VWOB vs. XEMD
VWOB (Vanguard Emerging Markets Government Bond ETF) and XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) are both Emerging Markets Bonds funds - VWOB tracks the Bloomberg USD Emerging Markets Government RIC Capped Index while XEMD tracks the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, VWOB returned 9.00%/yr vs 10.93%/yr for XEMD. Their correlation of 0.91 suggests significant overlap in exposure. VWOB charges 0.15%/yr vs 0.29%/yr for XEMD.
Performance
VWOB vs. XEMD - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 2.24% return, which is significantly lower than XEMD's 3.13% return.
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%
XEMD
- 1D
- -0.02%
- 1M
- 0.86%
- YTD
- 3.13%
- 6M
- 3.12%
- 1Y
- 10.91%
- 3Y*
- 10.93%
- 5Y*
- —
- 10Y*
- —
VWOB vs. XEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 2.24% | 13.49% | 5.20% | 10.68% | 2.96% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 3.13% | 13.98% | 8.77% | 10.26% | 2.40% |
Correlation
The correlation between VWOB and XEMD is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.91 |
The correlation between VWOB and XEMD has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.
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Return for Risk
VWOB vs. XEMD — Risk / Return Rank
VWOB
XEMD
VWOB vs. XEMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). 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 | XEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.45 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 3.11 | -0.89 |
| Martin ratioReturn relative to average drawdown | 9.37 | 13.90 | -4.53 |
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Drawdowns
VWOB vs. XEMD - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, which is greater than XEMD's maximum drawdown of -10.01%. Use the drawdown chart below to compare losses from any high point for VWOB and XEMD.
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Drawdown Indicators
| VWOB | XEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -10.01% | -16.97% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -3.52% | -0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -4.31% | -3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.33% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -1.25% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.79% | +0.27% |
Volatility
VWOB vs. XEMD - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) has a higher volatility of 1.70% compared to BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at 1.47%. This indicates that VWOB's price experiences larger fluctuations and is considered to be riskier than XEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWOB | XEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.47% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.35% | 3.86% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.27% | 4.76% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 6.87% | +2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 6.87% | +2.47% |
VWOB vs. XEMD - Expense Ratio Comparison
VWOB has a 0.15% expense ratio, which is lower than XEMD's 0.29% expense ratio.
Dividends
VWOB vs. XEMD - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.81%, which matches XEMD's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 5.80% | 6.15% | 6.30% | 6.19% | 3.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VWOB and XEMD have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWOB has higher volatility (1.70%) compared to XEMD (1.47%). In terms of maximum drawdown, VWOB dropped -26.98% vs XEMD's -10.01%.
On 3-year performance, XEMD leads with 10.93% vs 9.00% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, XEMD has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XEMD has performed better with a 10.93% return vs 9.00%. 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 0.29% for XEMD.
VWOB and XEMD have nearly identical dividend yields, around 5.81%.
VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index, while XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. They also come from different issuers: Vanguard and BondBloxx. Their fees differ too: 0.15% for VWOB and 0.29% for XEMD.
XEMD currently has the higher Sharpe Ratio (2.30 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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