VWOB vs. VOE
VWOB (Vanguard Emerging Markets Government Bond ETF) and VOE (Vanguard Mid-Cap Value ETF) are both exchange-traded funds - VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, VWOB returned 3.09%/yr vs 10.57%/yr for VOE. At a 0.40 correlation, their price movements are largely independent. VWOB charges 0.15%/yr vs 0.05%/yr for VOE.
Performance
VWOB vs. VOE - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 1.21% return, which is significantly lower than VOE's 15.00% return. Over the past 10 years, VWOB has underperformed VOE with an annualized return of 3.09%, while VOE has yielded a comparatively higher 10.57% annualized return.
VWOB
- 1D
- -0.09%
- 1M
- -1.23%
- 6M
- 1.71%
- YTD
- 1.21%
- 1Y
- 8.06%
- 3Y*
- 8.36%
- 5Y*
- 1.84%
- 10Y*
- 3.09%
- ALL TIME*
- 3.50%
VOE
- 1D
- 0.20%
- 1M
- 3.58%
- 6M
- 11.63%
- YTD
- 15.00%
- 1Y
- 23.81%
- 3Y*
- 14.54%
- 5Y*
- 10.19%
- 10Y*
- 10.57%
- ALL TIME*
- 9.49%
VWOB vs. VOE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 1.21% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
VOE Vanguard Mid-Cap Value ETF | 15.00% | 12.08% | 14.00% | 9.85% | -7.97% | 28.78% | 2.65% | 27.85% | -12.48% | 17.07% |
Correlation
The correlation between VWOB and VOE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.40 |
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Return for Risk
VWOB vs. VOE — Risk / Return Rank
VWOB
VOE
VWOB vs. VOE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) and Vanguard Mid-Cap Value ETF (VOE). 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 | VOE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 3.45 | -1.65 |
| Martin ratioReturn relative to average drawdown | 7.53 | 13.12 | -5.59 |
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Drawdowns
VWOB vs. VOE - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for VWOB and VOE.
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Drawdown Indicators
| VWOB | VOE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -61.50% | +34.52% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -6.93% | +2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -18.45% | +10.74% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -19.70% | -7.28% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | -43.18% | +16.20% |
Current DrawdownCurrent decline from peak | -1.29% | -0.72% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -8.30% | +3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.82% | -0.75% |
Volatility
VWOB vs. VOE - Volatility Comparison
The current volatility for Vanguard Emerging Markets Government Bond ETF (VWOB) is 1.19%, while Vanguard Mid-Cap Value ETF (VOE) has a volatility of 2.36%. This indicates that VWOB experiences smaller price fluctuations and is considered to be less risky than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWOB | VOE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 2.36% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 8.20% | -3.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.25% | 11.44% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 15.89% | -6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 18.73% | -9.39% |
VWOB vs. VOE - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is higher than VOE's 0.05% expense ratio. However, 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. VOE - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.89%, more than VOE's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VOE Vanguard Mid-Cap Value ETF | 1.84% | 2.10% | 2.11% | 2.27% | 2.27% | 1.78% | 2.36% | 2.05% | 2.75% | 1.86% | 1.92% | 2.05% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.89% | 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 VOE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOE has higher volatility (2.36%) compared to VWOB (1.19%). In terms of maximum drawdown, VWOB dropped -26.98% vs VOE's -61.50%.
On 10-year performance, VOE leads with 10.57% vs 3.09% for VWOB. On fees, VOE is cheaper at 0.05% per year. On volatility, VWOB has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOE has performed better with a 10.57% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOE is cheaper with a 0.05% expense ratio, compared with 0.15% for VWOB.
VWOB has the higher dividend yield at 5.89%, compared with 1.84% for VOE.
VWOB is categorized as Emerging Markets Bonds, while VOE is Mid Cap Value Equities. VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index, while VOE tracks CRSP US Mid Cap Value Index. Their fees differ too: 0.15% for VWOB and 0.05% for VOE.
VOE currently has the higher Sharpe Ratio (2.09 vs 1.54), 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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