VGEM.DE vs. VAGF.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and VAGF.DE (Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc) are both exchange-traded funds - VGEM.DE is a Emerging Markets Bonds fund tracking the Bloomberg EM USD Sovereign + Quasi-Sov, while VAGF.DE is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted and Scaled (EUR Hedged). Both are passively managed. Over the past 5 years, VGEM.DE returned 2.73%/yr vs -1.66%/yr for VAGF.DE. At a 0.31 correlation, their price movements are largely independent. VGEM.DE charges 0.25%/yr vs 0.10%/yr for VAGF.DE.
Performance
VGEM.DE vs. VAGF.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 VAGF.DE's -0.68% 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*
- —
VAGF.DE
- 1D
- 0.09%
- 1M
- 0.25%
- YTD
- -0.68%
- 6M
- -0.51%
- 1Y
- 1.20%
- 3Y*
- 2.04%
- 5Y*
- -1.66%
- 10Y*
- —
VGEM.DE vs. VAGF.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% | 3.35% |
VAGF.DE Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc | -0.68% | 3.23% | 0.82% | 4.53% | -14.84% | -2.97% | 5.07% | 0.73% |
Correlation
The correlation between VGEM.DE and VAGF.DE is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2019 | 0.31 |
Over the past year, the correlation between VGEM.DE and VAGF.DE has dropped to 0.10 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.
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Return for Risk
VGEM.DE vs. VAGF.DE — Risk / Return Rank
VGEM.DE
VAGF.DE
VGEM.DE vs. VAGF.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 Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc (VAGF.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 | VAGF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.06 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 0.38 | +1.78 |
| Martin ratioReturn relative to average drawdown | 5.71 | 1.06 | +4.65 |
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 | VAGF.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.33 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | -0.33 | +0.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | -0.17 | +0.46 |
Drawdowns
VGEM.DE vs. VAGF.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, roughly equal to the maximum VAGF.DE drawdown of -19.57%. Use the drawdown chart below to compare losses from any high point for VGEM.DE and VAGF.DE.
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Drawdown Indicators
| VGEM.DE | VAGF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -19.57% | -0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -3.11% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | -4.45% | -7.53% |
Max Drawdown (5Y)Largest decline over 5 years | -12.46% | -18.79% | +6.33% |
Current DrawdownCurrent decline from peak | -2.18% | -10.73% | +8.55% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -8.99% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.13% | +0.04% |
Volatility
VGEM.DE vs. VAGF.DE - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) is 1.18%, while Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc (VAGF.DE) has a volatility of 1.55%. This indicates that VGEM.DE experiences smaller price fluctuations and is considered to be less risky than VAGF.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 | VAGF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.55% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 3.96% | 2.98% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 3.63% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.89% | 4.90% | +2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 4.71% | +4.06% |
VGEM.DE vs. VAGF.DE - Expense Ratio Comparison
VGEM.DE has a 0.25% expense ratio, which is higher than VAGF.DE's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGEM.DE vs. VAGF.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.06%, while VAGF.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
VAGF.DE Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) 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 | 5.06% | 5.60% | 5.23% | 5.14% | 4.84% | 3.16% | 3.99% | 3.87% | 3.84% | 0.68% |
Frequently Asked Questions
VGEM.DE and VAGF.DE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGF.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGF.DE is cheaper with a 0.10% expense ratio, compared with 0.25% for VGEM.DE.
VGEM.DE is categorized as Emerging Markets Bonds, while VAGF.DE is Global Bonds. VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while VAGF.DE tracks Bloomberg Global Aggregate Float Adjusted and Scaled (EUR Hedged). Their fees differ too: 0.25% for VGEM.DE and 0.10% for VAGF.DE.
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