SHMDX vs. VEMBX

Last updated Aug 1, 2026

SHMDX (Virtus Stone Harbor Emerging Mkts Debt) and VEMBX (Vanguard Emerging Markets Bond Fund Investor Shares) are both Emerging Markets Bonds funds. Over the past 5 years, SHMDX returned 3.10%/yr vs 3.99%/yr for VEMBX. Their correlation of 0.89 means they have usually moved in the same direction. SHMDX charges 0.73%/yr vs 0.50%/yr for VEMBX.

Performance

SHMDX vs. VEMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Emerging Mkts Debt (SHMDX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHMDX achieves a 3.05% return, which is significantly higher than VEMBX's 2.14% return.

SHMDX

• 1D: -0.25%
• 1M: -1.29%
• 6M: 1.65%
• YTD: 3.05%
• 1Y: 10.85%
• 3Y*: 11.31%
• 5Y*: 3.10%
• 10Y*: 3.80%
• ALL TIME*: 4.06%

VEMBX

• 1D: -0.09%
• 1M: -1.12%
• 6M: 1.57%
• YTD: 2.14%
• 1Y: 8.80%
• 3Y*: 9.83%
• 5Y*: 3.99%
• 10Y*: —
• ALL TIME*: 6.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHMDX Virtus Stone Harbor Emerging Mkts Debt	$0.00	$0.00	$0.00
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	$0.00	$0.00	$0.00

SHMDX vs. VEMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHMDX Virtus Stone Harbor Emerging Mkts Debt	3.05%	15.13%	8.90%	14.81%	-19.74%	-2.52%	7.06%	15.20%	-7.86%	11.58%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	2.14%	14.32%	7.38%	13.66%	-13.18%	-1.53%	14.99%	17.72%	-0.89%	13.12%

Correlation

The correlation between SHMDX and VEMBX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between SHMDX and VEMBX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

SHMDX vs. VEMBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHMDX

SHMDX Risk / Return Rank: 86
SHMDX Sharpe Ratio Rank: 90
SHMDX Sortino Ratio Rank: 93
SHMDX Omega Ratio Rank: 89
SHMDX Calmar Ratio Rank: 76
SHMDX Martin Ratio Rank: 83

VEMBX

VEMBX Risk / Return Rank: 85
VEMBX Sharpe Ratio Rank: 87
VEMBX Sortino Ratio Rank: 90
VEMBX Omega Ratio Rank: 85
VEMBX Calmar Ratio Rank: 76
VEMBX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHMDX vs. VEMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Emerging Mkts Debt (SHMDX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SHMDX	VEMBX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.13	+0.18
Sortino ratio: Return per unit of downside risk	3.73	3.38	+0.35
Omega ratio: Gain probability vs. loss probability	1.47	1.42	+0.06
Calmar ratio: Return relative to maximum drawdown	2.52	2.43	+0.08
Martin ratio: Return relative to average drawdown	10.58	10.42	+0.15

SHMDX vs. VEMBX - Sharpe Ratio Comparison

The current SHMDX Sharpe Ratio is 2.30, which is comparable to the VEMBX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SHMDX and VEMBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SHMDX vs. VEMBX - Drawdown Comparison

The maximum SHMDX drawdown since its inception was -35.83%, which is greater than VEMBX's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for SHMDX and VEMBX.

Drawdown Indicators

	SHMDX	VEMBX	Difference
Max Drawdown Largest peak-to-trough decline	-35.83%	-24.36%	-11.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-3.77%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-5.43%	-5.00%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-31.98%	-24.36%	-7.62%
Max Drawdown (10Y) Largest decline over 10 years	-31.98%	—	—
Current Drawdown Current decline from peak	-1.83%	-1.36%	-0.47%
Average Drawdown Average peak-to-trough decline	-5.90%	-3.82%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.88%	+0.15%

Volatility

SHMDX vs. VEMBX - Volatility Comparison

Virtus Stone Harbor Emerging Mkts Debt (SHMDX) has a higher volatility of 1.16% compared to Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX) at 1.00%. This indicates that SHMDX's price experiences larger fluctuations and is considered to be riskier than VEMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHMDX	VEMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.00%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	3.67%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.74%	4.32%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.97%	6.38%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	6.33%	+1.26%

SHMDX vs. VEMBX - Expense Ratio Comparison

SHMDX has a 0.73% expense ratio, which is higher than VEMBX's 0.50% expense ratio.

Dividends

SHMDX vs. VEMBX - Dividend Comparison

SHMDX's dividend yield for the trailing twelve months is around 5.92%, more than VEMBX's 5.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHMDX Virtus Stone Harbor Emerging Mkts Debt	5.92%	6.21%	6.73%	8.10%	10.70%	4.78%	5.24%	5.51%	6.80%	6.12%	6.72%	6.65%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	5.50%	6.20%	6.86%	7.06%	5.43%	5.00%	4.50%	6.27%	4.81%	6.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHMDX and VEMBX in my portfolio?

With a correlation of 0.92, SHMDX and VEMBX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SHMDX or VEMBX?

SHMDX has higher volatility (1.16%) compared to VEMBX (1.00%). In terms of maximum drawdown, SHMDX dropped -35.83% vs VEMBX's -24.36%.

Which has better risk-adjusted returns?

SHMDX currently has the higher Sharpe Ratio (2.30 vs 2.12), 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.