VWOB vs. EMHC
VWOB (Vanguard Emerging Markets Government Bond ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds - VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index while EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, VWOB returned 2.19%/yr vs 1.65%/yr for EMHC. With a 0.95 correlation, they move nearly in lockstep. VWOB charges 0.15%/yr vs 0.23%/yr for EMHC.
Performance
VWOB vs. EMHC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VWOB having a 2.24% return and EMHC slightly higher at 2.29%.
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%
EMHC
- 1D
- 0.04%
- 1M
- 1.51%
- YTD
- 2.29%
- 6M
- 2.06%
- 1Y
- 10.66%
- 3Y*
- 8.56%
- 5Y*
- 1.65%
- 10Y*
- —
VWOB vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 2.24% | 13.49% | 5.20% | 10.68% | -17.39% | 2.73% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 2.29% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
Correlation
The correlation between VWOB and EMHC is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.95 |
The correlation between VWOB and EMHC has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
VWOB vs. EMHC — Risk / Return Rank
VWOB
EMHC
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.
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 | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.45 | -0.22 |
| Martin ratioReturn relative to average drawdown | 9.37 | 10.21 | -0.83 |
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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
| VWOB | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -7.71% | -7.67% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -28.03% | +1.05% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.20% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -9.79% | +5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.05% | +0.01% |
Volatility
VWOB vs. EMHC - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) have volatilities of 1.70% and 1.62%, 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 | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.62% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.35% | 4.29% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.27% | 5.49% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 9.07% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 8.93% | +0.41% |
VWOB vs. EMHC - Expense Ratio Comparison
VWOB has a 0.15% 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%.
Dividends
VWOB vs. EMHC - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.81%, less than EMHC's 6.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.07% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 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 0.95, VWOB and EMHC 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 EMHC (1.62%). In terms of maximum drawdown, VWOB dropped -26.98% vs EMHC's -28.03%.
On 5-year performance, VWOB leads with 2.19% vs 1.65% for EMHC. 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 5-year period, VWOB has performed better with a 2.19% return vs 1.65%. 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 0.23% for EMHC.
EMHC has the higher dividend yield at 6.07%, compared with 5.81% for VWOB.
VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.15% for VWOB and 0.23% for EMHC.
EMHC currently has the higher Sharpe Ratio (1.95 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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