EBND vs. KHYB
EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and KHYB (KraneShares Asia Pacific High Income Bond ETF) are both Emerging Markets Bonds funds - EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified while KHYB tracks the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Both are passively managed. Over the past 5 years, EBND returned 0.03%/yr vs 0.17%/yr for KHYB. At a 0.28 correlation, their price movements are largely independent. EBND charges 0.30%/yr vs 0.69%/yr for KHYB.
Performance
EBND vs. KHYB - Performance Comparison
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Returns By Period
In the year-to-date period, EBND achieves a -0.23% return, which is significantly lower than KHYB's 2.50% return.
EBND
- 1D
- -0.57%
- 1M
- 0.59%
- YTD
- -0.23%
- 6M
- 0.63%
- 1Y
- 5.78%
- 3Y*
- 5.59%
- 5Y*
- 0.03%
- 10Y*
- 1.72%
KHYB
- 1D
- -0.04%
- 1M
- 1.41%
- YTD
- 2.50%
- 6M
- 3.54%
- 1Y
- 10.54%
- 3Y*
- 9.02%
- 5Y*
- 0.17%
- 10Y*
- —
EBND vs. KHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | -0.23% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | 1.20% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 2.50% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
Correlation
The correlation between EBND and KHYB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.28 |
Over the past year, EBND and KHYB have become more correlated (0.48) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
EBND vs. KHYB — Risk / Return Rank
EBND
KHYB
EBND vs. KHYB - 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 KraneShares Asia Pacific High Income Bond ETF (KHYB). 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.
| EBND | KHYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.60 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.71 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 2.67 | -1.79 |
| Martin ratioReturn relative to average drawdown | 2.93 | 11.98 | -9.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EBND | KHYB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 3.11 | -2.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 0.03 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.28 | -0.17 |
Drawdowns
EBND vs. KHYB - Drawdown Comparison
The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum KHYB drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for EBND and KHYB.
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Drawdown Indicators
| EBND | KHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.51% | -33.63% | +4.12% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -3.97% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -9.25% | -5.94% | -3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -32.86% | +5.29% |
Max Drawdown (10Y)Largest decline over 10 years | -29.50% | — | — |
Current DrawdownCurrent decline from peak | -3.24% | -0.62% | -2.62% |
Average DrawdownAverage peak-to-trough decline | -10.87% | -9.71% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 0.88% | +1.10% |
Volatility
EBND vs. KHYB - Volatility Comparison
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a higher volatility of 2.35% compared to KraneShares Asia Pacific High Income Bond ETF (KHYB) at 0.90%. This indicates that EBND's price experiences larger fluctuations and is considered to be riskier than KHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EBND | KHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 0.90% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 5.94% | 3.02% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.92% | 3.40% | +3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.98% | 6.32% | +2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 5.71% | +3.48% |
EBND vs. KHYB - Expense Ratio Comparison
EBND has a 0.30% expense ratio, which is lower than KHYB's 0.69% expense ratio.
Dividends
EBND vs. KHYB - Dividend Comparison
EBND's dividend yield for the trailing twelve months is around 5.83%, less than KHYB's 8.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.83% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.13% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% | 0.00% |
Frequently Asked Questions
EBND and KHYB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.35%) compared to KHYB (0.90%). In terms of maximum drawdown, EBND dropped -29.51% vs KHYB's -33.63%.
On 5-year performance, KHYB leads with 0.17% vs 0.03% for EBND. On fees, EBND is cheaper at 0.30% per year. On volatility, KHYB has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KHYB has performed better with a 0.17% return vs 0.03%. 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 0.69% for KHYB.
KHYB has the higher dividend yield at 8.13%, compared with 5.83% for EBND.
EBND tracks Bloomberg Emerging Market Local Currency Government Diversified, while KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. They also come from different issuers: State Street and KraneShares. Their fees differ too: 0.30% for EBND and 0.69% for KHYB.
KHYB currently has the higher Sharpe Ratio (3.11 vs 0.84), 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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