VGIVX vs. VEGBX

Last updated Jun 24, 2026

VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) and VEGBX (Vanguard Emerging Markets Bond Fund Admiral Shares) are both mutual funds - VGIVX is a Government Bonds fund managed by Vanguard, while VEGBX is a Emerging Markets Bonds fund managed by Vanguard. Over the past 5 years, VGIVX returned 2.29%/yr vs 4.44%/yr for VEGBX. With a 0.95 correlation, they move nearly in lockstep. VGIVX charges 0.18%/yr vs 0.40%/yr for VEGBX.

Performance

VGIVX vs. VEGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGIVX achieves a 2.03% return, which is significantly lower than VEGBX's 3.28% return.

VGIVX

• 1D: -0.22%
• 1M: 1.84%
• YTD: 2.03%
• 6M: 2.18%
• 1Y: 10.61%
• 3Y*: 9.38%
• 5Y*: 2.29%
• 10Y*: 3.58%

VEGBX

• 1D: -0.20%
• 1M: 1.73%
• YTD: 3.28%
• 6M: 3.48%
• 1Y: 12.83%
• 3Y*: 11.32%
• 5Y*: 4.44%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VGIVX vs. VEGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	2.03%	13.05%	6.31%	10.48%	-16.72%	-2.41%	5.83%	14.03%	-2.72%	7.02%
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	3.28%	14.46%	7.60%	13.81%	-13.02%	-1.44%	15.18%	17.87%	-0.66%	11.65%

Correlation

The correlation between VGIVX and VEGBX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.95

The correlation between VGIVX and VEGBX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

VGIVX vs. VEGBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VGIVX

VGIVX Risk / Return Rank: 76
VGIVX Sharpe Ratio Rank: 87
VGIVX Sortino Ratio Rank: 91
VGIVX Omega Ratio Rank: 84
VGIVX Calmar Ratio Rank: 57
VGIVX Martin Ratio Rank: 59

VEGBX

VEGBX Risk / Return Rank: 89
VEGBX Sharpe Ratio Rank: 94
VEGBX Sortino Ratio Rank: 96
VEGBX Omega Ratio Rank: 90
VEGBX Calmar Ratio Rank: 80
VEGBX Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VGIVX vs. VEGBX - 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 Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX). 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	VEGBX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.99	-0.37
Sortino ratio: Return per unit of downside risk	4.16	4.83	-0.66
Omega ratio: Gain probability vs. loss probability	1.53	1.61	-0.08
Calmar ratio: Return relative to maximum drawdown	2.77	3.46	-0.69
Martin ratio: Return relative to average drawdown	11.08	15.11	-4.03

VGIVX vs. VEGBX - Sharpe Ratio Comparison

The current VGIVX Sharpe Ratio is 2.62, which is comparable to the VEGBX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of VGIVX and VEGBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VGIVX vs. VEGBX - Drawdown Comparison

The maximum VGIVX drawdown since its inception was -26.79%, which is greater than VEGBX's maximum drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for VGIVX and VEGBX.

Drawdown Indicators

	VGIVX	VEGBX	Difference
Max Drawdown Largest peak-to-trough decline	-26.79%	-24.27%	-2.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	-3.79%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-7.14%	-5.53%	-1.61%
Max Drawdown (5Y) Largest decline over 5 years	-26.79%	-24.27%	-2.52%
Max Drawdown (10Y) Largest decline over 10 years	-26.79%	—	—
Current Drawdown Current decline from peak	-0.33%	-0.36%	+0.03%
Average Drawdown Average peak-to-trough decline	-4.68%	-3.82%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.87%	+0.11%

Volatility

VGIVX vs. VEGBX - Volatility Comparison

Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) have volatilities of 1.20% and 1.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGIVX	VEGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.16%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	3.67%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	4.39%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	6.35%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	6.35%	+0.01%

VGIVX vs. VEGBX - Expense Ratio Comparison

VGIVX has a 0.18% expense ratio, which is lower than VEGBX's 0.40% expense ratio.

Dividends

VGIVX vs. VEGBX - Dividend Comparison

VGIVX's dividend yield for the trailing twelve months is around 5.86%, less than VEGBX's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	6.13%	6.34%	7.02%	7.20%	5.61%	5.14%	4.62%	6.42%	5.00%	0.39%	0.00%	0.00%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	5.86%	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

Can I hold both VGIVX and VEGBX in my portfolio?

With a correlation of 0.97, VGIVX and VEGBX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VGIVX or VEGBX?

VGIVX has higher volatility (1.20%) compared to VEGBX (1.16%). In terms of maximum drawdown, VGIVX dropped -26.79% vs VEGBX's -24.27%.

Which has better risk-adjusted returns?

VEGBX currently has the higher Sharpe Ratio (2.99 vs 2.62), 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.