VWOB vs. VEMBX
VWOB (Vanguard Emerging Markets Government Bond ETF) and VEMBX (Vanguard Emerging Markets Bond Fund Investor Shares) are both Emerging Markets Bonds funds from Vanguard. Over the past 5 years, VWOB returned 2.07%/yr vs 4.30%/yr for VEMBX. A 0.73 correlation means they provide meaningful diversification when combined. VWOB charges 0.15%/yr vs 0.55%/yr for VEMBX.
Performance
VWOB vs. VEMBX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VWOB achieves a 1.92% return, which is significantly lower than VEMBX's 3.26% 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%
VEMBX
- 1D
- -0.19%
- 1M
- 1.73%
- YTD
- 3.26%
- 6M
- 3.46%
- 1Y
- 12.76%
- 3Y*
- 11.19%
- 5Y*
- 4.30%
- 10Y*
- —
VWOB vs. VEMBX - 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% |
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares | 3.26% | 14.32% | 7.38% | 13.66% | -13.18% | -1.53% | 14.99% | 17.72% | -0.89% | 13.12% |
Correlation
The correlation between VWOB and VEMBX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.73 |
The correlation between VWOB and VEMBX shifts across timeframes, from 0.73 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VWOB vs. VEMBX — Risk / Return Rank
VWOB
VEMBX
VWOB vs. VEMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX). 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 | VEMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.61 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 3.46 | -1.20 |
| Martin ratioReturn relative to average drawdown | 9.52 | 15.27 | -5.75 |
Loading charts...
Drawdowns
VWOB vs. VEMBX - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, which is greater than VEMBX's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for VWOB and VEMBX.
Loading charts...
Drawdown Indicators
| VWOB | VEMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -24.36% | -2.62% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -3.77% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -5.56% | -2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -24.36% | -2.62% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.28% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -3.85% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.85% | +0.21% |
Volatility
VWOB vs. VEMBX - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) has a higher volatility of 1.74% compared to Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX) at 1.11%. This indicates that VWOB's price experiences larger fluctuations and is considered to be riskier than VEMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VWOB | VEMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 1.11% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 3.64% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 4.37% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 6.36% | +2.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.35% | 6.35% | +3.00% |
VWOB vs. VEMBX - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than VEMBX's 0.55% expense ratio.
Dividends
VWOB vs. VEMBX - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.82%, less than VEMBX's 5.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares | 5.98% | 6.20% | 6.86% | 7.06% | 5.43% | 5.00% | 4.50% | 6.27% | 4.81% | 6.50% | 0.00% | 0.00% |
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
VWOB and VEMBX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWOB has higher volatility (1.74%) compared to VEMBX (1.11%). In terms of maximum drawdown, VWOB dropped -26.98% vs VEMBX's -24.36%.
VEMBX currently has the higher Sharpe Ratio (2.99 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.
Find the right allocation for VWOB and VEMBX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer