VWOB vs. BEMB
VWOB (Vanguard Emerging Markets Government Bond ETF) and BEMB (Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds. VWOB is passively managed, while BEMB is actively managed. Over the past 3 years, VWOB returned 9.00%/yr vs 8.46%/yr for BEMB. With a 0.96 correlation, they move nearly in lockstep. VWOB charges 0.15%/yr vs 0.18%/yr for BEMB.
Performance
VWOB vs. BEMB - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 2.24% return, which is significantly higher than BEMB's 1.75% return.
VWOB
- 1D
- 0.00%
- 1M
- 1.46%
- YTD
- 2.24%
- 6M
- 2.00%
- 1Y
- 9.93%
- 3Y*
- 9.00%
- 5Y*
- 2.19%
- 10Y*
- 3.52%
BEMB
- 1D
- 0.02%
- 1M
- 0.99%
- YTD
- 1.75%
- 6M
- 1.72%
- 1Y
- 8.67%
- 3Y*
- 8.46%
- 5Y*
- —
- 10Y*
- —
VWOB vs. BEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 2.24% | 13.49% | 5.20% | 8.79% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 1.75% | 12.27% | 5.51% | 8.88% |
Correlation
The correlation between VWOB and BEMB is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023 | 0.96 |
The correlation between VWOB and BEMB has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
VWOB vs. BEMB — Risk / Return Rank
VWOB
BEMB
VWOB vs. BEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) and Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB). 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.
| VWOB | BEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.37 | -0.15 |
| Martin ratioReturn relative to average drawdown | 9.37 | 10.17 | -0.80 |
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Drawdowns
VWOB vs. BEMB - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, which is greater than BEMB's maximum drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for VWOB and BEMB.
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Drawdown Indicators
| VWOB | BEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -6.17% | -20.81% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -3.67% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -6.17% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.27% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -0.93% | -3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.85% | +0.21% |
Volatility
VWOB vs. BEMB - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) has a higher volatility of 1.70% compared to Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) at 1.31%. This indicates that VWOB's price experiences larger fluctuations and is considered to be riskier than BEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWOB | BEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.31% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 4.35% | 3.57% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.27% | 4.33% | +0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 5.86% | +3.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 5.86% | +3.48% |
VWOB vs. BEMB - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than BEMB's 0.18% 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
VWOB vs. BEMB - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.81%, less than BEMB's 6.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 6.85% | 6.88% | 6.31% | 5.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.81% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
With a correlation of 0.96, VWOB and BEMB 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.
VWOB has higher volatility (1.70%) compared to BEMB (1.31%). In terms of maximum drawdown, VWOB dropped -26.98% vs BEMB's -6.17%.
On 3-year performance, VWOB leads with 9.00% vs 8.46% for BEMB. On fees, VWOB is cheaper at 0.15% per year. On volatility, BEMB has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VWOB has performed better with a 9.00% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 0.18% for BEMB.
BEMB has the higher dividend yield at 6.85%, compared with 5.81% for VWOB.
They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VWOB and 0.18% for BEMB.
BEMB currently has the higher Sharpe Ratio (2.01 vs 1.89), 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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