EBND vs. PHIYX

Last updated Aug 2, 2026

EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and PHIYX (PIMCO High Yield Fund) are both funds - EBND is a Emerging Markets Bonds fund tracking the Bloomberg Emerging Market Local Currency Government Diversified, while PHIYX is a High Yield Bonds fund managed by PIMCO. Over the past 10 years, EBND returned 1.42%/yr vs 4.67%/yr for PHIYX. Their 0.41 correlation means their historical movements had little consistent relationship. EBND charges 0.30%/yr vs 0.56%/yr for PHIYX.

Performance

EBND vs. PHIYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) and PIMCO High Yield Fund (PHIYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBND achieves a 0.87% return, which is significantly higher than PHIYX's 0.34% return. Over the past 10 years, EBND has underperformed PHIYX with an annualized return of 1.42%, while PHIYX has yielded a comparatively higher 4.67% annualized return.

EBND

• 1D: -0.24%
• 1M: 0.29%
• 6M: -0.48%
• YTD: 0.87%
• 1Y: 5.00%
• 3Y*: 5.35%
• 5Y*: 0.73%
• 10Y*: 1.42%
• ALL TIME*: 1.04%

PHIYX

• 1D: 0.25%
• 1M: -0.87%
• 6M: 0.08%
• YTD: 0.34%
• 1Y: 4.45%
• 3Y*: 7.31%
• 5Y*: 3.19%
• 10Y*: 4.67%
• ALL TIME*: 6.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	$5.14M	$5.71M	$6.29M
PHIYX PIMCO High Yield Fund	$0.00	$0.00	$0.00

EBND vs. PHIYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	0.87%	15.83%	-2.70%	9.02%	-11.84%	-9.66%	4.49%	10.40%	-6.52%	13.93%
PHIYX PIMCO High Yield Fund	0.34%	8.60%	6.81%	12.83%	-11.96%	4.07%	5.37%	14.96%	-2.47%	7.03%

Correlation

The correlation between EBND and PHIYX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011	0.41

Over the past year, EBND and PHIYX have become more correlated (0.62) than their long-term average of 0.41, meaning their price movements have been converging.

Return for Risk

EBND vs. PHIYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EBND

EBND Risk / Return Rank: 31
EBND Sharpe Ratio Rank: 34
EBND Sortino Ratio Rank: 32
EBND Omega Ratio Rank: 34
EBND Calmar Ratio Rank: 28
EBND Martin Ratio Rank: 30

PHIYX

PHIYX Risk / Return Rank: 65
PHIYX Sharpe Ratio Rank: 59
PHIYX Sortino Ratio Rank: 72
PHIYX Omega Ratio Rank: 69
PHIYX Calmar Ratio Rank: 54
PHIYX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EBND vs. PHIYX - 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 PIMCO High Yield Fund (PHIYX). 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	PHIYX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.43	-0.59
Sortino ratio: Return per unit of downside risk	1.21	2.40	-1.20
Omega ratio: Gain probability vs. loss probability	1.16	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	0.89	1.91	-1.01
Martin ratio: Return relative to average drawdown	2.62	8.66	-6.04

EBND vs. PHIYX - Sharpe Ratio Comparison

The current EBND Sharpe Ratio is 0.84, which is lower than the PHIYX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EBND and PHIYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EBND vs. PHIYX - Drawdown Comparison

The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum PHIYX drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for EBND and PHIYX.

Drawdown Indicators

	EBND	PHIYX	Difference
Max Drawdown Largest peak-to-trough decline	-29.51%	-32.73%	+3.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-2.58%	-4.05%
Max Drawdown (3Y) Largest decline over 3 years	-7.31%	-3.54%	-3.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.12%	-15.74%	-10.38%
Max Drawdown (10Y) Largest decline over 10 years	-29.50%	-20.30%	-9.20%
Current Drawdown Current decline from peak	-2.17%	-1.00%	-1.17%
Average Drawdown Average peak-to-trough decline	-10.78%	-2.17%	-8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	0.57%	+1.69%

Volatility

EBND vs. PHIYX - Volatility Comparison

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a higher volatility of 1.78% compared to PIMCO High Yield Fund (PHIYX) at 0.73%. This indicates that EBND's price experiences larger fluctuations and is considered to be riskier than PHIYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBND	PHIYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	0.73%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	6.38%	2.82%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	7.11%	3.45%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	5.31%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.08%	5.58%	+3.50%

EBND vs. PHIYX - Expense Ratio Comparison

EBND has a 0.30% expense ratio, which is lower than PHIYX's 0.56% expense ratio.

Dividends

EBND vs. PHIYX - Dividend Comparison

EBND's dividend yield for the trailing twelve months is around 5.85%, less than PHIYX's 5.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	5.37%	5.54%	5.89%	5.26%	4.75%	3.83%	3.67%	4.68%	4.70%	2.00%	0.00%	0.00%
PHIYX PIMCO High Yield Fund	5.95%	6.19%	6.18%	5.62%	6.01%	4.53%	4.55%	5.04%	5.63%	5.11%	5.37%	8.79%

Frequently Asked Questions

Can I hold both EBND and PHIYX in my portfolio?

EBND and PHIYX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EBND or PHIYX?

EBND has higher volatility (1.78%) compared to PHIYX (0.73%). In terms of maximum drawdown, EBND dropped -29.51% vs PHIYX's -32.73%.

Which has better risk-adjusted returns?

PHIYX currently has the higher Sharpe Ratio (1.43 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.