VWOB vs. EMB
VWOB (Vanguard Emerging Markets Government Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds - VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index while EMB tracks the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, VWOB returned 3.52%/yr vs 3.32%/yr for EMB. Their correlation of 0.91 suggests significant overlap in exposure. VWOB charges 0.15%/yr vs 0.39%/yr for EMB.
Performance
VWOB vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 2.09% return, which is significantly lower than EMB's 2.33% return. Over the past 10 years, VWOB has outperformed EMB with an annualized return of 3.52%, while EMB has yielded a comparatively lower 3.32% annualized return.
VWOB
- 1D
- -0.37%
- 1M
- 1.81%
- YTD
- 2.09%
- 6M
- 2.11%
- 1Y
- 10.57%
- 3Y*
- 9.07%
- 5Y*
- 2.13%
- 10Y*
- 3.52%
EMB
- 1D
- -0.34%
- 1M
- 1.72%
- YTD
- 2.33%
- 6M
- 2.30%
- 1Y
- 11.30%
- 3Y*
- 9.42%
- 5Y*
- 1.91%
- 10Y*
- 3.32%
VWOB vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 2.09% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.33% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between VWOB and EMB is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.91 |
The correlation between VWOB and EMB has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
VWOB vs. EMB — Risk / Return Rank
VWOB
EMB
VWOB vs. EMB - 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 USD Emerging Markets Bond ETF (EMB). 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 | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.52 | -0.15 |
| Martin ratioReturn relative to average drawdown | 9.98 | 10.72 | -0.74 |
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Drawdowns
VWOB vs. EMB - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for VWOB and EMB.
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Drawdown Indicators
| VWOB | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -34.70% | +7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -4.51% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -7.95% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -28.74% | +1.76% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | -28.74% | +1.76% |
Current DrawdownCurrent decline from peak | -0.37% | -0.34% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -5.05% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.06% | 0.00% |
Volatility
VWOB vs. EMB - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) have volatilities of 1.72% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWOB | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 1.77% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 4.70% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 5.69% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 9.76% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.35% | 9.96% | -0.61% |
VWOB vs. EMB - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
VWOB vs. EMB - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.81%, more than EMB's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.03% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
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 0.98, VWOB and EMB 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.
EMB has higher volatility (1.77%) compared to VWOB (1.72%). In terms of maximum drawdown, VWOB dropped -26.98% vs EMB's -34.70%.
On 10-year performance, VWOB leads with 3.52% vs 3.32% for EMB. On fees, VWOB is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VWOB has performed better with a 3.52% return vs 3.32%. 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 0.39% for EMB.
VWOB has the higher dividend yield at 5.81%, compared with 5.03% for EMB.
VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index, while EMB tracks J.P. Morgan EMBI Global Core Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VWOB and 0.39% for EMB.
VWOB currently has the higher Sharpe Ratio (2.01 vs 2.00), 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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