VGEM.DE vs. 36B1.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and 36B1.DE (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) are both Emerging Markets Bonds funds - VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov while 36B1.DE tracks the JP Morgan ESG EMBI Global Diversified. Both are passively managed. Over the past 5 years, VGEM.DE returned 2.73%/yr vs 2.20%/yr for 36B1.DE. Their correlation of 0.92 suggests significant overlap in exposure. VGEM.DE charges 0.25%/yr vs 0.45%/yr for 36B1.DE.
Performance
VGEM.DE vs. 36B1.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VGEM.DE having a 2.34% return and 36B1.DE slightly higher at 2.43%.
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.24%
- YTD
- 2.34%
- 6M
- 1.63%
- 1Y
- 6.72%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
36B1.DE
- 1D
- 0.13%
- 1M
- 1.52%
- YTD
- 2.43%
- 6M
- 2.12%
- 1Y
- 7.79%
- 3Y*
- 5.51%
- 5Y*
- 2.20%
- 10Y*
- —
VGEM.DE vs. 36B1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 5.82% | -3.91% | 9.09% |
36B1.DE iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 2.43% | -0.10% | 10.86% | 5.55% | -13.71% | 6.46% | -4.35% | 11.07% |
Correlation
The correlation between VGEM.DE and 36B1.DE is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2019 | 0.92 |
The correlation between VGEM.DE and 36B1.DE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
VGEM.DE vs. 36B1.DE — Risk / Return Rank
VGEM.DE
36B1.DE
VGEM.DE vs. 36B1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) and iShares J.P. Morgan ESG USD EM Bond UCITS ETF (36B1.DE). 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.
| VGEM.DE | 36B1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.63 | -0.47 |
| Martin ratioReturn relative to average drawdown | 5.71 | 6.72 | -1.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VGEM.DE | 36B1.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 1.32 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.26 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.23 | +0.06 |
Drawdowns
VGEM.DE vs. 36B1.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, smaller than the maximum 36B1.DE drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for VGEM.DE and 36B1.DE.
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Drawdown Indicators
| VGEM.DE | 36B1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -22.46% | +2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -2.95% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | -12.43% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -12.46% | -16.34% | +3.88% |
Current DrawdownCurrent decline from peak | -2.18% | -1.33% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -8.64% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.16% | +0.01% |
Volatility
VGEM.DE vs. 36B1.DE - Volatility Comparison
Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) and iShares J.P. Morgan ESG USD EM Bond UCITS ETF (36B1.DE) have volatilities of 1.18% and 1.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGEM.DE | 36B1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.21% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 3.81% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 5.87% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.89% | 8.41% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 9.55% | -0.78% |
VGEM.DE vs. 36B1.DE - Expense Ratio Comparison
VGEM.DE has a 0.25% expense ratio, which is lower than 36B1.DE's 0.45% expense ratio.
Dividends
VGEM.DE vs. 36B1.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.06%, more than 36B1.DE's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
36B1.DE iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 4.93% | 5.22% | 4.96% | 5.09% | 5.00% | 4.57% | 3.40% | 4.19% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.06% | 5.60% | 5.23% | 5.14% | 4.84% | 3.16% | 3.99% | 3.87% | 3.84% | 0.68% |
Frequently Asked Questions
With a correlation of 0.91, VGEM.DE and 36B1.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.45% for 36B1.DE.
VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while 36B1.DE tracks JP Morgan ESG EMBI Global Diversified. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VGEM.DE and 0.45% for 36B1.DE.
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