VCEB vs. CEMB
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both Corporate Bonds funds - VCEB tracks the Bloomberg Barclays MSCI US Corp SRI Select Index while CEMB tracks the JP Morgan CEMBI Broad Diversified. Both are passively managed. Over the past 5 years, VCEB returned 0.38%/yr vs 1.92%/yr for CEMB. A 0.72 correlation means they provide meaningful diversification when combined. VCEB charges 0.12%/yr vs 0.50%/yr for CEMB.
Performance
VCEB vs. CEMB - Performance Comparison
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Returns By Period
In the year-to-date period, VCEB achieves a 0.56% return, which is significantly lower than CEMB's 1.54% return.
VCEB
- 1D
- -0.07%
- 1M
- 0.63%
- YTD
- 0.56%
- 6M
- 1.06%
- 1Y
- 4.65%
- 3Y*
- 5.34%
- 5Y*
- 0.38%
- 10Y*
- —
CEMB
- 1D
- 0.04%
- 1M
- 0.35%
- YTD
- 1.54%
- 6M
- 1.92%
- 1Y
- 6.62%
- 3Y*
- 7.15%
- 5Y*
- 1.92%
- 10Y*
- 3.55%
VCEB vs. CEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.56% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.54% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 4.66% |
Correlation
The correlation between VCEB and CEMB is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.72 |
The correlation between VCEB and CEMB shifts across timeframes, from 0.72 (all time) to 0.82 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VCEB vs. CEMB — Risk / Return Rank
VCEB
CEMB
VCEB vs. CEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.
| VCEB | CEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.42 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.31 | -0.66 |
| Martin ratioReturn relative to average drawdown | 5.02 | 9.95 | -4.93 |
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Drawdowns
VCEB vs. CEMB - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, roughly equal to the maximum CEMB drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for VCEB and CEMB.
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Drawdown Indicators
| VCEB | CEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -20.84% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.88% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -3.85% | -2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -20.48% | -0.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.84% | — |
Current DrawdownCurrent decline from peak | -0.81% | -0.20% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -3.65% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.67% | +0.26% |
Volatility
VCEB vs. CEMB - Volatility Comparison
Vanguard ESG U.S. Corporate Bond ETF (VCEB) has a higher volatility of 1.43% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.20%. This indicates that VCEB's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCEB | CEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.20% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 2.50% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 3.11% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.84% | 5.64% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.65% | 6.29% | +0.36% |
VCEB vs. CEMB - Expense Ratio Comparison
VCEB has a 0.12% expense ratio, which is lower than CEMB's 0.50% expense ratio.
Dividends
VCEB vs. CEMB - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.64%, less than CEMB's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.13% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.64% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VCEB and CEMB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCEB has higher volatility (1.43%) compared to CEMB (1.20%). In terms of maximum drawdown, VCEB dropped -21.60% vs CEMB's -20.84%.
On 5-year performance, CEMB leads with 1.92% vs 0.38% for VCEB. On fees, VCEB is cheaper at 0.12% per year. On volatility, CEMB has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEMB has performed better with a 1.92% return vs 0.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.13%, compared with 4.64% for VCEB.
VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while CEMB tracks JP Morgan CEMBI Broad Diversified. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.12% for VCEB and 0.50% for CEMB.
CEMB currently has the higher Sharpe Ratio (2.14 vs 1.11), 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.
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