VGEM.DE vs. UEFS.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and UEFS.DE (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist) are both Emerging Markets Bonds funds - VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov while UEFS.DE tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped. Both are passively managed. Over the past 5 years, VGEM.DE returned 2.73%/yr vs 3.30%/yr for UEFS.DE. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.
Performance
VGEM.DE vs. UEFS.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 lower than UEFS.DE's 3.71% 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*
- —
UEFS.DE
- 1D
- -0.03%
- 1M
- 1.91%
- YTD
- 3.71%
- 6M
- 3.67%
- 1Y
- 11.43%
- 3Y*
- 8.56%
- 5Y*
- 3.30%
- 10Y*
- 3.55%
VGEM.DE vs. UEFS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 15.57% | 0.84% | -1.87% |
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 3.71% | 2.37% | 13.84% | 8.28% | -14.67% | 5.66% | -4.70% | 17.07% | 0.35% | -1.07% |
Correlation
The correlation between VGEM.DE and UEFS.DE is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.89 |
The correlation between VGEM.DE and UEFS.DE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
VGEM.DE vs. UEFS.DE — Risk / Return Rank
VGEM.DE
UEFS.DE
VGEM.DE vs. UEFS.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 UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.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 | UEFS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.38 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.96 | -1.80 |
| Martin ratioReturn relative to average drawdown | 5.71 | 12.59 | -6.88 |
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 | UEFS.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 1.98 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.38 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.44 | -0.16 |
Drawdowns
VGEM.DE vs. UEFS.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, smaller than the maximum UEFS.DE drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for VGEM.DE and UEFS.DE.
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Drawdown Indicators
| VGEM.DE | UEFS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -24.26% | +4.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -2.87% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | -13.70% | +1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -12.46% | -17.84% | +5.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.26% | — |
Current DrawdownCurrent decline from peak | -2.18% | -0.03% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -7.41% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.91% | +0.26% |
Volatility
VGEM.DE vs. UEFS.DE - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) is 1.18%, while UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.DE) has a volatility of 1.27%. This indicates that VGEM.DE experiences smaller price fluctuations and is considered to be less risky than UEFS.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 | UEFS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.27% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 3.77% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 5.76% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.89% | 8.69% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 9.37% | -0.60% |
VGEM.DE vs. UEFS.DE - Expense Ratio Comparison
Both VGEM.DE and UEFS.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. UEFS.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.06%, less than UEFS.DE's 6.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 6.50% | 7.96% | 6.14% | 6.46% | 6.08% | 4.22% | 5.09% | 4.60% | 4.53% | 4.90% | 2.30% |
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% | 0.00% |
Frequently Asked Questions
VGEM.DE and UEFS.DE have a correlation of 0.89, 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 UEFS.DE have the same expense ratio: 0.25% per year.
VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while UEFS.DE tracks Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped. They also come from different issuers: Vanguard and UBS.
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