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VWOB vs. EMHC
Performance
Return for Risk
Dividends
Drawdowns
Volatility

VWOB vs. EMHC

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Emerging Markets Government Bond ETF (VWOB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC).

VWOB and EMHC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VWOB is a passively managed fund by Vanguard that tracks the performance of the Barclays USD Emerging Markets Government RIC Capped Index. It was launched on May 31, 2013. EMHC is a passively managed fund by State Street that tracks the performance of the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. It was launched on Apr 6, 2021. Both VWOB and EMHC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VWOB vs. EMHC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Government Bond ETF (VWOB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). The values are adjusted to include any dividend payments, if applicable.

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VWOB vs. EMHC - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VWOB
Vanguard Emerging Markets Government Bond ETF		-1.63%13.49%5.20%10.68%-17.39%2.90%
EMHC
SPDR Bloomberg Emerging Markets USD Bond ETF		-1.69%14.07%3.52%10.06%-17.75%1.68%

Returns By Period

The year-to-date returns for both stocks are quite close, with VWOB having a -1.63% return and EMHC slightly lower at -1.69%.

VWOB

1D
0.86%
1M
-3.44%
YTD
-1.63%
6M
1.03%
1Y
8.59%
3Y*
8.03%
5Y*
2.02%
10Y*
3.45%

EMHC

1D
0.81%
1M
-3.43%
YTD
-1.69%
6M
1.67%
1Y
9.31%
3Y*
7.46%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Emerging Markets Government Bond ETF

SPDR Bloomberg Emerging Markets USD Bond ETF

Often compared with VWOB:
VWOB vs. EMBVWOB vs. BNDXVWOB vs. VWOVWOB vs. VEMBXVWOB vs. EMLCVWOB vs. EMHYVWOB vs. PCY
Often compared with EMHC:
EMHC vs. XEMDEMHC vs. EMBEMHC vs. VEMBXEMHC vs. SPHYEMHC vs. GABFEMHC vs. VEGBXEMHC vs. IAGG

VWOB vs. EMHC - Expense Ratio Comparison

VWOB has a 0.20% expense ratio, which is lower than EMHC's 0.23% 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%.

EMHC
SPDR Bloomberg Emerging Markets USD Bond ETF
VWOB
Vanguard Emerging Markets Government Bond ETF

Return for Risk

VWOB vs. EMHC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWOB
VWOB Risk / Return Rank: 7777
Overall Rank
VWOB Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
VWOB Sortino Ratio Rank: 7575
Sortino Ratio Rank
VWOB Omega Ratio Rank: 7777
Omega Ratio Rank
VWOB Calmar Ratio Rank: 7878
Calmar Ratio Rank
VWOB Martin Ratio Rank: 7979
Martin Ratio Rank
EMHC
EMHC Risk / Return Rank: 7878
Overall Rank
EMHC Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EMHC Sortino Ratio Rank: 7979
Sortino Ratio Rank
EMHC Omega Ratio Rank: 7777
Omega Ratio Rank
EMHC Calmar Ratio Rank: 8080
Calmar Ratio Rank
EMHC Martin Ratio Rank: 8181
Martin Ratio Rank
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.

VWOB vs. EMHC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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.

VWOBEMHCDifference

Sharpe ratio

Return per unit of total volatility

1.32

1.38

-0.06

Sortino ratio

Return per unit of downside risk

1.83

2.01

-0.18

Omega ratio

Gain probability vs. loss probability

1.28

1.29

0.00

Calmar ratio

Return relative to maximum drawdown

1.97

2.18

-0.21

Martin ratio

Return relative to average drawdown

8.17

8.84

-0.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWOB vs. EMHC - Sharpe Ratio Comparison

The current VWOB Sharpe Ratio is 1.32, which is comparable to the EMHC Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of VWOB and EMHC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

VWOBEMHCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

1.38

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.37

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.15

+0.24

Correlation

The correlation between VWOB and EMHC is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VWOB vs. EMHC - Dividend Comparison

VWOB's dividend yield for the trailing twelve months is around 5.98%, less than EMHC's 6.33% yield.

TTM20252024202320222021202020192018201720162015
VWOB
Vanguard Emerging Markets Government Bond ETF		5.98%5.92%6.08%5.50%5.30%4.04%4.18%4.58%4.52%4.61%4.71%4.93%
EMHC
SPDR Bloomberg Emerging Markets USD Bond ETF		6.33%6.16%5.95%5.12%5.11%2.97%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

VWOB vs. EMHC - Drawdown Comparison

The maximum VWOB drawdown since its inception was -26.98%, roughly equal to the maximum EMHC drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for VWOB and EMHC.

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Drawdown Indicators

VWOBEMHCDifference

Max Drawdown

Largest peak-to-trough decline

-26.98%

-28.03%

+1.05%

Max Drawdown (1Y)

Largest decline over 1 year

-4.48%

-4.37%

-0.11%

Max Drawdown (5Y)

Largest decline over 5 years

-26.98%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-26.98%

—

—

Current Drawdown

Current decline from peak

-3.47%

-3.44%

-0.03%

Average Drawdown

Average peak-to-trough decline

-4.83%

-10.22%

+5.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.08%

1.08%

0.00%

Volatility

VWOB vs. EMHC - Volatility Comparison

Vanguard Emerging Markets Government Bond ETF (VWOB) has a higher volatility of 2.92% compared to SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) at 2.75%. This indicates that VWOB's price experiences larger fluctuations and is considered to be riskier than EMHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VWOBEMHCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.92%

2.75%

+0.17%

Volatility (6M)

Calculated over the trailing 6-month period

3.74%

3.85%

-0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

6.51%

6.76%

-0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.17%

9.05%

+0.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.33%

9.05%

+0.28%