Return Rank

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

LEMB

LEMB Risk / Return Rank: 39
LEMB Sharpe Ratio Rank: 42
LEMB Sortino Ratio Rank: 41
LEMB Omega Ratio Rank: 44
LEMB Calmar Ratio Rank: 33
LEMB Martin Ratio Rank: 36

VMNVX

VMNVX Risk / Return Rank: 39
VMNVX Sharpe Ratio Rank: 43
VMNVX Sortino Ratio Rank: 44
VMNVX Omega Ratio Rank: 42
VMNVX Calmar Ratio Rank: 31
VMNVX Martin Ratio Rank: 37

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.

LEMB vs. VMNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX). 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.

	LEMB	VMNVX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.92	-0.41
Sortino ratio: Return per unit of downside risk	2.10	2.76	-0.65
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	1.64	2.10	-0.46
Martin ratio: Return relative to average drawdown	5.58	8.20	-2.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEMB vs. VMNVX - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.51, which is comparable to the VMNVX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of LEMB and VMNVX, 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

	LEMB	VMNVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.92	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.98	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.73	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.80	-0.75

Drawdowns

LEMB vs. VMNVX - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum VMNVX drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for LEMB and VMNVX.

Drawdown Indicators

	LEMB	VMNVX	Difference
Max Drawdown Largest peak-to-trough decline	-30.82%	-33.11%	+2.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.00%	-6.24%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	-7.93%	-2.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-12.93%	-12.36%
Max Drawdown (10Y) Largest decline over 10 years	-29.09%	-33.11%	+4.02%
Current Drawdown Current decline from peak	-4.87%	-0.18%	-4.69%
Average Drawdown Average peak-to-trough decline	-12.74%	-2.81%	-9.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.60%	+0.16%

Volatility

LEMB vs. VMNVX - Volatility Comparison

iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a higher volatility of 2.09% compared to Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) at 1.95%. This indicates that LEMB's price experiences larger fluctuations and is considered to be riskier than VMNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LEMB	VMNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	1.95%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.34%	5.17%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	6.83%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.24%	9.53%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.29%	11.96%	-2.67%

LEMB vs. VMNVX - Expense Ratio Comparison

LEMB has a 0.30% expense ratio, which is higher than VMNVX's 0.14% expense ratio.

Dividends

LEMB vs. VMNVX - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.41%, less than VMNVX's 9.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEMB iShares J.P. Morgan EM Local Currency Bond ETF	2.41%	2.44%	0.00%	1.34%	0.86%	3.89%	0.00%	4.39%	3.46%	0.00%	0.00%	0.64%
VMNVX Vanguard Global Minimum Volatility Fund Admiral Shares	9.28%	10.07%	3.84%	3.13%	5.03%	6.33%	2.15%	4.62%	7.37%	2.31%	2.82%	3.30%

Frequently Asked Questions

Can I hold both LEMB and VMNVX in my portfolio?

LEMB and VMNVX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LEMB or VMNVX?

LEMB has higher volatility (2.09%) compared to VMNVX (1.95%). In terms of maximum drawdown, LEMB dropped -30.82% vs VMNVX's -33.11%.

Which has better risk-adjusted returns?

VMNVX currently has the higher Sharpe Ratio (1.92 vs 1.51), 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.