VDET.L vs. EMBE.L
VDET.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both Emerging Markets Bonds funds - VDET.L tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index while EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 5 years, VDET.L returned 2.36%/yr vs -1.24%/yr for EMBE.L. A 0.71 correlation means they provide meaningful diversification when combined. VDET.L charges 0.23%/yr vs 0.50%/yr for EMBE.L.
Performance
VDET.L vs. EMBE.L - Performance Comparison
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Different Trading Currencies
VDET.L is traded in USD, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VDET.L achieves a 1.81% return, which is significantly higher than EMBE.L's -1.86% return.
VDET.L
- 1D
- -0.11%
- 1M
- 1.24%
- YTD
- 1.81%
- 6M
- 2.00%
- 1Y
- 9.10%
- 3Y*
- 8.53%
- 5Y*
- 2.36%
- 10Y*
- —
EMBE.L
- 1D
- -0.03%
- 1M
- -1.08%
- YTD
- -1.86%
- 6M
- -2.15%
- 1Y
- 5.63%
- 3Y*
- 8.62%
- 5Y*
- -1.24%
- 10Y*
- 1.32%
VDET.L vs. EMBE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VDET.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 1.81% | 11.70% | 6.40% | 9.42% | -15.28% | -1.76% | 6.08% | 13.12% | -2.74% | 8.09% |
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | -1.86% | 25.90% | -2.43% | 11.06% | -25.61% | -9.86% | 12.50% | 10.09% | -12.68% | 23.42% |
Correlation
The correlation between VDET.L and EMBE.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2016 | 0.71 |
The correlation between VDET.L and EMBE.L has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.
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Return for Risk
VDET.L vs. EMBE.L — Risk / Return Rank
VDET.L
EMBE.L
VDET.L vs. EMBE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VDET.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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.
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.
| VDET.L | EMBE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.11 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 0.70 | +1.85 |
| Martin ratioReturn relative to average drawdown | 10.30 | 2.15 | +8.15 |
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Drawdowns
VDET.L vs. EMBE.L - Drawdown Comparison
The maximum VDET.L drawdown since its inception was -24.10%, smaller than the maximum EMBE.L drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for VDET.L and EMBE.L.
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Drawdown Indicators
| VDET.L | EMBE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.10% | -44.54% | +20.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -8.00% | +4.45% |
Max Drawdown (3Y)Largest decline over 3 years | -6.04% | -13.39% | +7.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.10% | -42.47% | +18.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.54% | — |
Current DrawdownCurrent decline from peak | -0.20% | -10.62% | +10.42% |
Average DrawdownAverage peak-to-trough decline | -4.92% | -14.98% | +10.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.61% | -1.73% |
Volatility
VDET.L vs. EMBE.L - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VDET.L) is 1.22%, while iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a volatility of 2.44%. This indicates that VDET.L experiences smaller price fluctuations and is considered to be less risky than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VDET.L | EMBE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 2.44% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.78% | 7.42% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 9.71% | -4.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 13.68% | -6.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.68% | 13.31% | -5.63% |
VDET.L vs. EMBE.L - Expense Ratio Comparison
VDET.L has a 0.23% expense ratio, which is lower than EMBE.L's 0.50% expense ratio.
Dividends
VDET.L vs. EMBE.L - Dividend Comparison
VDET.L's dividend yield for the trailing twelve months is around 5.88%, more than EMBE.L's 5.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.56% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
VDET.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.88% | 6.03% | 5.84% | 5.44% | 5.01% | 3.89% | 4.19% | 4.32% | 4.61% | 4.59% | 0.00% | 0.00% |
Frequently Asked Questions
VDET.L and EMBE.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDET.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDET.L is cheaper with a 0.23% expense ratio, compared with 0.50% for EMBE.L.
VDET.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.23% for VDET.L and 0.50% for EMBE.L.
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