VEMT.L vs. CNYB.L
VEMT.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - VEMT.L tracks the JPM EMBI Global Diversified TR USD while CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, VEMT.L returned 2.58%/yr vs 3.58%/yr for CNYB.L. At a 0.48 correlation, their price movements are largely independent. VEMT.L charges 0.25%/yr vs 0.35%/yr for CNYB.L.
Performance
VEMT.L vs. CNYB.L - Performance Comparison
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Returns By Period
In the year-to-date period, VEMT.L achieves a 1.12% return, which is significantly lower than CNYB.L's 5.08% 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*
- —
CNYB.L
- 1D
- 0.23%
- 1M
- -0.13%
- 6M
- 4.82%
- YTD
- 5.08%
- 1Y
- 7.11%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
VEMT.L vs. CNYB.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% | -3.48% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.08% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
Correlation
The correlation between VEMT.L and CNYB.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.48 |
The correlation between VEMT.L and CNYB.L shifts across timeframes, from 0.48 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VEMT.L vs. CNYB.L — Risk / Return Rank
VEMT.L
CNYB.L
VEMT.L vs. CNYB.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 iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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 | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.57 | -0.82 |
| Martin ratioReturn relative to average drawdown | 4.76 | 6.13 | -1.36 |
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Drawdowns
VEMT.L vs. CNYB.L - Drawdown Comparison
The maximum VEMT.L drawdown since its inception was -14.62%, smaller than the maximum CNYB.L drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for VEMT.L and CNYB.L.
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Drawdown Indicators
| VEMT.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.62% | -25.82% | +11.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.33% | -2.75% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -9.03% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -11.41% | -15.44% | +4.03% |
Current DrawdownCurrent decline from peak | -2.94% | -7.25% | +4.31% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -12.53% | +6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.16% | +0.44% |
Volatility
VEMT.L vs. CNYB.L - Volatility Comparison
Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L) has a higher volatility of 2.25% compared to iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) at 1.68%. This indicates that VEMT.L's price experiences larger fluctuations and is considered to be riskier than CNYB.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 | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.68% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.81% | 4.69% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 6.29% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.13% | 7.66% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 11.48% | -2.36% |
VEMT.L vs. CNYB.L - Expense Ratio Comparison
VEMT.L has a 0.25% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.
Dividends
VEMT.L vs. CNYB.L - Dividend Comparison
VEMT.L's dividend yield for the trailing twelve months is around 5.96%, more than CNYB.L's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% | 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 CNYB.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VEMT.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEMT.L is cheaper with a 0.25% expense ratio, compared with 0.35% for CNYB.L.
VEMT.L tracks JPM EMBI Global Diversified TR USD, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VEMT.L and 0.35% for CNYB.L.
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