EMBX vs. EBND
EMBX (VanEck Emerging Markets Bond ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both Emerging Markets Bonds funds. EMBX is actively managed, while EBND is passively managed. Over the past 10 years, EMBX returned 5.10%/yr vs 1.72%/yr for EBND. A 0.58 correlation means they provide meaningful diversification when combined. EMBX charges 0.76%/yr vs 0.30%/yr for EBND.
Performance
EMBX vs. EBND - Performance Comparison
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Returns By Period
In the year-to-date period, EMBX achieves a 3.49% return, which is significantly higher than EBND's -0.23% return. Over the past 10 years, EMBX has outperformed EBND with an annualized return of 5.10%, while EBND has yielded a comparatively lower 1.72% annualized return.
EMBX
- 1D
- -0.40%
- 1M
- 0.90%
- YTD
- 3.49%
- 6M
- 3.62%
- 1Y
- 15.18%
- 3Y*
- 10.16%
- 5Y*
- 3.88%
- 10Y*
- 5.10%
EBND
- 1D
- -0.57%
- 1M
- 0.59%
- YTD
- -0.23%
- 6M
- 0.63%
- 1Y
- 5.78%
- 3Y*
- 5.59%
- 5Y*
- 0.03%
- 10Y*
- 1.72%
EMBX vs. EBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 3.49% | 18.80% | 3.09% | 9.34% | -7.21% | -4.30% | 11.57% | 13.10% | -6.21% | 11.97% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | -0.23% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between EMBX and EBND is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2012 | 0.58 |
Over the past year, EMBX and EBND have become more correlated (0.83) than their long-term average of 0.58, meaning their price movements have been converging.
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Return for Risk
EMBX vs. EBND — Risk / Return Rank
EMBX
EBND
EMBX vs. EBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Bond ETF (EMBX) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). 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.
| EMBX | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.82 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.16 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 0.88 | +2.09 |
| Martin ratioReturn relative to average drawdown | 12.58 | 2.93 | +9.65 |
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
| EMBX | EBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.66 | 0.84 | +1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.00 | +0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | 0.19 | +0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.10 | +0.42 |
Drawdowns
EMBX vs. EBND - Drawdown Comparison
The maximum EMBX drawdown since its inception was -25.11%, smaller than the maximum EBND drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for EMBX and EBND.
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Drawdown Indicators
| EMBX | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.11% | -29.51% | +4.40% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -6.63% | +1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -7.41% | -9.25% | +1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -24.07% | -27.57% | +3.50% |
Max Drawdown (10Y)Largest decline over 10 years | -25.11% | -29.50% | +4.39% |
Current DrawdownCurrent decline from peak | -0.62% | -3.24% | +2.62% |
Average DrawdownAverage peak-to-trough decline | -7.08% | -10.87% | +3.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.98% | -0.77% |
Volatility
EMBX vs. EBND - Volatility Comparison
The current volatility for VanEck Emerging Markets Bond ETF (EMBX) is 1.73%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 2.35%. This indicates that EMBX experiences smaller price fluctuations and is considered to be less risky than EBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMBX | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 2.35% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.77% | 5.94% | -1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.72% | 6.92% | -1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 8.98% | -2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.65% | 9.19% | -2.54% |
EMBX vs. EBND - Expense Ratio Comparison
EMBX has a 0.76% expense ratio, which is higher than EBND's 0.30% expense ratio.
Dividends
EMBX vs. EBND - Dividend Comparison
EMBX's dividend yield for the trailing twelve months is around 5.91%, more than EBND's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.83% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
EMBX VanEck Emerging Markets Bond ETF | 5.91% | 6.95% | 8.20% | 5.49% | 8.21% | 5.50% | 6.56% | 7.89% | 7.25% | 7.66% | 3.94% | 6.84% |
Frequently Asked Questions
EMBX and EBND have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.35%) compared to EMBX (1.73%). In terms of maximum drawdown, EMBX dropped -25.11% vs EBND's -29.51%.
On 10-year performance, EMBX leads with 5.10% vs 1.72% for EBND. On fees, EBND is cheaper at 0.30% per year. On volatility, EMBX has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMBX has performed better with a 5.10% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.76% for EMBX.
EMBX has the higher dividend yield at 5.91%, compared with 5.83% for EBND.
They also come from different issuers: VanEck and State Street. Their fees differ too: 0.76% for EMBX and 0.30% for EBND.
EMBX currently has the higher Sharpe Ratio (2.66 vs 0.84), 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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