VDET.L vs. EMES.L
VDET.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) are both Emerging Markets Bonds funds - VDET.L tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index while EMES.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, VDET.L returned 2.30%/yr vs 1.35%/yr for EMES.L. Their correlation of 0.91 suggests significant overlap in exposure. VDET.L charges 0.23%/yr vs 0.45%/yr for EMES.L.
Performance
VDET.L vs. EMES.L - Performance Comparison
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Returns By Period
In the year-to-date period, VDET.L achieves a 1.31% return, which is significantly lower than EMES.L's 1.50% return.
VDET.L
- 1D
- -0.02%
- 1M
- 0.71%
- YTD
- 1.31%
- 6M
- 1.85%
- 1Y
- 9.46%
- 3Y*
- 8.79%
- 5Y*
- 2.30%
- 10Y*
- —
EMES.L
- 1D
- 0.06%
- 1M
- 1.02%
- YTD
- 1.50%
- 6M
- 2.10%
- 1Y
- 10.68%
- 3Y*
- 9.03%
- 5Y*
- 1.35%
- 10Y*
- —
VDET.L vs. EMES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VDET.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 1.31% | 11.70% | 6.40% | 9.41% | -15.27% | -1.76% | 6.08% | 13.11% | 0.37% |
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 1.50% | 13.10% | 5.45% | 9.57% | -18.82% | -2.59% | 5.41% | 15.66% | -0.48% |
Correlation
The correlation between VDET.L and EMES.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.91 |
The correlation between VDET.L and EMES.L has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
VDET.L vs. EMES.L — Risk / Return Rank
VDET.L
EMES.L
VDET.L vs. EMES.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 ESG USD EM Bond UCITS ETF (EMES.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.
| VDET.L | EMES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.39 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 2.38 | +0.27 |
| Martin ratioReturn relative to average drawdown | 10.75 | 9.84 | +0.91 |
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
| VDET.L | EMES.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 1.95 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.16 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.35 | +0.11 |
Drawdowns
VDET.L vs. EMES.L - Drawdown Comparison
The maximum VDET.L drawdown since its inception was -24.09%, smaller than the maximum EMES.L drawdown of -28.84%. Use the drawdown chart below to compare losses from any high point for VDET.L and EMES.L.
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Drawdown Indicators
| VDET.L | EMES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.09% | -28.84% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.56% | -4.48% | +0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -6.04% | -7.22% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -24.09% | -28.84% | +4.75% |
Current DrawdownCurrent decline from peak | -0.22% | -0.35% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -7.85% | +2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.08% | -0.20% |
Volatility
VDET.L vs. EMES.L - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VDET.L) is 1.79%, while iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) has a volatility of 2.26%. This indicates that VDET.L experiences smaller price fluctuations and is considered to be less risky than EMES.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 | EMES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 2.26% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 4.55% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 5.47% | -0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.17% | 8.28% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.70% | 9.24% | -1.54% |
VDET.L vs. EMES.L - Expense Ratio Comparison
VDET.L has a 0.23% expense ratio, which is lower than EMES.L's 0.45% expense ratio.
Dividends
VDET.L vs. EMES.L - Dividend Comparison
VDET.L's dividend yield for the trailing twelve months is around 5.91%, more than EMES.L's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.78% | 5.78% | 5.45% | 5.41% | 5.03% | 3.48% | 3.49% | 4.60% | 0.50% | 0.00% |
VDET.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.91% | 6.03% | 5.84% | 5.44% | 5.01% | 3.89% | 4.19% | 4.32% | 4.61% | 4.59% |
Frequently Asked Questions
VDET.L and EMES.L have a correlation of 0.85, 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 0.45% for EMES.L.
VDET.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index, while EMES.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.23% for VDET.L and 0.45% for EMES.L.
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