VEMA.L vs. EMLI.L

Last updated Jun 25, 2026

VEMA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating) and EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) are both Emerging Markets Bonds funds - VEMA.L tracks the JPM EMBI Global Diversified TR USD while EMLI.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, VEMA.L returned 3.47%/yr vs 4.64%/yr for EMLI.L. At a 0.46 correlation, their price movements are largely independent. VEMA.L charges 0.25%/yr vs 0.61%/yr for EMLI.L.

Performance

VEMA.L vs. EMLI.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 PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VEMA.L is traded in GBP, while EMLI.L is traded in USD. To make them comparable, the EMLI.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEMA.L achieves a 4.02% return, which is significantly lower than EMLI.L's 4.40% return.

VEMA.L

• 1D: 0.39%
• 1M: 3.80%
• YTD: 4.02%
• 6M: 4.79%
• 1Y: 12.81%
• 3Y*: 7.36%
• 5Y*: 3.47%
• 10Y*: —

EMLI.L

• 1D: 0.25%
• 1M: 2.47%
• YTD: 4.40%
• 6M: 4.56%
• 1Y: 11.28%
• 3Y*: 4.65%
• 5Y*: 4.64%
• 10Y*: 3.85%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating	4.02%	4.17%	8.10%	3.45%	-5.29%	-0.35%	2.49%	-17.05%
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	4.40%	8.31%	-1.55%	8.01%	5.59%	-4.61%	-1.08%	6.11%

Correlation

The correlation between VEMA.L and EMLI.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.46

Return for Risk

VEMA.L vs. EMLI.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: 71
VEMA.L Sharpe Ratio Rank: 77
VEMA.L Sortino Ratio Rank: 84
VEMA.L Omega Ratio Rank: 75
VEMA.L Calmar Ratio Rank: 66
VEMA.L Martin Ratio Rank: 52

EMLI.L

EMLI.L Risk / Return Rank: 35
EMLI.L Sharpe Ratio Rank: 36
EMLI.L Sortino Ratio Rank: 37
EMLI.L Omega Ratio Rank: 36
EMLI.L Calmar Ratio Rank: 30
EMLI.L Martin Ratio Rank: 34

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. EMLI.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 PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.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.

	VEMA.L	EMLI.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.53	+0.62
Sortino ratio: Return per unit of downside risk	3.29	2.24	+1.05
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	2.90	2.51	+0.39
Martin ratio: Return relative to average drawdown	7.93	7.04	+0.88

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

The current VEMA.L Sharpe Ratio is 2.15, which is higher than the EMLI.L Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VEMA.L and EMLI.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.

Drawdowns

VEMA.L vs. EMLI.L - Drawdown Comparison

The maximum VEMA.L drawdown since its inception was -24.39%, which is greater than EMLI.L's maximum drawdown of -20.70%. Use the drawdown chart below to compare losses from any high point for VEMA.L and EMLI.L.

Drawdown Indicators

	VEMA.L	EMLI.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-20.70%	-3.69%
Max Drawdown (1Y) Largest decline over 1 year	-4.40%	-4.47%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-4.67%	-14.79%
Max Drawdown (5Y) Largest decline over 5 years	-19.46%	-12.77%	-6.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.70%	—
Current Drawdown Current decline from peak	-2.78%	-0.52%	-2.26%
Average Drawdown Average peak-to-trough decline	-15.69%	-5.85%	-9.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.60%	+0.01%

Volatility

VEMA.L vs. EMLI.L - Volatility Comparison

The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) is 1.64%, while PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) has a volatility of 2.50%. This indicates that VEMA.L experiences smaller price fluctuations and is considered to be less risky than EMLI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMA.L	EMLI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	2.50%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	6.31%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	5.96%	7.36%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	10.24%	+5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	10.77%	+6.38%

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

VEMA.L has a 0.25% expense ratio, which is lower than EMLI.L's 0.61% expense ratio.

Dividends

VEMA.L vs. EMLI.L - Dividend Comparison

VEMA.L has not paid dividends to shareholders, while EMLI.L's dividend yield for the trailing twelve months is around 6.72%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	6.72%	5.81%	6.33%	5.70%	5.21%	4.50%	3.68%	5.24%	5.83%	5.76%	6.69%	7.09%
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 EMLI.L in my portfolio?

VEMA.L and EMLI.L have a correlation of 0.40, 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 EMLI.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 EMLI.L?

VEMA.L is cheaper with a 0.25% expense ratio, compared with 0.61% for EMLI.L.

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

VEMA.L tracks JPM EMBI Global Diversified TR USD, while EMLI.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: Vanguard and PIMCO. Their fees differ too: 0.25% for VEMA.L and 0.61% for EMLI.L.