EMB vs. BNDX
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, EMB returned 3.20%/yr vs 1.69%/yr for BNDX. At a 0.43 correlation, their price movements are largely independent. EMB charges 0.39%/yr vs 0.07%/yr for BNDX.
Performance
EMB vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 1.27% return, which is significantly higher than BNDX's 0.50% return. Over the past 10 years, EMB has outperformed BNDX with an annualized return of 3.20%, while BNDX has yielded a comparatively lower 1.69% annualized return.
EMB
- 1D
- -0.73%
- 1M
- -0.10%
- YTD
- 1.27%
- 6M
- 1.62%
- 1Y
- 11.01%
- 3Y*
- 9.36%
- 5Y*
- 1.75%
- 10Y*
- 3.20%
BNDX
- 1D
- -0.15%
- 1M
- 0.09%
- YTD
- 0.50%
- 6M
- 0.43%
- 1Y
- 1.98%
- 3Y*
- 4.03%
- 5Y*
- 0.32%
- 10Y*
- 1.69%
EMB vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.27% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
BNDX Vanguard Total International Bond ETF | 0.50% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between EMB and BNDX is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.43 |
Over the past year, EMB and BNDX have become more correlated (0.67) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
EMB vs. BNDX — Risk / Return Rank
EMB
BNDX
EMB vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and Vanguard Total International Bond ETF (BNDX). 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.
| EMB | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.11 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 0.69 | +1.72 |
| Martin ratioReturn relative to average drawdown | 10.31 | 1.97 | +8.34 |
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
| EMB | BNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 0.59 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.07 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.41 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.60 | -0.17 |
Drawdowns
EMB vs. BNDX - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for EMB and BNDX.
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Drawdown Indicators
| EMB | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -16.23% | -18.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -2.93% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -2.93% | -5.02% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -15.86% | -12.88% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | -16.23% | -12.51% |
Current DrawdownCurrent decline from peak | -0.89% | -1.53% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -3.08% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.03% | +0.02% |
Volatility
EMB vs. BNDX - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a higher volatility of 1.80% compared to Vanguard Total International Bond ETF (BNDX) at 1.47%. This indicates that EMB's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.47% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.57% | 2.91% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 3.43% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 4.88% | +4.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 4.09% | +5.87% |
EMB vs. BNDX - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
EMB vs. BNDX - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.08%, more than BNDX's 4.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.49% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.08% | 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
EMB and BNDX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMB has higher volatility (1.80%) compared to BNDX (1.47%). In terms of maximum drawdown, EMB dropped -34.70% vs BNDX's -16.23%.
On 10-year performance, EMB leads with 3.20% vs 1.69% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.47%. 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 3.20% return vs 1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.39% for EMB.
EMB has the higher dividend yield at 5.08%, compared with 4.49% for BNDX.
EMB is categorized as Emerging Markets Bonds, while BNDX is Global Bonds. EMB tracks JPMorgan EMBI Global Core Index, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.39% for EMB and 0.07% for BNDX.
EMB currently has the higher Sharpe Ratio (1.95 vs 0.59), 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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