VUTY.L vs. SBEM.L
VUTY.L (Vanguard USD Treasury Bond UCITS ETF Distributing) and SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) are both exchange-traded funds - VUTY.L is a Government Bonds fund tracking the Bloomberg Global Aggregate US Treasury Float Adjusted Index, while SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 10 years, VUTY.L returned 1.35%/yr vs 4.44%/yr for SBEM.L. A 0.71 correlation means they provide meaningful diversification when combined. VUTY.L charges 0.05%/yr vs 0.42%/yr for SBEM.L.
Performance
VUTY.L vs. SBEM.L - Performance Comparison
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Different Trading Currencies
VUTY.L is traded in GBP, while SBEM.L is traded in GBp. To make them comparable, the SBEM.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VUTY.L achieves a 0.19% return, which is significantly lower than SBEM.L's 2.82% return. Over the past 10 years, VUTY.L has underperformed SBEM.L with an annualized return of 1.35%, while SBEM.L has yielded a comparatively higher 4.44% annualized return.
VUTY.L
- 1D
- -0.31%
- 1M
- 0.71%
- YTD
- 0.19%
- 6M
- -0.05%
- 1Y
- 4.95%
- 3Y*
- 0.88%
- 5Y*
- 0.50%
- 10Y*
- 1.35%
SBEM.L
- 1D
- 0.16%
- 1M
- 1.55%
- YTD
- 2.82%
- 6M
- 3.45%
- 1Y
- 14.87%
- 3Y*
- 9.07%
- 5Y*
- 3.36%
- 10Y*
- 4.44%
VUTY.L vs. SBEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 0.19% | -1.14% | 2.53% | -1.95% | -1.84% | -1.13% | 4.01% | 3.66% | 6.64% | -6.80% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 2.82% | 7.42% | 9.45% | 5.95% | -10.24% | -1.29% | 1.29% | 10.91% | 1.42% | 0.47% |
Correlation
The correlation between VUTY.L and SBEM.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016 | 0.71 |
The correlation between VUTY.L and SBEM.L has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.
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Return for Risk
VUTY.L vs. SBEM.L — Risk / Return Rank
VUTY.L
SBEM.L
VUTY.L vs. SBEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) and UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L). 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.
| VUTY.L | SBEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.40 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 4.05 | -3.15 |
| Martin ratioReturn relative to average drawdown | 2.13 | 11.69 | -9.56 |
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Drawdowns
VUTY.L vs. SBEM.L - Drawdown Comparison
The maximum VUTY.L drawdown since its inception was -22.66%, roughly equal to the maximum SBEM.L drawdown of -21.61%. Use the drawdown chart below to compare losses from any high point for VUTY.L and SBEM.L.
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Drawdown Indicators
| VUTY.L | SBEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.66% | -21.61% | -1.05% |
Max Drawdown (1Y)Largest decline over 1 year | -5.24% | -3.53% | -1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -8.28% | -9.79% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -16.17% | -17.20% | +1.03% |
Max Drawdown (10Y)Largest decline over 10 years | -22.66% | -21.61% | -1.05% |
Current DrawdownCurrent decline from peak | -17.58% | 0.00% | -17.58% |
Average DrawdownAverage peak-to-trough decline | -12.63% | -7.22% | -5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 1.23% | +1.00% |
Volatility
VUTY.L vs. SBEM.L - Volatility Comparison
The current volatility for Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) is 1.35%, while UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) has a volatility of 1.48%. This indicates that VUTY.L experiences smaller price fluctuations and is considered to be less risky than SBEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUTY.L | SBEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.48% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 4.51% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.92% | 6.40% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 9.13% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.98% | 10.97% | -0.99% |
VUTY.L vs. SBEM.L - Expense Ratio Comparison
VUTY.L has a 0.05% expense ratio, which is lower than SBEM.L's 0.42% expense ratio.
Dividends
VUTY.L vs. SBEM.L - Dividend Comparison
VUTY.L's dividend yield for the trailing twelve months is around 4.26%, less than SBEM.L's 6.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.51% | 7.69% | 6.27% | 6.49% | 5.73% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 4.26% | 4.40% | 4.00% | 3.47% | 2.06% | 1.19% | 1.64% | 2.42% | 2.24% | 1.64% | 0.92% |
Frequently Asked Questions
VUTY.L and SBEM.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTY.L is cheaper with a 0.05% expense ratio, compared with 0.42% for SBEM.L.
VUTY.L is categorized as Government Bonds, while SBEM.L is Emerging Markets Bonds. VUTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index, while SBEM.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: Vanguard and UBS. Their fees differ too: 0.05% for VUTY.L and 0.42% for SBEM.L.
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