VGAVX vs. PRGMX
VGAVX (Vanguard Emerging Markets Government Bond Index Fund Admiral Shares) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. Over the past 10 years, VGAVX returned 3.17%/yr vs 1.10%/yr for PRGMX. Their 0.45 correlation means their historical movements had little consistent relationship. VGAVX charges 0.20%/yr vs 0.58%/yr for PRGMX.
Performance
VGAVX vs. PRGMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VGAVX achieves a 0.37% return, which is significantly higher than PRGMX's -0.48% return. Over the past 10 years, VGAVX has outperformed PRGMX with an annualized return of 3.17%, while PRGMX has yielded a comparatively lower 1.10% annualized return.
VGAVX
- 1D
- 0.00%
- 1M
- -1.60%
- 6M
- 0.16%
- YTD
- 0.37%
- 1Y
- 6.24%
- 3Y*
- 8.31%
- 5Y*
- 1.83%
- 10Y*
- 3.17%
- ALL TIME*
- 3.94%
PRGMX
- 1D
- -0.49%
- 1M
- -1.59%
- 6M
- -0.91%
- YTD
- -0.48%
- 1Y
- 3.56%
- 3Y*
- 4.59%
- 5Y*
- 0.39%
- 10Y*
- 1.10%
- ALL TIME*
- 3.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VGAVX vs. PRGMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares | 0.37% | 12.98% | 6.27% | 10.44% | -16.68% | -1.74% | 5.82% | 14.01% | -2.77% | 8.45% |
PRGMX T. Rowe Price GNMA Fund | -0.48% | 8.72% | 1.86% | 5.62% | -11.45% | -2.18% | 4.21% | 5.18% | 0.58% | 1.23% |
Correlation
The correlation between VGAVX and PRGMX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.45 |
The correlation between VGAVX and PRGMX shifts across timeframes, from 0.45 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VGAVX vs. PRGMX — Risk / Return Rank
VGAVX
PRGMX
VGAVX vs. PRGMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) and T. Rowe Price GNMA Fund (PRGMX). 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.
| VGAVX | PRGMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.19 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.50 | +0.11 |
| Martin ratioReturn relative to average drawdown | 6.10 | 4.11 | +1.98 |
Loading charts...
Drawdowns
VGAVX vs. PRGMX - Drawdown Comparison
The maximum VGAVX drawdown since its inception was -26.77%, which is greater than PRGMX's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for VGAVX and PRGMX.
Loading charts...
Drawdown Indicators
| VGAVX | PRGMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.77% | -18.22% | -8.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -3.00% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -6.21% | -6.22% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -26.77% | -17.21% | -9.56% |
Max Drawdown (10Y)Largest decline over 10 years | -26.77% | -18.22% | -8.55% |
Current DrawdownCurrent decline from peak | -1.91% | -2.63% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -4.63% | -2.23% | -2.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.09% | -0.04% |
Volatility
VGAVX vs. PRGMX - Volatility Comparison
The current volatility for Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) is 1.00%, while T. Rowe Price GNMA Fund (PRGMX) has a volatility of 1.23%. This indicates that VGAVX experiences smaller price fluctuations and is considered to be less risky than PRGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VGAVX | PRGMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.23% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 3.39% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 4.25% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 6.43% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.37% | 4.80% | +1.57% |
VGAVX vs. PRGMX - Expense Ratio Comparison
VGAVX has a 0.20% expense ratio, which is lower than PRGMX's 0.58% expense ratio.
Dividends
VGAVX vs. PRGMX - Dividend Comparison
VGAVX's dividend yield for the trailing twelve months is around 5.30%, more than PRGMX's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRGMX T. Rowe Price GNMA Fund | 4.45% | 4.96% | 4.47% | 3.54% | 1.38% | 0.59% | 1.44% | 2.39% | 2.78% | 2.98% | 2.88% | 3.12% |
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares | 5.30% | 5.88% | 6.56% | 5.50% | 5.29% | 4.27% | 4.20% | 4.60% | 4.54% | 4.62% | 4.73% | 4.94% |
Frequently Asked Questions
VGAVX and PRGMX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRGMX has higher volatility (1.23%) compared to VGAVX (1.00%). In terms of maximum drawdown, VGAVX dropped -26.77% vs PRGMX's -18.22%.
VGAVX currently has the higher Sharpe Ratio (1.53 vs 1.06), 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.
Find the right allocation for VGAVX and PRGMX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer