VGSH vs. XEMD
VGSH (Vanguard Short-Term Treasury ETF) and XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while XEMD is a Emerging Markets Bonds fund tracking the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, VGSH returned 4.29%/yr vs 10.14%/yr for XEMD. Their 0.50 correlation means their historical movements had little consistent relationship. VGSH charges 0.03%/yr vs 0.29%/yr for XEMD.
Performance
VGSH vs. XEMD - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.77% return, which is significantly lower than XEMD's 2.49% return.
VGSH
- 1D
- -0.05%
- 1M
- 0.14%
- 6M
- 0.55%
- YTD
- 0.77%
- 1Y
- 3.09%
- 3Y*
- 4.29%
- 5Y*
- 1.87%
- 10Y*
- 1.73%
- ALL TIME*
- 1.41%
XEMD
- 1D
- 0.02%
- 1M
- -0.62%
- 6M
- 1.43%
- YTD
- 2.49%
- 1Y
- 8.88%
- 3Y*
- 10.14%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.56M | $160.92M | $191.51M | |
| $5.44M | $11.46M | $8.01M |
VGSH vs. XEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.77% | 5.07% | 4.00% | 4.31% | -0.70% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2.49% | 13.98% | 8.77% | 10.26% | 2.40% |
Correlation
The correlation between VGSH and XEMD is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.50 |
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Return for Risk
VGSH vs. XEMD — Risk / Return Rank
VGSH
XEMD
VGSH vs. XEMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). 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.
| VGSH | XEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.36 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.51 | 2.53 | +0.97 |
| Martin ratioReturn relative to average drawdown | 13.46 | 10.95 | +2.51 |
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Drawdowns
VGSH vs. XEMD - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, smaller than the maximum XEMD drawdown of -10.01%. Use the drawdown chart below to compare losses from any high point for VGSH and XEMD.
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Drawdown Indicators
| VGSH | XEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -10.01% | +4.31% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -3.52% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -4.23% | +3.26% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.96% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -1.23% | +0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.81% | -0.58% |
Volatility
VGSH vs. XEMD - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.36%, while BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) has a volatility of 0.96%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than XEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | XEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 0.96% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 3.80% | -2.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.32% | 4.74% | -3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 6.80% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 6.80% | -5.22% |
VGSH vs. XEMD - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than XEMD's 0.29% expense ratio.
Dividends
VGSH vs. XEMD - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.85%, less than XEMD's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 3.85% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 5.82% | 6.15% | 6.30% | 6.19% | 3.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VGSH and XEMD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XEMD has higher volatility (0.96%) compared to VGSH (0.36%). In terms of maximum drawdown, VGSH dropped -5.70% vs XEMD's -10.01%.
On 3-year performance, XEMD leads with 10.14% vs 4.29% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XEMD has performed better with a 10.14% return vs 4.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.29% for XEMD.
XEMD has the higher dividend yield at 5.82%, compared with 3.85% for VGSH.
VGSH is categorized as Government Bonds, while XEMD is Emerging Markets Bonds. VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index, while XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. They also come from different issuers: Vanguard and BondBloxx. Their fees differ too: 0.03% for VGSH and 0.29% for XEMD.
VGSH currently has the higher Sharpe Ratio (2.35 vs 1.88), 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.
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