VGWD.DE vs. VGEM.DE
VGWD.DE (Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both exchange-traded funds - VGWD.DE is a Dividend fund tracking the FTSE All-World High Dividend Yield Index, while VGEM.DE is a Emerging Markets Bonds fund tracking the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, VGWD.DE returned 12.04%/yr vs 3.39%/yr for VGEM.DE. At a 0.37 correlation, their price movements are largely independent. VGWD.DE charges 0.29%/yr vs 0.25%/yr for VGEM.DE.
Performance
VGWD.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGWD.DE achieves a 15.12% return, which is significantly higher than VGEM.DE's 5.57% return.
VGWD.DE
- 1D
- 0.36%
- 1M
- 2.54%
- YTD
- 15.12%
- 6M
- 15.77%
- 1Y
- 29.59%
- 3Y*
- 17.21%
- 5Y*
- 12.04%
- 10Y*
- —
VGEM.DE
- 1D
- -0.21%
- 1M
- 3.66%
- YTD
- 5.57%
- 6M
- 5.82%
- 1Y
- 11.69%
- 3Y*
- 7.09%
- 5Y*
- 3.39%
- 10Y*
- —
VGWD.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGWD.DE Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing | 15.12% | 13.16% | 15.75% | 7.29% | 0.08% | 27.89% | -9.60% | 25.03% | -8.03% | 1.24% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.57% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 16.11% | 1.51% | -2.67% |
Correlation
The correlation between VGWD.DE and VGEM.DE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.37 |
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Return for Risk
VGWD.DE vs. VGEM.DE — Risk / Return Rank
VGWD.DE
VGEM.DE
VGWD.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VGWD.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.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.
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.
| VGWD.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.35 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 5.06 | 3.92 | +1.14 |
| Martin ratioReturn relative to average drawdown | 19.89 | 11.15 | +8.74 |
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Drawdowns
VGWD.DE vs. VGEM.DE - Drawdown Comparison
The maximum VGWD.DE drawdown since its inception was -34.57%, which is greater than VGEM.DE's maximum drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for VGWD.DE and VGEM.DE.
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Drawdown Indicators
| VGWD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.57% | -19.64% | -14.93% |
Max Drawdown (1Y)Largest decline over 1 year | -5.82% | -2.97% | -2.85% |
Max Drawdown (3Y)Largest decline over 3 years | -16.86% | -11.92% | -4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -16.86% | -12.13% | -4.73% |
Current DrawdownCurrent decline from peak | 0.00% | -0.21% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -4.02% | -5.91% | +1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.48% | 1.05% | +0.43% |
Volatility
VGWD.DE vs. VGEM.DE - Volatility Comparison
Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VGWD.DE) has a higher volatility of 2.22% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.63%. This indicates that VGWD.DE's price experiences larger fluctuations and is considered to be riskier than VGEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGWD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 1.63% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 7.18% | 4.17% | +3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.37% | 6.16% | +3.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.54% | 7.91% | +3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.20% | 8.77% | +5.43% |
VGWD.DE vs. VGEM.DE - Expense Ratio Comparison
VGWD.DE has a 0.29% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
VGWD.DE vs. VGEM.DE - Dividend Comparison
VGWD.DE's dividend yield for the trailing twelve months is around 2.50%, less than VGEM.DE's 5.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.74% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% |
VGWD.DE Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing | 2.50% | 2.84% | 3.05% | 3.40% | 3.78% | 3.02% | 3.08% | 3.21% | 3.70% | 0.58% |
Frequently Asked Questions
VGWD.DE and VGEM.DE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.29% for VGWD.DE.
VGWD.DE is categorized as Dividend, while VGEM.DE is Emerging Markets Bonds. VGWD.DE tracks FTSE All-World High Dividend Yield Index, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. Their fees differ too: 0.29% for VGWD.DE and 0.25% for VGEM.DE.
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