LEMB vs. VWOB

Last updated Apr 1, 2026

Compare and contrast key facts about iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and Vanguard Emerging Markets Government Bond ETF (VWOB).

LEMB and VWOB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LEMB is a passively managed fund by iShares that tracks the performance of the J.P. Morgan GBI-EM Global 15 cap 4.5 floor. It was launched on Oct 18, 2011. VWOB is a passively managed fund by Vanguard that tracks the performance of the Barclays USD Emerging Markets Government RIC Capped Index. It was launched on May 31, 2013. Both LEMB and VWOB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LEMB vs. VWOB - 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 Emerging Markets Government Bond ETF (VWOB). The values are adjusted to include any dividend payments, if applicable.

LEMB vs. VWOB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEMB iShares J.P. Morgan EM Local Currency Bond ETF	-1.85%	18.02%	-1.72%	7.23%	-10.74%	-9.92%	3.10%	6.40%	-7.49%	12.49%
VWOB Vanguard Emerging Markets Government Bond ETF	-1.63%	13.49%	5.20%	10.68%	-17.39%	-1.80%	5.65%	14.46%	-2.92%	8.41%

Returns By Period

In the year-to-date period, LEMB achieves a -1.85% return, which is significantly lower than VWOB's -1.63% return. Over the past 10 years, LEMB has underperformed VWOB with an annualized return of 1.00%, while VWOB has yielded a comparatively higher 3.45% annualized return.

LEMB

• 1D: 0.94%
• 1M: -5.03%
• YTD: -1.85%
• 6M: 1.44%
• 1Y: 11.60%
• 3Y*: 5.53%
• 5Y*: 0.81%
• 10Y*: 1.00%

VWOB

• 1D: 0.86%
• 1M: -3.44%
• YTD: -1.63%
• 6M: 1.03%
• 1Y: 8.59%
• 3Y*: 8.03%
• 5Y*: 2.02%
• 10Y*: 3.45%

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

LEMB vs. VWOB - Expense Ratio Comparison

LEMB has a 0.30% expense ratio, which is higher than VWOB's 0.20% expense ratio.

LEMB

iShares J.P. Morgan EM Local Currency Bond ETF

VWOB

Vanguard Emerging Markets Government Bond ETF

Return for Risk

LEMB vs. VWOB — Risk / Return Rank

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

LEMB

LEMB Risk / Return Rank: 83
LEMB Sharpe Ratio Rank: 86
LEMB Sortino Ratio Rank: 86
LEMB Omega Ratio Rank: 84
LEMB Calmar Ratio Rank: 77
LEMB Martin Ratio Rank: 81

VWOB

VWOB Risk / Return Rank: 77
VWOB Sharpe Ratio Rank: 76
VWOB Sortino Ratio Rank: 75
VWOB Omega Ratio Rank: 77
VWOB Calmar Ratio Rank: 78
VWOB Martin Ratio Rank: 79

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. VWOB - 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 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.

	LEMB	VWOB	Difference
Sharpe ratio Return per unit of total volatility	1.70	1.32	+0.38
Sortino ratio Return per unit of downside risk	2.29	1.83	+0.46
Omega ratio Gain probability vs. loss probability	1.33	1.28	+0.04
Calmar ratio Return relative to maximum drawdown	1.99	1.97	+0.02
Martin ratio Return relative to average drawdown	8.51	8.17	+0.34
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. VWOB - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.70, which is comparable to the VWOB Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of LEMB and VWOB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LEMB	VWOB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.32	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.22	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.37	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.39	-0.37

Correlation

The correlation between LEMB and VWOB is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LEMB vs. VWOB - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.49%, less than VWOB's 5.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEMB iShares J.P. Morgan EM Local Currency Bond ETF	2.49%	2.44%	0.00%	1.34%	0.86%	3.89%	0.00%	4.39%	3.46%	0.00%	0.00%	0.64%
VWOB Vanguard Emerging Markets Government Bond ETF	5.98%	5.92%	6.08%	5.50%	5.30%	4.04%	4.18%	4.58%	4.52%	4.61%	4.71%	4.93%

Drawdowns

LEMB vs. VWOB - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for LEMB and VWOB.

Drawdown Indicators

	LEMB	VWOB	Difference
Max Drawdown Largest peak-to-trough decline	-30.82%	-26.98%	-3.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.00%	-4.48%	-1.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-26.98%	+1.69%
Max Drawdown (10Y) Largest decline over 10 years	-29.09%	-26.98%	-2.11%
Current Drawdown Current decline from peak	-7.73%	-3.47%	-4.26%
Average Drawdown Average peak-to-trough decline	-12.83%	-4.83%	-8.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.08%	+0.32%

Volatility

LEMB vs. VWOB - Volatility Comparison

iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a higher volatility of 3.56% compared to Vanguard Emerging Markets Government Bond ETF (VWOB) at 2.92%. This indicates that LEMB's price experiences larger fluctuations and is considered to be riskier than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LEMB	VWOB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.92%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	3.74%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	6.51%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	9.17%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	9.33%	0.00%