LEMB vs. IGOV
LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both exchange-traded funds - LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index. Both are passively managed. Over the past 10 years, LEMB returned 1.41%/yr vs -1.49%/yr for IGOV. At a 0.48 correlation, their price movements are largely independent. LEMB charges 0.30%/yr vs 0.35%/yr for IGOV.
Performance
LEMB vs. IGOV - Performance Comparison
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Returns By Period
In the year-to-date period, LEMB achieves a 1.61% return, which is significantly higher than IGOV's -1.80% return. Over the past 10 years, LEMB has outperformed IGOV with an annualized return of 1.41%, while IGOV has yielded a comparatively lower -1.49% annualized return.
LEMB
- 1D
- -0.38%
- 1M
- 1.29%
- YTD
- 1.61%
- 6M
- 1.81%
- 1Y
- 9.04%
- 3Y*
- 5.76%
- 5Y*
- 1.05%
- 10Y*
- 1.41%
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%
LEMB vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 1.61% | 18.02% | -1.72% | 7.23% | -10.74% | -9.92% | 3.10% | 6.40% | -7.49% | 12.49% |
IGOV iShares International Treasury Bond ETF | -1.80% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
Correlation
The correlation between LEMB and IGOV is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.49 |
Over the past year, LEMB and IGOV have become more correlated (0.73) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
LEMB vs. IGOV — Risk / Return Rank
LEMB
IGOV
LEMB vs. IGOV - 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 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.
| LEMB | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.96 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | -0.38 | +1.89 |
| Martin ratioReturn relative to average drawdown | 4.98 | -0.83 | +5.80 |
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Drawdowns
LEMB vs. IGOV - Drawdown Comparison
The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for LEMB and IGOV.
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Drawdown Indicators
| LEMB | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.82% | -35.88% | +5.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.00% | -5.70% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -10.09% | -10.65% | +0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -23.96% | -32.92% | +8.96% |
Max Drawdown (10Y)Largest decline over 10 years | -29.09% | -35.88% | +6.79% |
Current DrawdownCurrent decline from peak | -4.47% | -25.00% | +20.53% |
Average DrawdownAverage peak-to-trough decline | -12.71% | -11.05% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.58% | -0.76% |
Volatility
LEMB vs. IGOV - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) is 2.09%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 2.29%. This indicates that LEMB 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
| LEMB | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.29% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.60% | 6.37% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 8.13% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.25% | 9.97% | -1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.22% | 8.60% | +0.62% |
LEMB vs. IGOV - Expense Ratio Comparison
LEMB has a 0.30% expense ratio, which is lower than IGOV's 0.35% expense ratio.
Dividends
LEMB vs. IGOV - Dividend Comparison
LEMB's dividend yield for the trailing twelve months is around 2.40%, more than IGOV's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.40% | 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 IGOV have a correlation of 0.73, 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 LEMB (2.09%). In terms of maximum drawdown, LEMB dropped -30.82% vs IGOV's -35.88%.
On 10-year performance, LEMB leads with 1.41% vs -1.49% for IGOV. On fees, LEMB is cheaper at 0.30% per year. On volatility, LEMB has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LEMB has performed better with a 1.41% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LEMB is cheaper with a 0.30% expense ratio, compared with 0.35% for IGOV.
LEMB has the higher dividend yield at 2.40%, compared with 1.43% for IGOV.
LEMB is categorized as Emerging Markets Bonds, while IGOV is International Government Bonds. LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index. Their fees differ too: 0.30% for LEMB and 0.35% for IGOV.
LEMB currently has the higher Sharpe Ratio (1.35 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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