EMBD vs. TLT
EMBD (Global X Emerging Markets Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - EMBD is a Emerging Markets Bonds fund actively managed by Global X, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. EMBD is actively managed, while TLT is passively managed. Over the past 5 years, EMBD returned 2.72%/yr vs -8.18%/yr for TLT. Their 0.50 correlation means they have sometimes moved together and sometimes differently. EMBD charges 0.39%/yr vs 0.15%/yr for TLT.
Performance
EMBD vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EMBD achieves a 1.04% return, which is significantly higher than TLT's -3.49% return.
EMBD
- 1D
- -0.08%
- 1M
- -1.19%
- 6M
- 0.46%
- YTD
- 1.04%
- 1Y
- 6.44%
- 3Y*
- 8.44%
- 5Y*
- 2.72%
- 10Y*
- —
- ALL TIME*
- 3.90%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $320.84K | $346.54K | $393.80K | |
| $2.33B | $2.02B | $2.19B |
EMBD vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMBD Global X Emerging Markets Bond ETF | 1.04% | 12.55% | 6.76% | 10.60% | -13.84% | -1.84% | 11.42% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -1.71% |
Correlation
The correlation between EMBD and TLT is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.50 |
The correlation between EMBD and TLT has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.
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Return for Risk
EMBD vs. TLT — Risk / Return Rank
EMBD
TLT
EMBD vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Bond ETF (EMBD) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.99 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | -0.14 | +1.83 |
| Martin ratioReturn relative to average drawdown | 6.50 | -0.30 | +6.79 |
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Drawdowns
EMBD vs. TLT - Drawdown Comparison
The maximum EMBD drawdown since its inception was -24.27%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EMBD and TLT.
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Drawdown Indicators
| EMBD | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.27% | -48.35% | +24.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.23% | -7.74% | +3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -6.15% | -14.79% | +8.64% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -43.70% | +19.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -1.33% | -42.36% | +41.03% |
Average DrawdownAverage peak-to-trough decline | -5.74% | -13.99% | +8.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 3.57% | -2.47% |
Volatility
EMBD vs. TLT - Volatility Comparison
The current volatility for Global X Emerging Markets Bond ETF (EMBD) is 1.11%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that EMBD experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMBD | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 2.46% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 4.20% | 6.85% | -2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 9.32% | -3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.18% | 15.74% | -6.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.80% | 14.83% | -6.03% |
EMBD vs. TLT - Expense Ratio Comparison
EMBD has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EMBD vs. TLT - Dividend Comparison
EMBD's dividend yield for the trailing twelve months is around 5.74%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBD Global X Emerging Markets Bond ETF | 5.26% | 5.48% | 5.83% | 5.29% | 4.53% | 4.99% | 3.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
EMBD and TLT have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to EMBD (1.11%). In terms of maximum drawdown, EMBD dropped -24.27% vs TLT's -48.35%.
On 5-year performance, EMBD leads with 2.72% vs -8.18% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, EMBD has been the lower-risk option at 1.11%. 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 2.72% return vs -8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.39% for EMBD.
EMBD has the higher dividend yield at 5.26%, compared with 4.34% for TLT.
EMBD is categorized as Emerging Markets Bonds, while TLT is Government Bonds. They also come from different issuers: Global X and iShares. Their fees differ too: 0.39% for EMBD and 0.15% for TLT.
EMBD currently has the higher Sharpe Ratio (1.22 vs -0.11), 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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