VEMA.L vs. SEMH.L

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) and SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L).

VEMA.L and SEMH.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VEMA.L is a passively managed fund by Vanguard that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Feb 19, 2019. SEMH.L is a passively managed fund by State Street that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Nov 12, 2014. Both VEMA.L and SEMH.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VEMA.L vs. SEMH.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 ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating	-0.07%	4.15%	8.11%	3.45%	-5.29%	-0.35%	2.49%	8.03%
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF	1.05%	0.53%	6.47%	0.40%	4.24%	0.98%	-1.05%	2.33%

Returns By Period

In the year-to-date period, VEMA.L achieves a -0.07% return, which is significantly lower than SEMH.L's 1.05% return.

VEMA.L

• 1D: -0.16%
• 1M: -1.68%
• YTD: -0.07%
• 6M: 2.92%
• 1Y: 4.73%
• 3Y*: 5.28%
• 5Y*: 3.03%
• 10Y*: —

SEMH.L

• 1D: -0.49%
• 1M: -0.22%
• YTD: 1.05%
• 6M: 2.98%
• 1Y: 2.55%
• 3Y*: 3.19%
• 5Y*: 3.05%
• 10Y*: 3.12%

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

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

VEMA.L has a 0.25% expense ratio, which is lower than SEMH.L's 0.42% expense ratio.

SEMH.L

SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF

VEMA.L

Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating

Return for Risk

VEMA.L vs. SEMH.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: 31
VEMA.L Sharpe Ratio Rank: 32
VEMA.L Sortino Ratio Rank: 28
VEMA.L Omega Ratio Rank: 27
VEMA.L Calmar Ratio Rank: 40
VEMA.L Martin Ratio Rank: 29

SEMH.L

SEMH.L Risk / Return Rank: 21
SEMH.L Sharpe Ratio Rank: 22
SEMH.L Sortino Ratio Rank: 20
SEMH.L Omega Ratio Rank: 18
SEMH.L Calmar Ratio Rank: 24
SEMH.L Martin Ratio Rank: 19

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. SEMH.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 ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.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	SEMH.L	Difference
Sharpe ratio Return per unit of total volatility	0.65	0.40	+0.25
Sortino ratio Return per unit of downside risk	0.92	0.61	+0.31
Omega ratio Gain probability vs. loss probability	1.12	1.07	+0.05
Calmar ratio Return relative to maximum drawdown	1.17	0.65	+0.52
Martin ratio Return relative to average drawdown	2.70	1.29	+1.42
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. SEMH.L - Sharpe Ratio Comparison

The current VEMA.L Sharpe Ratio is 0.65, which is higher than the SEMH.L Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of VEMA.L and SEMH.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VEMA.L	SEMH.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	0.40	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.40	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.43	-0.14

Correlation

The correlation between VEMA.L and SEMH.L is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VEMA.L vs. SEMH.L - Dividend Comparison

VEMA.L has not paid dividends to shareholders, while SEMH.L's dividend yield for the trailing twelve months is around 4.85%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF	4.85%	4.97%	4.24%	3.18%	2.39%	2.72%	3.42%	3.52%	2.69%	3.13%	2.55%	1.76%

Drawdowns

VEMA.L vs. SEMH.L - Drawdown Comparison

The maximum VEMA.L drawdown since its inception was -14.59%, which is greater than SEMH.L's maximum drawdown of -13.63%. Use the drawdown chart below to compare losses from any high point for VEMA.L and SEMH.L.

Drawdown Indicators

	VEMA.L	SEMH.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-13.63%	-0.96%
Max Drawdown (1Y) Largest decline over 1 year	-4.57%	-4.52%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-11.41%	-13.61%	+2.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.63%	—
Current Drawdown Current decline from peak	-2.14%	-1.72%	-0.42%
Average Drawdown Average peak-to-trough decline	-6.38%	-5.61%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.28%	-0.38%

Volatility

VEMA.L vs. SEMH.L - Volatility Comparison

Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) and SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) have volatilities of 1.90% and 1.94%, 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

	VEMA.L	SEMH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	1.94%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.40%	4.25%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.28%	6.41%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.20%	7.66%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.58%	8.97%	+0.61%