UEFE.DE vs. VGEM.DE
UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, UEFE.DE returned 4.93%/yr vs 2.73%/yr for VGEM.DE. A 0.53 correlation means they provide meaningful diversification when combined. UEFE.DE charges 0.40%/yr vs 0.25%/yr for VGEM.DE.
Performance
UEFE.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, UEFE.DE achieves a 2.04% return, which is significantly lower than VGEM.DE's 2.34% return.
UEFE.DE
- 1D
- -0.42%
- 1M
- 1.09%
- YTD
- 2.04%
- 6M
- 2.04%
- 1Y
- 7.90%
- 3Y*
- 7.16%
- 5Y*
- 4.93%
- 10Y*
- —
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.10%
- YTD
- 2.34%
- 6M
- 1.66%
- 1Y
- 6.87%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
UEFE.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 2.04% | 5.88% | 6.93% | 15.75% | -6.22% | 2.54% | -2.71% | 21.27% | 7.49% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 5.82% | -3.91% | 15.57% | 2.26% |
Correlation
The correlation between UEFE.DE and VGEM.DE is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2018 | 0.53 |
The correlation between UEFE.DE and VGEM.DE has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.
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Return for Risk
UEFE.DE vs. VGEM.DE — Risk / Return Rank
UEFE.DE
VGEM.DE
UEFE.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE). 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.
| UEFE.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.21 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 2.16 | -0.11 |
| Martin ratioReturn relative to average drawdown | 7.08 | 5.71 | +1.38 |
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
| UEFE.DE | VGEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 1.13 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.34 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.29 | +0.37 |
Drawdowns
UEFE.DE vs. VGEM.DE - Drawdown Comparison
The maximum UEFE.DE drawdown since its inception was -23.72%, which is greater than VGEM.DE's maximum drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for UEFE.DE and VGEM.DE.
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Drawdown Indicators
| UEFE.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.72% | -19.64% | -4.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.93% | -3.10% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -8.02% | -11.98% | +3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -12.46% | -12.46% | 0.00% |
Current DrawdownCurrent decline from peak | -1.03% | -2.18% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -4.41% | -6.63% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.17% | -0.03% |
Volatility
UEFE.DE vs. VGEM.DE - Volatility Comparison
UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) has a higher volatility of 1.93% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.18%. This indicates that UEFE.DE's price experiences larger fluctuations and is considered to be riskier than VGEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UEFE.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 1.18% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 3.96% | +0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.46% | 5.93% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 7.89% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.82% | 8.77% | +1.05% |
UEFE.DE vs. VGEM.DE - Expense Ratio Comparison
UEFE.DE has a 0.40% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
UEFE.DE vs. VGEM.DE - Dividend Comparison
UEFE.DE's dividend yield for the trailing twelve months is around 4.67%, less than VGEM.DE's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 4.67% | 5.37% | 7.09% | 8.64% | 6.79% | 8.96% | 9.53% | 9.22% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.06% | 5.60% | 5.23% | 5.14% | 4.84% | 3.16% | 3.99% | 3.87% | 3.84% | 0.68% |
Frequently Asked Questions
UEFE.DE and VGEM.DE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.40% for UEFE.DE.
UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: UBS and Vanguard. Their fees differ too: 0.40% for UEFE.DE and 0.25% for VGEM.DE.
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