EMB vs. SPTL
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both exchange-traded funds - EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index, while SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, EMB returned 3.39%/yr vs -1.24%/yr for SPTL. At a 0.25 correlation, their price movements are largely independent. EMB charges 0.39%/yr vs 0.03%/yr for SPTL.
Performance
EMB vs. SPTL - Performance Comparison
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Returns By Period
Over the past 10 years, EMB has outperformed SPTL with an annualized return of 3.39%, while SPTL has yielded a comparatively lower -1.24% annualized return.
EMB
- 1D
- 0.09%
- 1M
- 2.17%
- YTD
- 2.29%
- 6M
- 2.72%
- 1Y
- 11.53%
- 3Y*
- 9.63%
- 5Y*
- 1.79%
- 10Y*
- 3.39%
SPTL
- 1D
- -0.31%
- 1M
- 2.61%
- YTD
- 0.00%
- 6M
- 0.43%
- 1Y
- 4.20%
- 3Y*
- -0.28%
- 5Y*
- -5.55%
- 10Y*
- -1.24%
EMB vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.29% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
SPTL SPDR Portfolio Long Term Treasury ETF | 0.00% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between EMB and SPTL is 0.72, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2007 | 0.25 |
Over the past year, EMB and SPTL have become more correlated (0.72) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
EMB vs. SPTL — Risk / Return Rank
EMB
SPTL
EMB vs. SPTL - 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 SPDR Portfolio Long Term Treasury ETF (SPTL). 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.
| EMB | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.07 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 0.46 | +1.95 |
| Martin ratioReturn relative to average drawdown | 10.28 | 1.17 | +9.11 |
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Drawdowns
EMB vs. SPTL - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for EMB and SPTL.
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Drawdown Indicators
| EMB | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -46.20% | +11.50% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -7.04% | +2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -17.55% | +9.60% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -41.02% | +12.28% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | -46.20% | +17.46% |
Current DrawdownCurrent decline from peak | 0.00% | -36.63% | +36.63% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -14.27% | +9.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 2.79% | -1.73% |
Volatility
EMB vs. SPTL - Volatility Comparison
The current volatility for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is 2.02%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.73%. This indicates that EMB experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 2.73% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 4.66% | 6.12% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 8.83% | -3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 14.61% | -4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 13.95% | -3.99% |
EMB vs. SPTL - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is higher than SPTL's 0.03% expense ratio.
Dividends
EMB vs. SPTL - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.03%, more than SPTL's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.03% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.20% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
EMB and SPTL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.73%) compared to EMB (2.02%). In terms of maximum drawdown, EMB dropped -34.70% vs SPTL's -46.20%.
On 10-year performance, EMB leads with 3.39% vs -1.24% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, EMB has been the lower-risk option at 2.02%. 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 3.39% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.39% for EMB.
EMB has the higher dividend yield at 5.03%, compared with 4.20% for SPTL.
EMB is categorized as Emerging Markets Bonds, while SPTL is Government Bonds. EMB tracks JPMorgan EMBI Global Core Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for EMB and 0.03% for SPTL.
EMB currently has the higher Sharpe Ratio (1.92 vs 0.37), 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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