EBND vs. VMBS

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) and Vanguard Mortgage-Backed Securities ETF (VMBS).

EBND and VMBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EBND is a passively managed fund by State Street that tracks the performance of the Bloomberg Emerging Market Local Currency Government Diversified. It was launched on Feb 23, 2011. VMBS is a passively managed fund by Vanguard that tracks the performance of the Barclays Capital U.S. MBS Index. It was launched on Nov 19, 2009. Both EBND and VMBS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EBND vs. VMBS - 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 Vanguard Mortgage-Backed Securities ETF (VMBS). The values are adjusted to include any dividend payments, if applicable.

EBND vs. VMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	-2.55%	15.83%	-2.70%	9.02%	-11.84%	-9.66%	4.49%	10.40%	-6.52%	13.93%
VMBS Vanguard Mortgage-Backed Securities ETF	0.41%	8.36%	1.70%	5.34%	-11.90%	-1.28%	3.76%	6.19%	0.91%	2.47%

Returns By Period

In the year-to-date period, EBND achieves a -2.55% return, which is significantly lower than VMBS's 0.41% return. Both investments have delivered pretty close results over the past 10 years, with EBND having a 1.42% annualized return and VMBS not far behind at 1.41%.

EBND

• 1D: 1.23%
• 1M: -5.27%
• YTD: -2.55%
• 6M: -0.61%
• 1Y: 8.84%
• 3Y*: 4.78%
• 5Y*: 0.35%
• 10Y*: 1.42%

VMBS

• 1D: 0.21%
• 1M: -1.57%
• YTD: 0.41%
• 6M: 2.06%
• 1Y: 5.79%
• 3Y*: 4.29%
• 5Y*: 0.49%
• 10Y*: 1.41%

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

EBND vs. VMBS - Expense Ratio Comparison

EBND has a 0.30% expense ratio, which is higher than VMBS's 0.04% expense ratio.

EBND

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

VMBS

Vanguard Mortgage-Backed Securities ETF

Return for Risk

EBND vs. VMBS — Risk / Return Rank

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

EBND

EBND Risk / Return Rank: 67
EBND Sharpe Ratio Rank: 72
EBND Sortino Ratio Rank: 73
EBND Omega Ratio Rank: 70
EBND Calmar Ratio Rank: 57
EBND Martin Ratio Rank: 64

VMBS

VMBS Risk / Return Rank: 68
VMBS Sharpe Ratio Rank: 69
VMBS Sortino Ratio Rank: 68
VMBS Omega Ratio Rank: 60
VMBS Calmar Ratio Rank: 77
VMBS Martin Ratio Rank: 64

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. VMBS - 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 Vanguard Mortgage-Backed Securities ETF (VMBS). 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	VMBS	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.16	+0.08
Sortino ratio Return per unit of downside risk	1.78	1.67	+0.11
Omega ratio Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio Return relative to maximum drawdown	1.38	1.95	-0.57
Martin ratio Return relative to average drawdown	6.16	6.10	+0.06
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. VMBS - Sharpe Ratio Comparison

The current EBND Sharpe Ratio is 1.24, which is comparable to the VMBS Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of EBND and VMBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EBND	VMBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.16	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.07	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.26	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.46	-0.37

Correlation

The correlation between EBND and VMBS is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EBND vs. VMBS - Dividend Comparison

EBND's dividend yield for the trailing twelve months is around 5.80%, more than VMBS's 4.23% yield.

	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%
VMBS Vanguard Mortgage-Backed Securities ETF	4.23%	4.20%	3.94%	3.31%	2.35%	1.02%	2.01%	2.77%	2.72%	2.16%	2.10%	2.12%

Drawdowns

EBND vs. VMBS - Drawdown Comparison

The maximum EBND drawdown since its inception was -29.51%, which is greater than VMBS's maximum drawdown of -17.47%. Use the drawdown chart below to compare losses from any high point for EBND and VMBS.

Drawdown Indicators

	EBND	VMBS	Difference
Max Drawdown Largest peak-to-trough decline	-29.51%	-17.47%	-12.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-3.00%	-3.63%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-17.12%	-10.45%
Max Drawdown (10Y) Largest decline over 10 years	-29.50%	-17.47%	-12.03%
Current Drawdown Current decline from peak	-5.49%	-1.57%	-3.92%
Average Drawdown Average peak-to-trough decline	-10.96%	-2.51%	-8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	0.96%	+0.53%

Volatility

EBND vs. VMBS - Volatility Comparison

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a higher volatility of 3.89% compared to Vanguard Mortgage-Backed Securities ETF (VMBS) at 1.90%. This indicates that EBND's price experiences larger fluctuations and is considered to be riskier than VMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBND	VMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	1.90%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	4.82%	2.89%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	7.16%	5.00%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	6.71%	+2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.18%	5.37%	+3.81%