VGEM.DE vs. CEB0.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and CEB0.DE (iShares China CNY Bond UCITS ETF EUR Hedged Dist) are both Emerging Markets Bonds funds - VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov while CEB0.DE tracks the Bloomberg Barclays China Treasury + Policy Bank Index. Both are passively managed. Over the past year, VGEM.DE returned 6.72% vs 1.59% for CEB0.DE. At a 0.06 correlation, their price movements are largely independent. VGEM.DE charges 0.25%/yr vs 0.40%/yr for CEB0.DE.
Performance
VGEM.DE vs. CEB0.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEM.DE achieves a 2.34% return, which is significantly higher than CEB0.DE's 1.63% return.
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.24%
- YTD
- 2.34%
- 6M
- 1.63%
- 1Y
- 6.72%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
CEB0.DE
- 1D
- -0.13%
- 1M
- 0.30%
- YTD
- 1.63%
- 6M
- 1.79%
- 1Y
- 1.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGEM.DE vs. CEB0.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 8.70% |
CEB0.DE iShares China CNY Bond UCITS ETF EUR Hedged Dist | 1.63% | 0.43% | 6.89% |
Correlation
The correlation between VGEM.DE and CEB0.DE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024 | 0.06 |
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Return for Risk
VGEM.DE vs. CEB0.DE — Risk / Return Rank
VGEM.DE
CEB0.DE
VGEM.DE vs. CEB0.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 China CNY Bond UCITS ETF EUR Hedged Dist (CEB0.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 | CEB0.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.18 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.43 | +0.73 |
| Martin ratioReturn relative to average drawdown | 5.71 | 3.02 | +2.69 |
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 | CEB0.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.94 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 2.03 | -1.74 |
Drawdowns
VGEM.DE vs. CEB0.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, which is greater than CEB0.DE's maximum drawdown of -1.83%. Use the drawdown chart below to compare losses from any high point for VGEM.DE and CEB0.DE.
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Drawdown Indicators
| VGEM.DE | CEB0.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -1.83% | -17.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -1.11% | -1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.46% | — | — |
Current DrawdownCurrent decline from peak | -2.18% | -0.34% | -1.84% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -0.38% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.52% | +0.65% |
Volatility
VGEM.DE vs. CEB0.DE - Volatility Comparison
Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) has a higher volatility of 1.18% compared to iShares China CNY Bond UCITS ETF EUR Hedged Dist (CEB0.DE) at 1.02%. This indicates that VGEM.DE's price experiences larger fluctuations and is considered to be riskier than CEB0.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGEM.DE | CEB0.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.02% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 1.45% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 1.68% | +4.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.89% | 2.03% | +5.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 2.03% | +6.74% |
VGEM.DE vs. CEB0.DE - Expense Ratio Comparison
VGEM.DE has a 0.25% expense ratio, which is lower than CEB0.DE's 0.40% expense ratio.
Dividends
VGEM.DE vs. CEB0.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.06%, more than CEB0.DE's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEB0.DE iShares China CNY Bond UCITS ETF EUR Hedged Dist | 1.81% | 1.84% | 1.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
VGEM.DE and CEB0.DE have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.40% for CEB0.DE.
VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while CEB0.DE tracks Bloomberg Barclays China Treasury + Policy Bank Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VGEM.DE and 0.40% for CEB0.DE.
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