EBND vs. EMB
EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds - EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified while EMB tracks the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, EBND returned 1.79%/yr vs 3.32%/yr for EMB. A 0.60 correlation means they provide meaningful diversification when combined. EBND charges 0.30%/yr vs 0.39%/yr for EMB.
Performance
EBND vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, EBND achieves a 0.20% return, which is significantly lower than EMB's 2.33% return. Over the past 10 years, EBND has underperformed EMB with an annualized return of 1.79%, while EMB has yielded a comparatively higher 3.32% annualized return.
EBND
- 1D
- -0.29%
- 1M
- 1.12%
- YTD
- 0.20%
- 6M
- 0.81%
- 1Y
- 5.68%
- 3Y*
- 5.34%
- 5Y*
- 0.51%
- 10Y*
- 1.79%
EMB
- 1D
- -0.34%
- 1M
- 1.72%
- YTD
- 2.33%
- 6M
- 2.30%
- 1Y
- 11.30%
- 3Y*
- 9.42%
- 5Y*
- 1.91%
- 10Y*
- 3.32%
EBND vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 0.20% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.33% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between EBND and EMB is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011 | 0.60 |
The correlation between EBND and EMB shifts across timeframes, from 0.60 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EBND vs. EMB — Risk / Return Rank
EBND
EMB
EBND vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| EBND | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.39 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.52 | -1.66 |
| Martin ratioReturn relative to average drawdown | 2.72 | 10.72 | -8.00 |
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Drawdowns
EBND vs. EMB - Drawdown Comparison
The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for EBND and EMB.
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Drawdown Indicators
| EBND | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.51% | -34.70% | +5.19% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -4.51% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -9.25% | -7.95% | -1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -26.15% | -28.74% | +2.59% |
Max Drawdown (10Y)Largest decline over 10 years | -29.50% | -28.74% | -0.76% |
Current DrawdownCurrent decline from peak | -2.82% | -0.34% | -2.48% |
Average DrawdownAverage peak-to-trough decline | -10.84% | -5.05% | -5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.06% | +1.03% |
Volatility
EBND vs. EMB - Volatility Comparison
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a higher volatility of 2.33% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.77%. This indicates that EBND's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EBND | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 1.77% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 4.70% | +1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.15% | 5.69% | +1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.00% | 9.76% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 9.96% | -0.78% |
EBND vs. EMB - Expense Ratio Comparison
EBND has a 0.30% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
EBND vs. EMB - Dividend Comparison
EBND's dividend yield for the trailing twelve months is around 5.80%, more than EMB's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.80% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.03% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
Frequently Asked Questions
EBND and EMB have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.33%) compared to EMB (1.77%). In terms of maximum drawdown, EBND dropped -29.51% vs EMB's -34.70%.
On 10-year performance, EMB leads with 3.32% vs 1.79% for EBND. On fees, EBND is cheaper at 0.30% per year. On volatility, EMB has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 3.32% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.39% for EMB.
EBND has the higher dividend yield at 5.80%, compared with 5.03% for EMB.
EBND tracks Bloomberg Emerging Market Local Currency Government Diversified, while EMB tracks J.P. Morgan EMBI Global Core Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for EBND and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (2.00 vs 0.80), 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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