LEMB vs. EBND
LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both Emerging Markets Bonds funds - LEMB tracks the J.P. Morgan GBI-EM Global 15 cap 4.5 floor while EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 10 years, LEMB returned 1.45%/yr vs 1.79%/yr for EBND. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.
Performance
LEMB vs. EBND - Performance Comparison
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Returns By Period
In the year-to-date period, LEMB achieves a 2.00% return, which is significantly higher than EBND's 0.20% return. Over the past 10 years, LEMB has underperformed EBND with an annualized return of 1.45%, while EBND has yielded a comparatively higher 1.79% annualized return.
LEMB
- 1D
- -0.05%
- 1M
- 1.68%
- YTD
- 2.00%
- 6M
- 2.42%
- 1Y
- 9.76%
- 3Y*
- 5.90%
- 5Y*
- 1.19%
- 10Y*
- 1.45%
EBND
- 1D
- -0.29%
- 1M
- 1.12%
- YTD
- 0.20%
- 6M
- 0.81%
- 1Y
- 5.68%
- 3Y*
- 5.34%
- 5Y*
- 0.51%
- 10Y*
- 1.79%
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 | 2.00% | 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 | 0.20% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between LEMB and EBND is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.81 |
The correlation between LEMB and EBND has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
LEMB vs. EBND — Risk / Return Rank
LEMB
EBND
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.
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.
| LEMB | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.15 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 0.86 | +0.77 |
| Martin ratioReturn relative to average drawdown | 5.38 | 2.72 | +2.66 |
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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.
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Drawdown Indicators
| LEMB | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -10.09% | -9.25% | -0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -23.96% | -26.15% | +2.19% |
Max Drawdown (10Y)Largest decline over 10 years | -29.09% | -29.50% | +0.41% |
Current DrawdownCurrent decline from peak | -4.11% | -2.82% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -12.71% | -10.84% | -1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.09% | -0.27% |
Volatility
LEMB vs. EBND - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) is 2.04%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 2.33%. 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.
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Volatility by Period
| LEMB | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 2.33% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.59% | 6.26% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 7.15% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.25% | 9.00% | -0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 9.18% | +0.09% |
LEMB vs. EBND - Expense Ratio Comparison
Both LEMB and EBND have an expense ratio of 0.30%.
Dividends
LEMB vs. EBND - Dividend Comparison
LEMB's dividend yield for the trailing twelve months is around 2.39%, less than EBND's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.39% | 2.44% | 0.00% | 1.34% | 0.86% | 3.89% | 0.00% | 4.39% | 3.46% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
LEMB and EBND have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.33%) compared to LEMB (2.04%). In terms of maximum drawdown, LEMB dropped -30.82% vs EBND's -29.51%.
On 10-year performance, EBND leads with 1.79% vs 1.45% for LEMB. Both ETFs have the same 0.30% expense ratio. On volatility, LEMB has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EBND has performed better with a 1.79% return vs 1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LEMB and EBND have the same expense ratio: 0.30% per year.
EBND has the higher dividend yield at 5.80%, compared with 2.39% for LEMB.
LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. They also come from different issuers: iShares and State Street.
LEMB currently has the higher Sharpe Ratio (1.46 vs 0.80), 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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