VWOB vs. EMHY
VWOB (Vanguard Emerging Markets Government Bond ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both Emerging Markets Bonds funds - VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index while EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, VWOB returned 3.50%/yr vs 4.67%/yr for EMHY. Their correlation of 0.81 suggests significant overlap in exposure. VWOB charges 0.15%/yr vs 0.50%/yr for EMHY.
Performance
VWOB vs. EMHY - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 1.92% return, which is significantly lower than EMHY's 3.26% return. Over the past 10 years, VWOB has underperformed EMHY with an annualized return of 3.50%, while EMHY has yielded a comparatively higher 4.67% annualized return.
VWOB
- 1D
- -0.16%
- 1M
- 1.64%
- YTD
- 1.92%
- 6M
- 1.94%
- 1Y
- 10.08%
- 3Y*
- 9.01%
- 5Y*
- 2.07%
- 10Y*
- 3.50%
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
VWOB vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 1.92% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
Correlation
The correlation between VWOB and EMHY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.81 |
The correlation between VWOB and EMHY shifts across timeframes, from 0.81 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWOB vs. EMHY — Risk / Return Rank
VWOB
EMHY
VWOB vs. EMHY - 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 EM High Yield Bond ETF (EMHY). 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 | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.44 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.90 | -0.64 |
| Martin ratioReturn relative to average drawdown | 9.52 | 13.15 | -3.64 |
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Drawdowns
VWOB vs. EMHY - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, smaller than the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for VWOB and EMHY.
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Drawdown Indicators
| VWOB | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -30.11% | +3.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -4.34% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -5.95% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -25.83% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | -30.11% | +3.13% |
Current DrawdownCurrent decline from peak | -0.53% | -0.47% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -4.88% | +0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.96% | +0.10% |
Volatility
VWOB vs. EMHY - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) has a higher volatility of 1.74% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.58%. This indicates that VWOB's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWOB | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 1.58% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 4.43% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 5.74% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 9.11% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.35% | 10.66% | -1.31% |
VWOB vs. EMHY - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than EMHY's 0.50% expense ratio.
Dividends
VWOB vs. EMHY - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.82%, less than EMHY's 6.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.82% | 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 0.91, VWOB and EMHY 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 (1.74%) compared to EMHY (1.58%). In terms of maximum drawdown, VWOB dropped -26.98% vs EMHY's -30.11%.
On 10-year performance, EMHY leads with 4.67% vs 3.50% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, EMHY has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.67% return vs 3.50%. 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 0.50% for EMHY.
EMHY has the higher dividend yield at 6.38%, compared with 5.82% for VWOB.
VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VWOB and 0.50% for EMHY.
EMHY currently has the higher Sharpe Ratio (2.20 vs 1.92), 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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