EMBD vs. CBON

Last updated Jun 4, 2026

EMBD (Global X Emerging Markets Bond ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both Emerging Markets Bonds funds. EMBD is actively managed, while CBON is passively managed. Over the past 5 years, EMBD returned 2.87%/yr vs 2.03%/yr for CBON. At a 0.20 correlation, their price movements are largely independent. EMBD charges 0.39%/yr vs 0.50%/yr for CBON.

Performance

EMBD vs. CBON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Emerging Markets Bond ETF (EMBD) and VanEck Vectors ChinaAMC China Bond ETF (CBON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMBD achieves a 1.27% return, which is significantly lower than CBON's 5.41% return.

EMBD

• 1D: -0.38%
• 1M: 0.94%
• YTD: 1.27%
• 6M: 2.05%
• 1Y: 10.34%
• 3Y*: 9.44%
• 5Y*: 2.87%
• 10Y*: —

CBON

• 1D: 0.10%
• 1M: 1.75%
• YTD: 5.41%
• 6M: 6.88%
• 1Y: 9.26%
• 3Y*: 5.05%
• 5Y*: 2.03%
• 10Y*: 2.93%

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

EMBD vs. CBON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMBD Global X Emerging Markets Bond ETF	1.27%	12.55%	6.76%	10.60%	-13.84%	-1.84%	11.53%
CBON VanEck Vectors ChinaAMC China Bond ETF	5.41%	5.46%	1.85%	2.92%	-7.99%	5.93%	10.01%

Correlation

The correlation between EMBD and CBON is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.20

EMBD vs. CBON - Sectors Allocation Comparison

Sectors	EMBD	CBON
Financial Services	0.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

EMBD vs. CBON — Risk / Return Rank

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

EMBD

EMBD Risk / Return Rank: 52
EMBD Sharpe Ratio Rank: 50
EMBD Sortino Ratio Rank: 54
EMBD Omega Ratio Rank: 50
EMBD Calmar Ratio Rank: 50
EMBD Martin Ratio Rank: 55

CBON

CBON Risk / Return Rank: 89
CBON Sharpe Ratio Rank: 82
CBON Sortino Ratio Rank: 88
CBON Omega Ratio Rank: 87
CBON Calmar Ratio Rank: 93
CBON Martin Ratio Rank: 93

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.

EMBD vs. CBON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Bond ETF (EMBD) and VanEck Vectors ChinaAMC China Bond ETF (CBON). 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.

	EMBD	CBON	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.70	-0.97
Sortino ratio: Return per unit of downside risk	2.59	4.09	-1.50
Omega ratio: Gain probability vs. loss probability	1.32	1.54	-0.23
Calmar ratio: Return relative to maximum drawdown	2.45	6.94	-4.49
Martin ratio: Return relative to average drawdown	9.52	25.86	-16.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMBD vs. CBON - Sharpe Ratio Comparison

The current EMBD Sharpe Ratio is 1.73, which is lower than the CBON Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of EMBD and CBON, 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

	EMBD	CBON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.70	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.41	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.42	+0.03

Drawdowns

EMBD vs. CBON - Drawdown Comparison

The maximum EMBD drawdown since its inception was -24.27%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for EMBD and CBON.

Drawdown Indicators

	EMBD	CBON	Difference
Max Drawdown Largest peak-to-trough decline	-24.27%	-14.13%	-10.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.23%	-1.34%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-7.03%	-4.56%	-2.47%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-14.13%	-10.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.13%	—
Current Drawdown Current decline from peak	-0.50%	-0.02%	-0.48%
Average Drawdown Average peak-to-trough decline	-5.88%	-3.99%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.36%	+0.73%

Volatility

EMBD vs. CBON - Volatility Comparison

Global X Emerging Markets Bond ETF (EMBD) has a higher volatility of 1.62% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 0.91%. This indicates that EMBD's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMBD	CBON	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	0.91%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	2.62%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.00%	3.45%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.17%	4.93%	+4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.89%	5.58%	+3.31%

EMBD vs. CBON - Expense Ratio Comparison

EMBD has a 0.39% expense ratio, which is lower than CBON's 0.50% expense ratio.

Dividends

EMBD vs. CBON - Dividend Comparison

EMBD's dividend yield for the trailing twelve months is around 5.69%, more than CBON's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBON VanEck Vectors ChinaAMC China Bond ETF	1.52%	1.66%	2.15%	3.01%	2.70%	3.05%	2.87%	3.87%	3.39%	3.33%	3.25%	2.78%
EMBD Global X Emerging Markets Bond ETF	5.69%	5.48%	5.83%	5.29%	4.53%	4.99%	3.34%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMBD and CBON in my portfolio?

EMBD and CBON have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMBD or CBON?

EMBD has higher volatility (1.62%) compared to CBON (0.91%). In terms of maximum drawdown, EMBD dropped -24.27% vs CBON's -14.13%.

Which ETF is better, EMBD or CBON?

On 5-year performance, EMBD leads with 2.87% vs 2.03% for CBON. On fees, EMBD is cheaper at 0.39% per year. On volatility, CBON has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMBD or CBON?

Over the 5-year period, EMBD has performed better with a 2.87% return vs 2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMBD or CBON?

EMBD is cheaper with a 0.39% expense ratio, compared with 0.50% for CBON.

Which ETF pays a higher dividend yield, EMBD or CBON?

EMBD has the higher dividend yield at 5.69%, compared with 1.52% for CBON.

What is the main difference between EMBD and CBON?

They also come from different issuers: Global X and VanEck. Their fees differ too: 0.39% for EMBD and 0.50% for CBON.

Which has better risk-adjusted returns?

CBON currently has the higher Sharpe Ratio (2.70 vs 1.73), 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.