LEMB vs. EBND

Last updated Apr 1, 2026

Compare and contrast key facts about iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND).

LEMB and EBND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LEMB is a passively managed fund by iShares that tracks the performance of the J.P. Morgan GBI-EM Global 15 cap 4.5 floor. It was launched on Oct 18, 2011. EBND is a passively managed fund by State Street that tracks the performance of the Bloomberg Emerging Market Local Currency Government Diversified. It was launched on Feb 23, 2011. Both LEMB and EBND are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LEMB vs. EBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). The values are adjusted to include any dividend payments, if applicable.

LEMB vs. EBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEMB iShares J.P. Morgan EM Local Currency Bond ETF	-1.85%	18.02%	-1.72%	7.23%	-10.74%	-9.92%	3.10%	6.40%	-7.49%	12.49%
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	-2.55%	15.83%	-2.70%	9.02%	-11.84%	-9.66%	4.49%	10.40%	-6.52%	13.93%

Returns By Period

In the year-to-date period, LEMB achieves a -1.85% return, which is significantly higher than EBND's -2.55% return. Over the past 10 years, LEMB has underperformed EBND with an annualized return of 1.00%, while EBND has yielded a comparatively higher 1.42% annualized return.

LEMB

• 1D: 0.94%
• 1M: -5.03%
• YTD: -1.85%
• 6M: 1.44%
• 1Y: 11.60%
• 3Y*: 5.53%
• 5Y*: 0.81%
• 10Y*: 1.00%

EBND

• 1D: 1.23%
• 1M: -5.27%
• YTD: -2.55%
• 6M: -0.61%
• 1Y: 8.84%
• 3Y*: 4.78%
• 5Y*: 0.35%
• 10Y*: 1.42%

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

LEMB vs. EBND - Expense Ratio Comparison

Both LEMB and EBND have an expense ratio of 0.30%.

LEMB

iShares J.P. Morgan EM Local Currency Bond ETF

EBND

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

Return for Risk

LEMB vs. EBND — Risk / Return Rank

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

LEMB

LEMB Risk / Return Rank: 83
LEMB Sharpe Ratio Rank: 86
LEMB Sortino Ratio Rank: 86
LEMB Omega Ratio Rank: 84
LEMB Calmar Ratio Rank: 77
LEMB Martin Ratio Rank: 81

EBND

EBND Risk / Return Rank: 67
EBND Sharpe Ratio Rank: 72
EBND Sortino Ratio Rank: 73
EBND Omega Ratio Rank: 70
EBND Calmar Ratio Rank: 57
EBND Martin Ratio Rank: 64

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.

LEMB vs. EBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) 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.

	LEMB	EBND	Difference
Sharpe ratio Return per unit of total volatility	1.70	1.24	+0.46
Sortino ratio Return per unit of downside risk	2.29	1.78	+0.51
Omega ratio Gain probability vs. loss probability	1.33	1.25	+0.08
Calmar ratio Return relative to maximum drawdown	1.99	1.38	+0.60
Martin ratio Return relative to average drawdown	8.51	6.16	+2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEMB vs. EBND - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.70, which is higher than the EBND Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of LEMB and EBND, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LEMB	EBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.24	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.04	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.16	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.09	-0.06

Correlation

The correlation between LEMB and EBND is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

LEMB vs. EBND - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.49%, less than EBND's 5.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEMB iShares J.P. Morgan EM Local Currency Bond ETF	2.49%	2.44%	0.00%	1.34%	0.86%	3.89%	0.00%	4.39%	3.46%	0.00%	0.00%	0.64%
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	5.80%	5.54%	5.89%	5.26%	4.75%	3.83%	3.67%	4.68%	4.70%	2.00%	0.00%	0.00%

Drawdowns

LEMB vs. EBND - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, roughly equal to the maximum EBND drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for LEMB and EBND.

Drawdown Indicators

	LEMB	EBND	Difference
Max Drawdown Largest peak-to-trough decline	-30.82%	-29.51%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.00%	-6.63%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-27.57%	+2.28%
Max Drawdown (10Y) Largest decline over 10 years	-29.09%	-29.50%	+0.41%
Current Drawdown Current decline from peak	-7.73%	-5.49%	-2.24%
Average Drawdown Average peak-to-trough decline	-12.83%	-10.96%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.49%	-0.09%

Volatility

LEMB vs. EBND - Volatility Comparison

The current volatility for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) is 3.56%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 3.89%. This indicates that LEMB 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.

Volatility by Period

	LEMB	EBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.89%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	4.82%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	7.16%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	8.90%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	9.18%	+0.15%