VEMT.L vs. CBND.L
VEMT.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both exchange-traded funds - VEMT.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while CBND.L is a Government Bonds fund tracking the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, VEMT.L returned 2.58%/yr vs 3.21%/yr for CBND.L. At a 0.45 correlation, their price movements are largely independent. VEMT.L charges 0.25%/yr vs 0.24%/yr for CBND.L.
Performance
VEMT.L vs. CBND.L - Performance Comparison
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Different Trading Currencies
VEMT.L is traded in GBP, while CBND.L is traded in USD. To make them comparable, the CBND.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VEMT.L achieves a 1.12% return, which is significantly lower than CBND.L's 4.44% return.
VEMT.L
- 1D
- -0.92%
- 1M
- -0.96%
- 6M
- 1.21%
- YTD
- 1.12%
- 1Y
- 7.62%
- 3Y*
- 7.00%
- 5Y*
- 2.58%
- 10Y*
- —
CBND.L
- 1D
- -0.99%
- 1M
- -0.86%
- 6M
- 4.01%
- YTD
- 4.44%
- 1Y
- 6.30%
- 3Y*
- 4.41%
- 5Y*
- 3.21%
- 10Y*
- —
VEMT.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VEMT.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 1.12% | 4.08% | 8.08% | 3.45% | -5.21% | -0.56% | 2.53% | 0.49% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 4.44% | -2.44% | 6.50% | -3.78% | 6.10% | 8.62% | 5.51% | 0.03% |
Correlation
The correlation between VEMT.L and CBND.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.45 |
The correlation between VEMT.L and CBND.L shifts across timeframes, from 0.42 (5 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VEMT.L vs. CBND.L — Risk / Return Rank
VEMT.L
CBND.L
VEMT.L vs. CBND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.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.
| VEMT.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.18 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.84 | -0.09 |
| Martin ratioReturn relative to average drawdown | 4.76 | 5.14 | -0.38 |
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Drawdowns
VEMT.L vs. CBND.L - Drawdown Comparison
The maximum VEMT.L drawdown since its inception was -14.62%, smaller than the maximum CBND.L drawdown of -16.35%. Use the drawdown chart below to compare losses from any high point for VEMT.L and CBND.L.
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Drawdown Indicators
| VEMT.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.62% | -16.35% | +1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -4.33% | -3.40% | -0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -9.09% | +0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -11.41% | -16.35% | +4.94% |
Current DrawdownCurrent decline from peak | -2.94% | -4.42% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -7.47% | +1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.22% | +0.38% |
Volatility
VEMT.L vs. CBND.L - Volatility Comparison
Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L) has a higher volatility of 2.25% compared to Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) at 1.90%. This indicates that VEMT.L's price experiences larger fluctuations and is considered to be riskier than CBND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMT.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.90% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 4.81% | 4.90% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 6.39% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.13% | 7.92% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 8.34% | +0.78% |
VEMT.L vs. CBND.L - Expense Ratio Comparison
VEMT.L has a 0.25% expense ratio, which is higher than CBND.L's 0.24% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VEMT.L vs. CBND.L - Dividend Comparison
VEMT.L's dividend yield for the trailing twelve months is around 5.96%, more than CBND.L's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 2.04% | 2.20% | 2.45% | 2.54% | 2.72% | 2.52% | 1.87% | 0.00% | 0.00% | 0.00% |
VEMT.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.96% | 6.17% | 5.74% | 5.56% | 4.88% | 3.81% | 4.47% | 4.46% | 4.45% | 4.81% |
Frequently Asked Questions
VEMT.L and CBND.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBND.L is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBND.L is cheaper with a 0.24% expense ratio, compared with 0.25% for VEMT.L.
VEMT.L is categorized as Emerging Markets Bonds, while CBND.L is Government Bonds. VEMT.L tracks JPM EMBI Global Diversified TR USD, while CBND.L tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: Vanguard and Goldman Sachs. Their fees differ too: 0.25% for VEMT.L and 0.24% for CBND.L.
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