EMBD vs. IGOV
EMBD (Global X Emerging Markets Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both exchange-traded funds - EMBD is a Emerging Markets Bonds fund actively managed by Global X, while IGOV is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US. EMBD is actively managed, while IGOV is passively managed. Over the past 5 years, EMBD returned 2.87%/yr vs -4.47%/yr for IGOV. A 0.53 correlation means they provide meaningful diversification when combined. EMBD charges 0.39%/yr vs 0.35%/yr for IGOV.
Performance
EMBD vs. IGOV - Performance Comparison
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Returns By Period
In the year-to-date period, EMBD achieves a 1.27% return, which is significantly higher than IGOV's -0.50% return.
EMBD
- 1D
- -0.38%
- 1M
- 0.94%
- YTD
- 1.27%
- 6M
- 2.05%
- 1Y
- 10.34%
- 3Y*
- 9.44%
- 5Y*
- 2.87%
- 10Y*
- —
IGOV
- 1D
- -0.84%
- 1M
- -0.43%
- YTD
- -0.50%
- 6M
- -0.39%
- 1Y
- 0.56%
- 3Y*
- 2.56%
- 5Y*
- -4.47%
- 10Y*
- -1.38%
EMBD vs. IGOV - 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% |
IGOV iShares International Treasury Bond ETF | -0.50% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.11% |
Correlation
The correlation between EMBD and IGOV is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.53 |
The correlation between EMBD and IGOV has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.
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Return for Risk
EMBD vs. IGOV — Risk / Return Rank
EMBD
IGOV
EMBD vs. IGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Bond ETF (EMBD) and iShares International Treasury Bond ETF (IGOV). 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 | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.02 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 0.10 | +2.35 |
| Martin ratioReturn relative to average drawdown | 9.52 | 0.23 | +9.29 |
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
| EMBD | IGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 0.07 | +1.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | -0.45 | +0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.02 | +0.44 |
Drawdowns
EMBD vs. IGOV - Drawdown Comparison
The maximum EMBD drawdown since its inception was -24.27%, smaller than the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for EMBD and IGOV.
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Drawdown Indicators
| EMBD | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.27% | -35.88% | +11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -4.23% | -5.70% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -7.03% | -10.65% | +3.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -33.17% | +8.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.88% | — |
Current DrawdownCurrent decline from peak | -0.50% | -24.01% | +23.51% |
Average DrawdownAverage peak-to-trough decline | -5.88% | -11.02% | +5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 2.42% | -1.33% |
Volatility
EMBD vs. IGOV - Volatility Comparison
The current volatility for Global X Emerging Markets Bond ETF (EMBD) is 1.62%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 2.80%. This indicates that EMBD experiences smaller price fluctuations and is considered to be less risky than IGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMBD | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 2.80% | -1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.16% | 6.19% | -2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 8.11% | -2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.17% | 9.96% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.89% | 8.59% | +0.30% |
EMBD vs. IGOV - Expense Ratio Comparison
EMBD has a 0.39% expense ratio, which is higher than IGOV's 0.35% expense ratio.
Dividends
EMBD vs. IGOV - Dividend Comparison
EMBD's dividend yield for the trailing twelve months is around 5.69%, more than IGOV's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IGOV iShares International Treasury Bond ETF | 1.42% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
EMBD and IGOV have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (2.80%) compared to EMBD (1.62%). In terms of maximum drawdown, EMBD dropped -24.27% vs IGOV's -35.88%.
On 5-year performance, EMBD leads with 2.87% vs -4.47% for IGOV. On fees, IGOV is cheaper at 0.35% per year. On volatility, EMBD has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMBD has performed better with a 2.87% return vs -4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV is cheaper with a 0.35% expense ratio, compared with 0.39% for EMBD.
EMBD has the higher dividend yield at 5.69%, compared with 1.42% for IGOV.
EMBD is categorized as Emerging Markets Bonds, while IGOV is International Government Bonds. They also come from different issuers: Global X and iShares. Their fees differ too: 0.39% for EMBD and 0.35% for IGOV.
EMBD currently has the higher Sharpe Ratio (1.73 vs 0.07), 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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