VEGBX vs. VGIVX

Last updated Jun 5, 2026

VEGBX (Vanguard Emerging Markets Bond Fund Admiral Shares) and VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) are both mutual funds - VEGBX is a Emerging Markets Bonds fund managed by Vanguard, while VGIVX is a Government Bonds fund managed by Vanguard. Over the past 5 years, VEGBX returned 4.37%/yr vs 2.27%/yr for VGIVX. With a 0.95 correlation, they move nearly in lockstep. VEGBX charges 0.40%/yr vs 0.18%/yr for VGIVX.

Performance

VEGBX vs. VGIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) and Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEGBX achieves a 2.57% return, which is significantly higher than VGIVX's 1.43% return.

VEGBX

• 1D: -0.28%
• 1M: 0.68%
• YTD: 2.57%
• 6M: 3.27%
• 1Y: 12.73%
• 3Y*: 11.76%
• 5Y*: 4.37%
• 10Y*: —

VGIVX

• 1D: -0.26%
• 1M: 0.75%
• YTD: 1.43%
• 6M: 1.80%
• 1Y: 10.59%
• 3Y*: 9.69%
• 5Y*: 2.27%
• 10Y*: 3.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VEGBX vs. VGIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	2.57%	14.46%	7.60%	13.81%	-13.02%	-1.44%	15.18%	17.87%	-0.66%	11.65%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	1.43%	13.05%	6.31%	10.48%	-16.72%	-2.41%	5.83%	14.03%	-2.72%	6.96%

Correlation

The correlation between VEGBX and VGIVX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.95

The correlation between VEGBX and VGIVX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

VEGBX vs. VGIVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VEGBX

VEGBX Risk / Return Rank: 87
VEGBX Sharpe Ratio Rank: 91
VEGBX Sortino Ratio Rank: 94
VEGBX Omega Ratio Rank: 88
VEGBX Calmar Ratio Rank: 78
VEGBX Martin Ratio Rank: 83

VGIVX

VGIVX Risk / Return Rank: 73
VGIVX Sharpe Ratio Rank: 83
VGIVX Sortino Ratio Rank: 88
VGIVX Omega Ratio Rank: 82
VGIVX Calmar Ratio Rank: 55
VGIVX Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VEGBX vs. VGIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) and Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX). 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.

	VEGBX	VGIVX	Difference
Sharpe ratio: Return per unit of total volatility	3.06	2.70	+0.36
Sortino ratio: Return per unit of downside risk	4.94	4.29	+0.65
Omega ratio: Gain probability vs. loss probability	1.63	1.55	+0.08
Calmar ratio: Return relative to maximum drawdown	3.54	2.83	+0.71
Martin ratio: Return relative to average drawdown	15.48	11.32	+4.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEGBX vs. VGIVX - Sharpe Ratio Comparison

The current VEGBX Sharpe Ratio is 3.06, which is comparable to the VGIVX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of VEGBX and VGIVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VEGBX	VGIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.06	2.70	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.36	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.69	+0.39

Drawdowns

VEGBX vs. VGIVX - Drawdown Comparison

The maximum VEGBX drawdown since its inception was -24.27%, smaller than the maximum VGIVX drawdown of -26.79%. Use the drawdown chart below to compare losses from any high point for VEGBX and VGIVX.

Drawdown Indicators

	VEGBX	VGIVX	Difference
Max Drawdown Largest peak-to-trough decline	-24.27%	-26.79%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-3.93%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-5.53%	-7.14%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-26.79%	+2.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.79%	—
Current Drawdown Current decline from peak	-0.28%	-0.32%	+0.04%
Average Drawdown Average peak-to-trough decline	-3.84%	-4.70%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.98%	-0.12%

Volatility

VEGBX vs. VGIVX - Volatility Comparison

Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) and Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) have volatilities of 1.52% and 1.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEGBX	VGIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	1.56%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.59%	3.35%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	4.13%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	6.30%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	6.36%	0.00%

VEGBX vs. VGIVX - Expense Ratio Comparison

VEGBX has a 0.40% expense ratio, which is higher than VGIVX's 0.18% expense ratio.

Dividends

VEGBX vs. VGIVX - Dividend Comparison

VEGBX's dividend yield for the trailing twelve months is around 6.17%, more than VGIVX's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	6.17%	6.34%	7.02%	7.20%	5.61%	5.14%	4.62%	6.42%	5.00%	0.39%	0.00%	0.00%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	5.89%	5.95%	6.58%	5.53%	5.32%	3.53%	4.21%	4.62%	4.62%	4.67%	4.76%	4.55%

Frequently Asked Questions

Can I hold both VEGBX and VGIVX in my portfolio?

With a correlation of 0.97, VEGBX and VGIVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VEGBX or VGIVX?

VGIVX has higher volatility (1.56%) compared to VEGBX (1.52%). In terms of maximum drawdown, VEGBX dropped -24.27% vs VGIVX's -26.79%.

Which has better risk-adjusted returns?

VEGBX currently has the higher Sharpe Ratio (3.06 vs 2.70), 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.