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 FTSE World Government Bond Index - Developed Markets Capped Select Index. EMBD is actively managed, while IGOV is passively managed. Over the past 5 years, EMBD returned 2.97%/yr vs -4.43%/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 1.70% return, which is significantly higher than IGOV's -1.80% return.
EMBD
- 1D
- -0.13%
- 1M
- 0.90%
- YTD
- 1.70%
- 6M
- 1.88%
- 1Y
- 9.76%
- 3Y*
- 9.16%
- 5Y*
- 2.97%
- 10Y*
- —
IGOV
- 1D
- -0.27%
- 1M
- -1.26%
- YTD
- -1.80%
- 6M
- -2.15%
- 1Y
- -2.13%
- 3Y*
- 1.73%
- 5Y*
- -4.43%
- 10Y*
- -1.49%
EMBD vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMBD Global X Emerging Markets Bond ETF | 1.70% | 12.55% | 6.76% | 10.60% | -13.84% | -1.84% | 11.42% |
IGOV iShares International Treasury Bond ETF | -1.80% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.31% |
Correlation
The correlation between EMBD and IGOV is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.53 |
The correlation between EMBD and IGOV has been stable across timeframes, ranging from 0.50 to 0.55 - 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.
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.
| EMBD | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.96 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | -0.38 | +2.69 |
| Martin ratioReturn relative to average drawdown | 8.97 | -0.83 | +9.79 |
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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% | -32.92% | +8.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.88% | — |
Current DrawdownCurrent decline from peak | -0.69% | -25.00% | +24.31% |
Average DrawdownAverage peak-to-trough decline | -5.83% | -11.05% | +5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 2.58% | -1.49% |
Volatility
EMBD vs. IGOV - Volatility Comparison
The current volatility for Global X Emerging Markets Bond ETF (EMBD) is 1.58%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 2.29%. 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 | 1.58% | 2.29% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 6.37% | -2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 8.13% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.18% | 9.97% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 8.60% | +0.26% |
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 5.67%, more than IGOV's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBD Global X Emerging Markets Bond ETF | 5.67% | 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 | 1.43% | 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 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (2.29%) compared to EMBD (1.58%). In terms of maximum drawdown, EMBD dropped -24.27% vs IGOV's -35.88%.
On 5-year performance, EMBD leads with 2.97% vs -4.43% for IGOV. On fees, IGOV is cheaper at 0.35% per year. On volatility, EMBD has been the lower-risk option at 1.58%. 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 2.97% return vs -4.43%. 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 5.67%, compared with 1.43% 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 (1.62 vs -0.26), 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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