EBND vs. PXF

Last updated Jun 9, 2026

EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both exchange-traded funds - EBND is a Emerging Markets Bonds fund tracking the Bloomberg Emerging Market Local Currency Government Diversified, while PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index. Both are passively managed. Over the past 10 years, EBND returned 1.53%/yr vs 11.69%/yr for PXF. A 0.58 correlation means they provide meaningful diversification when combined. EBND charges 0.30%/yr vs 0.45%/yr for PXF.

Performance

EBND vs. PXF - 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 Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBND achieves a -1.26% return, which is significantly lower than PXF's 16.56% return. Over the past 10 years, EBND has underperformed PXF with an annualized return of 1.53%, while PXF has yielded a comparatively higher 11.69% annualized return.

EBND

• 1D: 0.12%
• 1M: -2.23%
• YTD: -1.26%
• 6M: 0.11%
• 1Y: 4.49%
• 3Y*: 4.91%
• 5Y*: -0.18%
• 10Y*: 1.53%

PXF

• 1D: 0.90%
• 1M: -0.60%
• YTD: 16.56%
• 6M: 20.08%
• 1Y: 38.53%
• 3Y*: 23.53%
• 5Y*: 12.81%
• 10Y*: 11.69%

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

EBND vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	-1.26%	15.83%	-2.70%	9.02%	-11.84%	-9.66%	4.49%	10.40%	-6.52%	13.93%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	16.56%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between EBND and PXF is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 25, 2011	0.58

The correlation between EBND and PXF shifts across timeframes, from 0.58 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EBND vs. PXF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EBND

EBND Risk / Return Rank: 20
EBND Sharpe Ratio Rank: 21
EBND Sortino Ratio Rank: 19
EBND Omega Ratio Rank: 21
EBND Calmar Ratio Rank: 18
EBND Martin Ratio Rank: 20

PXF

PXF Risk / Return Rank: 80
PXF Sharpe Ratio Rank: 84
PXF Sortino Ratio Rank: 80
PXF Omega Ratio Rank: 82
PXF Calmar Ratio Rank: 77
PXF Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EBND vs. PXF - 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 Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). 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	PXF	Difference
Sharpe ratio: Return per unit of total volatility	0.64	2.46	-1.81
Sortino ratio: Return per unit of downside risk	0.93	3.19	-2.27
Omega ratio: Gain probability vs. loss probability	1.13	1.45	-0.32
Calmar ratio: Return relative to maximum drawdown	0.68	3.55	-2.87
Martin ratio: Return relative to average drawdown	2.22	13.49	-11.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBND vs. PXF - Sharpe Ratio Comparison

The current EBND Sharpe Ratio is 0.64, which is lower than the PXF Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of EBND and PXF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EBND	PXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	2.46	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.78	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.65	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.23	-0.13

Drawdowns

EBND vs. PXF - Drawdown Comparison

The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for EBND and PXF.

Drawdown Indicators

	EBND	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-29.51%	-64.74%	+35.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-10.91%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-14.06%	+4.81%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-26.82%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-29.50%	-41.59%	+12.09%
Current Drawdown Current decline from peak	-4.24%	-3.88%	-0.36%
Average Drawdown Average peak-to-trough decline	-10.86%	-15.26%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.86%	-0.84%

Volatility

EBND vs. PXF - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) is 2.45%, while Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a volatility of 6.06%. This indicates that EBND experiences smaller price fluctuations and is considered to be less risky than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBND	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	6.06%	-3.61%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	13.53%	-7.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	15.80%	-8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.99%	16.54%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.19%	18.07%	-8.88%

EBND vs. PXF - Expense Ratio Comparison

EBND has a 0.30% expense ratio, which is lower than PXF's 0.45% expense ratio.

Dividends

EBND vs. PXF - Dividend Comparison

EBND's dividend yield for the trailing twelve months is around 5.89%, more than PXF's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	5.89%	5.54%	5.89%	5.26%	4.75%	3.83%	3.67%	4.68%	4.70%	2.00%	0.00%	0.00%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.18%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%

Frequently Asked Questions

Can I hold both EBND and PXF in my portfolio?

EBND and PXF have a correlation of 0.76, 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 PXF?

PXF has higher volatility (6.06%) compared to EBND (2.45%). In terms of maximum drawdown, EBND dropped -29.51% vs PXF's -64.74%.

Which ETF is better, EBND or PXF?

On 10-year performance, PXF leads with 11.69% vs 1.53% for EBND. On fees, EBND is cheaper at 0.30% per year. On volatility, EBND has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBND or PXF?

Over the 10-year period, PXF has performed better with a 11.69% return vs 1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBND or PXF?

EBND is cheaper with a 0.30% expense ratio, compared with 0.45% for PXF.

Which ETF pays a higher dividend yield, EBND or PXF?

EBND has the higher dividend yield at 5.89%, compared with 3.18% for PXF.

What is the main difference between EBND and PXF?

EBND is categorized as Emerging Markets Bonds, while PXF is Foreign Large Cap Equities. EBND tracks Bloomberg Emerging Market Local Currency Government Diversified, while PXF tracks FTSE RAFI Developed Markets ex-U.S. Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for EBND and 0.45% for PXF.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.46 vs 0.64), 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.