SEMH.L vs. VEMT.L

Last updated Jun 5, 2026

SEMH.L (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF) and VEMT.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from State Street and Vanguard respectively. Both are passively managed. Over the past 5 years, SEMH.L returned 3.33%/yr vs 3.40%/yr for VEMT.L. Their correlation of 0.82 suggests significant overlap in exposure. SEMH.L charges 0.42%/yr vs 0.25%/yr for VEMT.L.

Performance

SEMH.L vs. VEMT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEMH.L achieves a 1.29% return, which is significantly lower than VEMT.L's 1.55% return.

SEMH.L

• 1D: 0.05%
• 1M: 1.18%
• YTD: 1.29%
• 6M: 0.87%
• 1Y: 6.51%
• 3Y*: 3.36%
• 5Y*: 3.33%
• 10Y*: 3.24%

VEMT.L

• 1D: 0.03%
• 1M: 1.60%
• YTD: 1.55%
• 6M: 1.13%
• 1Y: 10.55%
• 3Y*: 5.98%
• 5Y*: 3.40%
• 10Y*: —

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

SEMH.L vs. VEMT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF	1.29%	0.53%	6.47%	0.40%	4.24%	0.98%	-1.05%	2.26%	5.87%	-5.55%
VEMT.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing	1.55%	4.07%	8.08%	3.44%	-5.19%	-0.56%	2.53%	9.67%	2.79%	-1.59%

Correlation

The correlation between SEMH.L and VEMT.L is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 8, 2016	0.82

The correlation between SEMH.L and VEMT.L has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

SEMH.L vs. VEMT.L — Risk / Return Rank

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

SEMH.L

SEMH.L Risk / Return Rank: 31
SEMH.L Sharpe Ratio Rank: 31
SEMH.L Sortino Ratio Rank: 32
SEMH.L Omega Ratio Rank: 29
SEMH.L Calmar Ratio Rank: 32
SEMH.L Martin Ratio Rank: 30

VEMT.L

VEMT.L Risk / Return Rank: 49
VEMT.L Sharpe Ratio Rank: 50
VEMT.L Sortino Ratio Rank: 52
VEMT.L Omega Ratio Rank: 49
VEMT.L Calmar Ratio Rank: 50
VEMT.L Martin Ratio Rank: 43

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.

SEMH.L vs. VEMT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L). 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.

	SEMH.L	VEMT.L	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.72	-0.62
Sortino ratio: Return per unit of downside risk	1.66	2.48	-0.82
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	1.53	2.44	-0.91
Martin ratio: Return relative to average drawdown	4.17	6.86	-2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMH.L vs. VEMT.L - Sharpe Ratio Comparison

The current SEMH.L Sharpe Ratio is 1.10, which is lower than the VEMT.L Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SEMH.L and VEMT.L, 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

	SEMH.L	VEMT.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.72	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.42	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.30	+0.12

Drawdowns

SEMH.L vs. VEMT.L - Drawdown Comparison

The maximum SEMH.L drawdown since its inception was -13.63%, smaller than the maximum VEMT.L drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for SEMH.L and VEMT.L.

Drawdown Indicators

	SEMH.L	VEMT.L	Difference
Max Drawdown Largest peak-to-trough decline	-13.63%	-14.64%	+1.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-4.31%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-8.07%	-8.59%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-13.61%	-11.41%	-2.20%
Max Drawdown (10Y) Largest decline over 10 years	-13.63%	—	—
Current Drawdown Current decline from peak	-1.48%	-0.50%	-0.98%
Average Drawdown Average peak-to-trough decline	-5.56%	-5.88%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.53%	+0.03%

Volatility

SEMH.L vs. VEMT.L - Volatility Comparison

SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) has a higher volatility of 1.65% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L) at 1.33%. This indicates that SEMH.L's price experiences larger fluctuations and is considered to be riskier than VEMT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMH.L	VEMT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.33%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	4.50%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	6.11%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	8.13%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.93%	9.15%	-0.22%

SEMH.L vs. VEMT.L - Expense Ratio Comparison

SEMH.L has a 0.42% expense ratio, which is higher than VEMT.L's 0.25% expense ratio.

Dividends

SEMH.L vs. VEMT.L - Dividend Comparison

SEMH.L's dividend yield for the trailing twelve months is around 4.84%, less than VEMT.L's 5.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF	4.84%	4.97%	4.24%	3.18%	2.39%	2.72%	3.42%	3.52%	2.69%	3.13%	2.55%	1.76%
VEMT.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing	5.92%	6.17%	5.74%	5.56%	4.88%	3.81%	4.47%	4.46%	4.44%	4.81%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEMH.L and VEMT.L in my portfolio?

SEMH.L and VEMT.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SEMH.L or VEMT.L?

On fees, VEMT.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEMH.L or VEMT.L?

VEMT.L is cheaper with a 0.25% expense ratio, compared with 0.42% for SEMH.L.

What is the main difference between SEMH.L and VEMT.L?

Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.42% for SEMH.L and 0.25% for VEMT.L.