VEMA.L vs. EMDL.L

Last updated Jun 5, 2026

VEMA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating) and EMDL.L (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) are both Emerging Markets Bonds funds - VEMA.L tracks the JPM EMBI Global Diversified TR USD while EMDL.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, VEMA.L returned 3.45%/yr vs 1.57%/yr for EMDL.L. A 0.68 correlation means they provide meaningful diversification when combined. VEMA.L charges 0.25%/yr vs 0.55%/yr for EMDL.L.

Performance

VEMA.L vs. EMDL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) and SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMA.L achieves a 1.66% return, which is significantly higher than EMDL.L's -0.66% return.

VEMA.L

• 1D: 0.22%
• 1M: 1.94%
• YTD: 1.66%
• 6M: 1.43%
• 1Y: 10.75%
• 3Y*: 6.06%
• 5Y*: 3.45%
• 10Y*: —

EMDL.L

• 1D: 0.02%
• 1M: 0.48%
• YTD: -0.66%
• 6M: -0.55%
• 1Y: 5.93%
• 3Y*: 2.66%
• 5Y*: 1.57%
• 10Y*: 2.73%

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

VEMA.L vs. EMDL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating	1.66%	4.15%	8.11%	3.45%	-5.29%	-0.35%	2.49%	8.03%
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF	-0.66%	7.85%	-1.25%	3.50%	0.26%	-7.31%	0.02%	7.44%

Correlation

The correlation between VEMA.L and EMDL.L is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019	0.68

The correlation between VEMA.L and EMDL.L has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

VEMA.L vs. EMDL.L — Risk / Return Rank

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

VEMA.L

VEMA.L Risk / Return Rank: 52
VEMA.L Sharpe Ratio Rank: 55
VEMA.L Sortino Ratio Rank: 59
VEMA.L Omega Ratio Rank: 54
VEMA.L Calmar Ratio Rank: 50
VEMA.L Martin Ratio Rank: 43

EMDL.L

EMDL.L Risk / Return Rank: 28
EMDL.L Sharpe Ratio Rank: 31
EMDL.L Sortino Ratio Rank: 31
EMDL.L Omega Ratio Rank: 29
EMDL.L Calmar Ratio Rank: 26
EMDL.L Martin Ratio Rank: 25

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.

VEMA.L vs. EMDL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) and SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.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.

	VEMA.L	EMDL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.08	+0.75
Sortino ratio: Return per unit of downside risk	2.76	1.63	+1.13
Omega ratio: Gain probability vs. loss probability	1.33	1.20	+0.13
Calmar ratio: Return relative to maximum drawdown	2.44	1.20	+1.24
Martin ratio: Return relative to average drawdown	6.67	3.34	+3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEMA.L vs. EMDL.L - Sharpe Ratio Comparison

The current VEMA.L Sharpe Ratio is 1.83, which is higher than the EMDL.L Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of VEMA.L and EMDL.L, 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

	VEMA.L	EMDL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.08	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.22	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.12	+0.19

Drawdowns

VEMA.L vs. EMDL.L - Drawdown Comparison

The maximum VEMA.L drawdown since its inception was -14.59%, smaller than the maximum EMDL.L drawdown of -27.54%. Use the drawdown chart below to compare losses from any high point for VEMA.L and EMDL.L.

Drawdown Indicators

	VEMA.L	EMDL.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-27.54%	+12.95%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-4.91%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-8.38%	-4.91%	-3.47%
Max Drawdown (5Y) Largest decline over 5 years	-11.41%	-8.41%	-3.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.87%	—
Current Drawdown Current decline from peak	-0.45%	-3.44%	+2.99%
Average Drawdown Average peak-to-trough decline	-6.28%	-9.41%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.77%	-0.16%

Volatility

VEMA.L vs. EMDL.L - Volatility Comparison

The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) is 1.47%, while SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) has a volatility of 2.00%. This indicates that VEMA.L experiences smaller price fluctuations and is considered to be less risky than EMDL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMA.L	EMDL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	2.00%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	4.07%	4.52%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	5.45%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.14%	7.22%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	9.07%	+0.42%

VEMA.L vs. EMDL.L - Expense Ratio Comparison

VEMA.L has a 0.25% expense ratio, which is lower than EMDL.L's 0.55% expense ratio.

Dividends

VEMA.L vs. EMDL.L - Dividend Comparison

VEMA.L has not paid dividends to shareholders, while EMDL.L's dividend yield for the trailing twelve months is around 5.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF	5.09%	4.87%	4.87%	4.23%	4.03%	4.01%	3.97%	4.56%	4.06%	4.92%	4.02%	5.26%
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEMA.L and EMDL.L in my portfolio?

VEMA.L and EMDL.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEMA.L or EMDL.L?

On fees, VEMA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEMA.L or EMDL.L?

VEMA.L is cheaper with a 0.25% expense ratio, compared with 0.55% for EMDL.L.

What is the main difference between VEMA.L and EMDL.L?

VEMA.L tracks JPM EMBI Global Diversified TR USD, while EMDL.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.25% for VEMA.L and 0.55% for EMDL.L.