VAGF.DE vs. VGEM.DE
VAGF.DE (Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both exchange-traded funds - VAGF.DE is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted and Scaled (EUR Hedged), while VGEM.DE is a Emerging Markets Bonds fund tracking the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, VAGF.DE returned -1.54%/yr vs 3.33%/yr for VGEM.DE. At a 0.28 correlation, their price movements are largely independent. VAGF.DE charges 0.10%/yr vs 0.25%/yr for VGEM.DE.
Performance
VAGF.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VAGF.DE achieves a 0.42% return, which is significantly lower than VGEM.DE's 5.30% return.
VAGF.DE
- 1D
- 0.13%
- 1M
- 1.01%
- YTD
- 0.42%
- 6M
- 0.59%
- 1Y
- 1.66%
- 3Y*
- 2.37%
- 5Y*
- -1.54%
- 10Y*
- —
VGEM.DE
- 1D
- -0.26%
- 1M
- 3.06%
- YTD
- 5.30%
- 6M
- 5.55%
- 1Y
- 11.80%
- 3Y*
- 7.15%
- 5Y*
- 3.33%
- 10Y*
- —
VAGF.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VAGF.DE Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc | 0.42% | 3.03% | 0.83% | 4.52% | -14.84% | -2.98% | 5.07% | 1.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.30% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 5.14% |
Correlation
The correlation between VAGF.DE and VGEM.DE is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.28 |
Over the past year, the correlation between VAGF.DE and VGEM.DE has dropped to 0.01 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.
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Return for Risk
VAGF.DE vs. VGEM.DE — Risk / Return Rank
VAGF.DE
VGEM.DE
VAGF.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc (VAGF.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.
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.
| VAGF.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.36 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 3.96 | -3.37 |
| Martin ratioReturn relative to average drawdown | 1.42 | 11.24 | -9.83 |
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Drawdowns
VAGF.DE vs. VGEM.DE - Drawdown Comparison
The maximum VAGF.DE drawdown since its inception was -19.56%, roughly equal to the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for VAGF.DE and VGEM.DE.
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Drawdown Indicators
| VAGF.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.56% | -19.64% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.97% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -11.92% | +7.53% |
Max Drawdown (5Y)Largest decline over 5 years | -18.80% | -12.13% | -6.67% |
Current DrawdownCurrent decline from peak | -9.91% | -0.46% | -9.45% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -5.91% | -3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.05% | +0.12% |
Volatility
VAGF.DE vs. VGEM.DE - Volatility Comparison
The current volatility for Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc (VAGF.DE) is 1.42%, while Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) has a volatility of 1.68%. This indicates that VAGF.DE experiences smaller price fluctuations and is considered to be less risky 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
| VAGF.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.68% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.92% | 4.18% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 6.16% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 7.90% | -2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 8.77% | -3.85% |
VAGF.DE vs. VGEM.DE - Expense Ratio Comparison
VAGF.DE has a 0.10% expense ratio, which is lower than VGEM.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VAGF.DE vs. VGEM.DE - Dividend Comparison
VAGF.DE has not paid dividends to shareholders, while VGEM.DE's dividend yield for the trailing twelve months is around 5.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
VAGF.DE Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.76% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% |
Frequently Asked Questions
VAGF.DE and VGEM.DE have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGF.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGF.DE is cheaper with a 0.10% expense ratio, compared with 0.25% for VGEM.DE.
VAGF.DE is categorized as Global Bonds, while VGEM.DE is Emerging Markets Bonds. VAGF.DE tracks Bloomberg Global Aggregate Float Adjusted and Scaled (EUR Hedged), while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. Their fees differ too: 0.10% for VAGF.DE and 0.25% for VGEM.DE.
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