VWCG.DE vs. VGEM.DE

Last updated Jun 26, 2026

VWCG.DE (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both exchange-traded funds - VWCG.DE is a Europe Equities fund tracking the FTSE Developed Europe, 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, VWCG.DE returned 10.23%/yr vs 3.39%/yr for VGEM.DE. At a 0.23 correlation, their price movements are largely independent. VWCG.DE charges 0.10%/yr vs 0.25%/yr for VGEM.DE.

Performance

VWCG.DE vs. VGEM.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VWCG.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWCG.DE achieves a 10.13% return, which is significantly higher than VGEM.DE's 5.57% return.

VWCG.DE

• 1D: 0.58%
• 1M: 2.24%
• YTD: 10.13%
• 6M: 10.87%
• 1Y: 22.51%
• 3Y*: 15.60%
• 5Y*: 10.23%
• 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*: —

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

VWCG.DE vs. VGEM.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VWCG.DE Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	10.13%	20.44%	8.96%	16.07%	-9.83%	24.91%	-2.57%	7.53%
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%	2.33%

Correlation

The correlation between VWCG.DE and VGEM.DE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 23, 2019	0.23

Return for Risk

VWCG.DE vs. VGEM.DE — Risk / Return Rank

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

VWCG.DE

VWCG.DE Risk / Return Rank: 59
VWCG.DE Sharpe Ratio Rank: 60
VWCG.DE Sortino Ratio Rank: 61
VWCG.DE Omega Ratio Rank: 62
VWCG.DE Calmar Ratio Rank: 54
VWCG.DE Martin Ratio Rank: 59

VGEM.DE

VGEM.DE Risk / Return Rank: 71
VGEM.DE Sharpe Ratio Rank: 66
VGEM.DE Sortino Ratio Rank: 69
VGEM.DE Omega Ratio Rank: 68
VGEM.DE Calmar Ratio Rank: 83
VGEM.DE Martin Ratio Rank: 69

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.

VWCG.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VWCG.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.

	VWCG.DE	VGEM.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.89	-0.16
Sortino ratio: Return per unit of downside risk	2.50	2.77	-0.27
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.34	3.92	-1.59
Martin ratio: Return relative to average drawdown	9.02	11.15	-2.12

VWCG.DE vs. VGEM.DE - Sharpe Ratio Comparison

The current VWCG.DE Sharpe Ratio is 1.73, which is comparable to the VGEM.DE Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VWCG.DE and VGEM.DE, 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

VWCG.DE vs. VGEM.DE - Drawdown Comparison

The maximum VWCG.DE drawdown since its inception was -35.70%, 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 VWCG.DE and VGEM.DE.

Drawdown Indicators

	VWCG.DE	VGEM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.70%	-19.64%	-16.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-2.97%	-6.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.07%	-11.92%	-4.15%
Max Drawdown (5Y) Largest decline over 5 years	-20.09%	-12.13%	-7.96%
Current Drawdown Current decline from peak	0.00%	-0.21%	+0.21%
Average Drawdown Average peak-to-trough decline	-4.96%	-5.91%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.05%	+1.44%

Volatility

VWCG.DE vs. VGEM.DE - Volatility Comparison

Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VWCG.DE) has a higher volatility of 2.82% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.63%. This indicates that VWCG.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.

Volatility by Period

	VWCG.DE	VGEM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	1.63%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	10.76%	4.17%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	6.16%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	7.91%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	8.77%	+8.04%

VWCG.DE vs. VGEM.DE - Expense Ratio Comparison

VWCG.DE has a 0.10% expense ratio, which is lower than VGEM.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VWCG.DE vs. VGEM.DE - Dividend Comparison

VWCG.DE has not paid dividends to shareholders, while VGEM.DE's dividend yield for the trailing twelve months is around 5.74%.

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%
VWCG.DE Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VWCG.DE and VGEM.DE in my portfolio?

VWCG.DE and VGEM.DE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VWCG.DE or VGEM.DE?

On fees, VWCG.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VWCG.DE or VGEM.DE?

VWCG.DE is cheaper with a 0.10% expense ratio, compared with 0.25% for VGEM.DE.

What is the main difference between VWCG.DE and VGEM.DE?

VWCG.DE is categorized as Europe Equities, while VGEM.DE is Emerging Markets Bonds. VWCG.DE tracks FTSE Developed Europe, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. Their fees differ too: 0.10% for VWCG.DE and 0.25% for VGEM.DE.