VGEM.DE vs. EMA5.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and EMA5.DE (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) are both Emerging Markets Bonds funds - VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov while EMA5.DE tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity. Both are passively managed. Over the past 5 years, VGEM.DE returned 2.73%/yr vs 3.38%/yr for EMA5.DE. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.
Performance
VGEM.DE vs. EMA5.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VGEM.DE having a 2.34% return and EMA5.DE slightly lower at 2.33%.
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.24%
- YTD
- 2.34%
- 6M
- 1.63%
- 1Y
- 6.72%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
EMA5.DE
- 1D
- -0.04%
- 1M
- 1.09%
- YTD
- 2.33%
- 6M
- 2.03%
- 1Y
- 4.26%
- 3Y*
- 5.12%
- 5Y*
- 3.38%
- 10Y*
- —
VGEM.DE vs. EMA5.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 5.82% | -0.22% |
EMA5.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF | 2.33% | -2.57% | 14.01% | 3.79% | -5.07% | 7.86% | -1.26% |
Correlation
The correlation between VGEM.DE and EMA5.DE is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.77 |
The correlation between VGEM.DE and EMA5.DE has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
VGEM.DE vs. EMA5.DE — Risk / Return Rank
VGEM.DE
EMA5.DE
VGEM.DE vs. EMA5.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 L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.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 | EMA5.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.13 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.38 | +0.78 |
| Martin ratioReturn relative to average drawdown | 5.71 | 3.47 | +2.24 |
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 | EMA5.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.72 | +0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.47 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.47 | -0.18 |
Drawdowns
VGEM.DE vs. EMA5.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, which is greater than EMA5.DE's maximum drawdown of -10.01%. Use the drawdown chart below to compare losses from any high point for VGEM.DE and EMA5.DE.
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Drawdown Indicators
| VGEM.DE | EMA5.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -10.01% | -9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -3.06% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | -10.01% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -12.46% | -10.01% | -2.45% |
Current DrawdownCurrent decline from peak | -2.18% | -3.17% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -3.55% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.22% | -0.05% |
Volatility
VGEM.DE vs. EMA5.DE - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) is 1.18%, while L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.DE) has a volatility of 2.25%. This indicates that VGEM.DE experiences smaller price fluctuations and is considered to be less risky than EMA5.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 | EMA5.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 2.25% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 4.23% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 5.86% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.89% | 7.07% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 6.94% | +1.83% |
VGEM.DE vs. EMA5.DE - Expense Ratio Comparison
Both VGEM.DE and EMA5.DE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGEM.DE vs. EMA5.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.06%, more than EMA5.DE's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMA5.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF | 4.59% | 5.61% | 5.39% | 4.22% | 2.89% | 1.01% | 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 EMA5.DE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE and EMA5.DE have the same expense ratio: 0.25% per year.
VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while EMA5.DE tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity. They also come from different issuers: Vanguard and Legal & General.
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