VGAVX vs. VIHAX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) and Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX).

VGAVX is managed by Vanguard. It was launched on May 31, 2013. VIHAX is managed by Vanguard. It was launched on Mar 2, 2016.

Performance

VGAVX vs. VIHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) and Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX). The values are adjusted to include any dividend payments, if applicable.

VGAVX vs. VIHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	-1.88%	12.98%	6.27%	10.44%	-16.68%	-1.74%	5.82%	14.01%	-2.77%	8.45%
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	5.44%	38.01%	6.96%	16.81%	-6.88%	15.01%	-0.73%	20.03%	-12.38%	22.40%

Returns By Period

In the year-to-date period, VGAVX achieves a -1.88% return, which is significantly lower than VIHAX's 5.44% return. Over the past 10 years, VGAVX has underperformed VIHAX with an annualized return of 3.59%, while VIHAX has yielded a comparatively higher 10.41% annualized return.

VGAVX

• 1D: 0.36%
• 1M: -3.00%
• YTD: -1.88%
• 6M: 0.74%
• 1Y: 8.07%
• 3Y*: 8.36%
• 5Y*: 2.22%
• 10Y*: 3.59%

VIHAX

• 1D: 2.29%
• 1M: -4.98%
• YTD: 5.44%
• 6M: 12.61%
• 1Y: 32.56%
• 3Y*: 20.30%
• 5Y*: 12.43%
• 10Y*: 10.41%

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

VGAVX vs. VIHAX - Expense Ratio Comparison

VGAVX has a 0.20% expense ratio, which is lower than VIHAX's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VIHAX

Vanguard International High Dividend Yield Index Fund Admiral Shares

VGAVX

Vanguard Emerging Markets Government Bond Index Fund Admiral Shares

Return for Risk

VGAVX vs. VIHAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VGAVX

VGAVX Risk / Return Rank: 87
VGAVX Sharpe Ratio Rank: 90
VGAVX Sortino Ratio Rank: 91
VGAVX Omega Ratio Rank: 88
VGAVX Calmar Ratio Rank: 84
VGAVX Martin Ratio Rank: 84

VIHAX

VIHAX Risk / Return Rank: 94
VIHAX Sharpe Ratio Rank: 95
VIHAX Sortino Ratio Rank: 94
VIHAX Omega Ratio Rank: 94
VIHAX Calmar Ratio Rank: 93
VIHAX Martin Ratio Rank: 94

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.

VGAVX vs. VIHAX - 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 Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX). 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.

	VGAVX	VIHAX	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.32	-0.44
Sortino ratio Return per unit of downside risk	2.66	2.96	-0.30
Omega ratio Gain probability vs. loss probability	1.39	1.47	-0.09
Calmar ratio Return relative to maximum drawdown	2.16	3.01	-0.85
Martin ratio Return relative to average drawdown	8.81	12.38	-3.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGAVX vs. VIHAX - Sharpe Ratio Comparison

The current VGAVX Sharpe Ratio is 1.88, which is comparable to the VIHAX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VGAVX and VIHAX, 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

	VGAVX	VIHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.32	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.91	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.66	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.66	-0.01

Correlation

The correlation between VGAVX and VIHAX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VGAVX vs. VIHAX - Dividend Comparison

VGAVX's dividend yield for the trailing twelve months is around 5.42%, more than VIHAX's 3.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	5.42%	5.88%	6.56%	5.50%	5.29%	4.27%	4.20%	4.60%	4.54%	4.62%	4.73%	4.94%
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	3.62%	3.69%	4.85%	4.58%	4.70%	4.30%	3.22%	5.63%	4.28%	3.16%	2.37%	0.00%

Drawdowns

VGAVX vs. VIHAX - Drawdown Comparison

The maximum VGAVX drawdown since its inception was -26.77%, smaller than the maximum VIHAX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for VGAVX and VIHAX.

Drawdown Indicators

	VGAVX	VIHAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.77%	-38.80%	+12.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-10.66%	+6.69%
Max Drawdown (5Y) Largest decline over 5 years	-26.77%	-23.92%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-26.77%	-38.80%	+12.03%
Current Drawdown Current decline from peak	-3.57%	-6.64%	+3.07%
Average Drawdown Average peak-to-trough decline	-4.73%	-6.09%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.59%	-1.62%

Volatility

VGAVX vs. VIHAX - Volatility Comparison

The current volatility for Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) is 1.91%, while Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX) has a volatility of 6.16%. This indicates that VGAVX experiences smaller price fluctuations and is considered to be less risky than VIHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGAVX	VIHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	6.16%	-4.25%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	9.08%	-6.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.52%	14.29%	-9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	13.69%	-7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	15.92%	-9.57%