VEMBX vs. VEGBX

Last updated Aug 4, 2026

VEMBX (Vanguard Emerging Markets Bond Fund Investor Shares) and VEGBX (Vanguard Emerging Markets Bond Fund Admiral Shares) are both Emerging Markets Bonds funds from Vanguard. Over the past 5 years, VEMBX returned 3.97%/yr vs 4.14%/yr for VEGBX. Their 0.98 correlation means they have historically moved very closely together. VEMBX charges 0.50%/yr vs 0.35%/yr for VEGBX.

Performance

VEMBX vs. VEGBX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VEMBX having a 2.04% return and VEGBX slightly higher at 2.14%.

VEMBX

• 1D: -0.09%
• 1M: -1.21%
• 6M: 1.38%
• YTD: 2.04%
• 1Y: 8.70%
• 3Y*: 10.02%
• 5Y*: 3.97%
• 10Y*: —
• ALL TIME*: 6.62%

VEGBX

• 1D: -0.04%
• 1M: -1.16%
• 6M: 1.52%
• YTD: 2.14%
• 1Y: 8.85%
• 3Y*: 10.21%
• 5Y*: 4.14%
• 10Y*: —
• ALL TIME*: 6.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	$0.00	$0.00	$0.00
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	$0.00	$0.00	$0.00

VEMBX vs. VEGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	2.04%	14.32%	7.38%	13.66%	-13.18%	-1.53%	14.99%	17.72%	-0.89%	11.43%
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	2.14%	14.46%	7.60%	13.81%	-13.02%	-1.44%	15.18%	17.87%	-0.66%	11.65%

Correlation

The correlation between VEMBX and VEGBX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.98

The correlation between VEMBX and VEGBX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

VEMBX vs. VEGBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEMBX

VEMBX Risk / Return Rank: 81
VEMBX Sharpe Ratio Rank: 85
VEMBX Sortino Ratio Rank: 88
VEMBX Omega Ratio Rank: 83
VEMBX Calmar Ratio Rank: 69
VEMBX Martin Ratio Rank: 80

VEGBX

VEGBX Risk / Return Rank: 82
VEGBX Sharpe Ratio Rank: 85
VEGBX Sortino Ratio Rank: 89
VEGBX Omega Ratio Rank: 84
VEGBX Calmar Ratio Rank: 71
VEGBX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEMBX vs. VEGBX - Risk-Adjusted Trends Comparison

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

	VEMBX	VEGBX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.11	-0.03
Sortino ratio: Return per unit of downside risk	3.30	3.34	-0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	2.38	2.42	-0.04
Martin ratio: Return relative to average drawdown	10.12	10.19	-0.07

VEMBX vs. VEGBX - Sharpe Ratio Comparison

The current VEMBX Sharpe Ratio is 2.07, which is comparable to the VEGBX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of VEMBX and VEGBX, 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

VEMBX vs. VEGBX - Drawdown Comparison

The maximum VEMBX drawdown since its inception was -24.36%, roughly equal to the maximum VEGBX drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for VEMBX and VEGBX.

Drawdown Indicators

	VEMBX	VEGBX	Difference
Max Drawdown Largest peak-to-trough decline	-24.36%	-24.27%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.77%	-3.79%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-5.00%	-4.96%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	-24.27%	-0.09%
Current Drawdown Current decline from peak	-1.46%	-1.45%	-0.01%
Average Drawdown Average peak-to-trough decline	-3.81%	-3.79%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.90%	-0.02%

Volatility

VEMBX vs. VEGBX - Volatility Comparison

Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) have volatilities of 0.99% and 0.98%, 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

	VEMBX	VEGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.98%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	3.70%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.32%	4.35%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	6.36%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.32%	6.33%	-0.01%

VEMBX vs. VEGBX - Expense Ratio Comparison

VEMBX has a 0.50% expense ratio, which is higher than VEGBX's 0.35% expense ratio.

Dividends

VEMBX vs. VEGBX - Dividend Comparison

VEMBX's dividend yield for the trailing twelve months is around 5.50%, less than VEGBX's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	5.64%	6.34%	7.02%	7.20%	5.61%	5.14%	4.62%	6.42%	5.00%	0.39%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	5.50%	6.20%	6.86%	7.06%	5.43%	5.00%	4.50%	6.27%	4.81%	6.50%

Frequently Asked Questions

Can I hold both VEMBX and VEGBX in my portfolio?

With a correlation of 0.98, VEMBX and VEGBX 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, VEMBX or VEGBX?

VEMBX has higher volatility (0.99%) compared to VEGBX (0.98%). In terms of maximum drawdown, VEMBX dropped -24.36% vs VEGBX's -24.27%.

Which has better risk-adjusted returns?

VEGBX currently has the higher Sharpe Ratio (2.11 vs 2.07), 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.