VGIVX vs. CEMB
VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both funds - VGIVX is a Government Bonds fund managed by Vanguard, while CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified. Over the past 10 years, VGIVX returned 3.58%/yr vs 3.55%/yr for CEMB. At a 0.48 correlation, their price movements are largely independent. VGIVX charges 0.18%/yr vs 0.50%/yr for CEMB.
Performance
VGIVX vs. CEMB - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with VGIVX having a 1.51% return and CEMB slightly higher at 1.54%. Both investments have delivered pretty close results over the past 10 years, with VGIVX having a 3.58% annualized return and CEMB not far behind at 3.55%.
VGIVX
- 1D
- 0.45%
- 1M
- 0.71%
- YTD
- 1.51%
- 6M
- 2.06%
- 1Y
- 10.33%
- 3Y*
- 9.47%
- 5Y*
- 2.07%
- 10Y*
- 3.58%
CEMB
- 1D
- 0.04%
- 1M
- 0.30%
- YTD
- 1.54%
- 6M
- 1.92%
- 1Y
- 6.95%
- 3Y*
- 7.15%
- 5Y*
- 1.92%
- 10Y*
- 3.55%
VGIVX vs. CEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares | 1.51% | 13.05% | 6.31% | 10.48% | -16.72% | -2.41% | 5.83% | 14.03% | -2.72% | 8.47% |
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.54% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 13.90% | -2.57% | 7.11% |
Correlation
The correlation between VGIVX and CEMB is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.48 |
The correlation between VGIVX and CEMB shifts across timeframes, from 0.48 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VGIVX vs. CEMB — Risk / Return Rank
VGIVX
CEMB
VGIVX vs. CEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.
| VGIVX | CEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.42 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.31 | +0.28 |
| Martin ratioReturn relative to average drawdown | 10.36 | 9.95 | +0.41 |
Loading charts...
Drawdowns
VGIVX vs. CEMB - Drawdown Comparison
The maximum VGIVX drawdown since its inception was -26.79%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for VGIVX and CEMB.
Loading charts...
Drawdown Indicators
| VGIVX | CEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.79% | -20.84% | -5.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.93% | -2.88% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -7.14% | -3.85% | -3.29% |
Max Drawdown (5Y)Largest decline over 5 years | -26.79% | -20.48% | -6.31% |
Max Drawdown (10Y)Largest decline over 10 years | -26.79% | -20.84% | -5.95% |
Current DrawdownCurrent decline from peak | -0.25% | -0.20% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -3.65% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.67% | +0.31% |
Volatility
VGIVX vs. CEMB - Volatility Comparison
Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) has a higher volatility of 1.51% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.20%. This indicates that VGIVX's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VGIVX | CEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.20% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 2.50% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 3.11% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.30% | 5.64% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.36% | 6.29% | +0.07% |
VGIVX vs. CEMB - Expense Ratio Comparison
VGIVX has a 0.18% expense ratio, which is lower than CEMB's 0.50% expense ratio.
Dividends
VGIVX vs. CEMB - Dividend Comparison
VGIVX's dividend yield for the trailing twelve months is around 5.89%, more than CEMB's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.13% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares | 5.89% | 5.95% | 6.58% | 5.53% | 5.32% | 3.53% | 4.21% | 4.62% | 4.62% | 4.67% | 4.76% | 4.55% |
Frequently Asked Questions
VGIVX and CEMB have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGIVX has higher volatility (1.51%) compared to CEMB (1.20%). In terms of maximum drawdown, VGIVX dropped -26.79% vs CEMB's -20.84%.
VGIVX currently has the higher Sharpe Ratio (2.47 vs 2.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for VGIVX and CEMB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer