VGEM.DE vs. SPFD.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) are both Emerging Markets Bonds funds - VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov while SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). Both are passively managed. Over the past 5 years, VGEM.DE returned 3.39%/yr vs -1.55%/yr for SPFD.DE. At a correlation of -0.02, they often move in opposite directions. VGEM.DE charges 0.25%/yr vs 0.60%/yr for SPFD.DE.
Performance
VGEM.DE vs. SPFD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEM.DE achieves a 5.57% return, which is significantly higher than SPFD.DE's -1.67% return.
VGEM.DE
- 1D
- -0.21%
- 1M
- 3.66%
- YTD
- 5.57%
- 6M
- 5.82%
- 1Y
- 11.69%
- 3Y*
- 7.09%
- 5Y*
- 3.39%
- 10Y*
- —
SPFD.DE
- 1D
- 0.51%
- 1M
- 0.04%
- YTD
- -1.67%
- 6M
- -1.18%
- 1Y
- 1.50%
- 3Y*
- 2.75%
- 5Y*
- -1.55%
- 10Y*
- —
VGEM.DE vs. SPFD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.57% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 0.34% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.67% | 12.44% | -4.38% | 6.62% | -12.76% | -9.84% | 1.86% | 2.40% |
Correlation
The correlation between VGEM.DE and SPFD.DE is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | -0.02 |
The correlation between VGEM.DE and SPFD.DE shifts across timeframes, from -0.17 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VGEM.DE vs. SPFD.DE — Risk / Return Rank
VGEM.DE
SPFD.DE
VGEM.DE vs. SPFD.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 State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VGEM.DE | SPFD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.69 | ||
| Sortino ratioReturn per unit of downside risk | +2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.04 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 0.22 | +3.70 |
| Martin ratioReturn relative to average drawdown | 11.15 | 0.61 | +10.54 |
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Drawdowns
VGEM.DE vs. SPFD.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, smaller than the maximum SPFD.DE drawdown of -28.89%. Use the drawdown chart below to compare losses from any high point for VGEM.DE and SPFD.DE.
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Drawdown Indicators
| VGEM.DE | SPFD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -28.89% | +9.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -6.69% | +3.72% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -9.26% | -2.66% |
Max Drawdown (5Y)Largest decline over 5 years | -12.13% | -25.58% | +13.45% |
Current DrawdownCurrent decline from peak | -0.21% | -11.63% | +11.42% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -13.42% | +7.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 2.46% | -1.41% |
Volatility
VGEM.DE vs. SPFD.DE - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) is 1.63%, while State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a volatility of 2.50%. This indicates that VGEM.DE experiences smaller price fluctuations and is considered to be less risky than SPFD.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 | SPFD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 2.50% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 6.71% | -2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.16% | 7.44% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.91% | 7.99% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 8.41% | +0.36% |
VGEM.DE vs. SPFD.DE - Expense Ratio Comparison
VGEM.DE has a 0.25% expense ratio, which is lower than SPFD.DE's 0.60% expense ratio.
Dividends
VGEM.DE vs. SPFD.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.74%, while SPFD.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 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 | 5.74% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% |
Frequently Asked Questions
VGEM.DE and SPFD.DE have a correlation of -0.17, 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 0.60% for SPFD.DE.
VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.25% for VGEM.DE and 0.60% for SPFD.DE.
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