VGCAX vs. VEMBX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX).

VGCAX is managed by Vanguard. It was launched on Nov 15, 2018. VEMBX is managed by Vanguard. It was launched on Mar 10, 2016.

Performance

VGCAX vs. VEMBX - Performance Comparison

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

VGCAX vs. VEMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	-0.47%	7.30%	3.99%	9.22%	-13.43%	-0.64%	10.81%	13.05%	0.96%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	-1.40%	14.32%	7.38%	13.66%	-13.18%	-1.53%	14.99%	17.72%	0.85%

Returns By Period

In the year-to-date period, VGCAX achieves a -0.47% return, which is significantly higher than VEMBX's -1.40% return.

VGCAX

• 1D: 0.37%
• 1M: -1.74%
• YTD: -0.47%
• 6M: 0.34%
• 1Y: 4.73%
• 3Y*: 5.55%
• 5Y*: 1.37%
• 10Y*: —

VEMBX

• 1D: 0.48%
• 1M: -2.88%
• YTD: -1.40%
• 6M: 1.85%
• 1Y: 9.48%
• 3Y*: 10.29%
• 5Y*: 4.09%
• 10Y*: —

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

VGCAX vs. VEMBX - Expense Ratio Comparison

VGCAX has a 0.25% expense ratio, which is lower than VEMBX's 0.55% expense ratio.

VEMBX

Vanguard Emerging Markets Bond Fund Investor Shares

VGCAX

Vanguard Global Credit Bond Fund Admiral Shares

Return for Risk

VGCAX vs. VEMBX — Risk / Return Rank

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

VGCAX

VGCAX Risk / Return Rank: 72
VGCAX Sharpe Ratio Rank: 76
VGCAX Sortino Ratio Rank: 77
VGCAX Omega Ratio Rank: 65
VGCAX Calmar Ratio Rank: 72
VGCAX Martin Ratio Rank: 70

VEMBX

VEMBX Risk / Return Rank: 90
VEMBX Sharpe Ratio Rank: 91
VEMBX Sortino Ratio Rank: 92
VEMBX Omega Ratio Rank: 90
VEMBX Calmar Ratio Rank: 87
VEMBX Martin Ratio Rank: 91

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.

VGCAX vs. VEMBX - Risk-Adjusted Trends Comparison

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

	VGCAX	VEMBX	Difference
Sharpe ratio Return per unit of total volatility	1.42	1.96	-0.54
Sortino ratio Return per unit of downside risk	2.00	2.83	-0.83
Omega ratio Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio Return relative to maximum drawdown	1.75	2.33	-0.58
Martin ratio Return relative to average drawdown	6.84	10.49	-3.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGCAX vs. VEMBX - Sharpe Ratio Comparison

The current VGCAX Sharpe Ratio is 1.42, which is comparable to the VEMBX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VGCAX and VEMBX, 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

	VGCAX	VEMBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.96	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.65	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.02	-0.23

Correlation

The correlation between VGCAX and VEMBX is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VGCAX vs. VEMBX - Dividend Comparison

VGCAX's dividend yield for the trailing twelve months is around 3.88%, less than VEMBX's 5.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	3.88%	4.91%	4.65%	4.48%	2.72%	3.16%	4.65%	6.88%	0.36%	0.00%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	5.66%	6.20%	6.86%	7.06%	5.43%	5.00%	4.50%	6.27%	4.81%	6.50%

Drawdowns

VGCAX vs. VEMBX - Drawdown Comparison

The maximum VGCAX drawdown since its inception was -18.63%, smaller than the maximum VEMBX drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for VGCAX and VEMBX.

Drawdown Indicators

	VGCAX	VEMBX	Difference
Max Drawdown Largest peak-to-trough decline	-18.63%	-24.36%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-4.16%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-18.63%	-24.36%	+5.73%
Current Drawdown Current decline from peak	-2.19%	-3.30%	+1.11%
Average Drawdown Average peak-to-trough decline	-4.42%	-3.93%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.95%	-0.21%

Volatility

VGCAX vs. VEMBX - Volatility Comparison

The current volatility for Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) is 1.57%, while Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX) has a volatility of 2.13%. This indicates that VGCAX experiences smaller price fluctuations and is considered to be less risky than VEMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGCAX	VEMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	2.13%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.90%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	5.07%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	6.29%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	6.37%	-1.51%