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LEMB vs. TBF
Performance
Return for Risk
Dividends
Drawdowns
Volatility

LEMB vs. TBF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and ProShares Short 20+ Year Treasury (TBF).

LEMB and TBF 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. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. Both LEMB and TBF 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. TBF - 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 ProShares Short 20+ Year Treasury (TBF). The values are adjusted to include any dividend payments, if applicable.

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LEMB vs. TBF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TBF
ProShares Short 20+ Year Treasury		0.84%1.27%16.33%2.43%42.37%1.33%-19.35%-10.96%3.26%-8.46%

Returns By Period

In the year-to-date period, LEMB achieves a -1.85% return, which is significantly lower than TBF's 0.84% return. Over the past 10 years, LEMB has underperformed TBF with an annualized return of 1.00%, while TBF has yielded a comparatively higher 2.34% 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%

TBF

1D
0.00%
1M
4.48%
YTD
0.84%
6M
3.47%
1Y
5.68%
3Y*
8.96%
5Y*
9.16%
10Y*
2.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares J.P. Morgan EM Local Currency Bond ETF

ProShares Short 20+ Year Treasury

Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT
Often compared with TBF:
TBF vs. TLTTBF vs. TMVTBF vs. TTTTBF vs. TLTWTBF vs. QQQTBF vs. BNDTBF vs. EDV

LEMB vs. TBF - Expense Ratio Comparison

LEMB has a 0.30% expense ratio, which is lower than TBF's 0.94% expense ratio.

TBF
ProShares Short 20+ Year Treasury
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF

Return for Risk

LEMB vs. TBF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LEMB
LEMB Risk / Return Rank: 8383
Overall Rank
LEMB Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 8686
Sortino Ratio Rank
LEMB Omega Ratio Rank: 8484
Omega Ratio Rank
LEMB Calmar Ratio Rank: 7777
Calmar Ratio Rank
LEMB Martin Ratio Rank: 8181
Martin Ratio Rank
TBF
TBF Risk / Return Rank: 2727
Overall Rank
TBF Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
TBF Sortino Ratio Rank: 3030
Sortino Ratio Rank
TBF Omega Ratio Rank: 2525
Omega Ratio Rank
TBF Calmar Ratio Rank: 2727
Calmar Ratio Rank
TBF Martin Ratio Rank: 2121
Martin Ratio Rank
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. TBF - 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 ProShares Short 20+ Year Treasury (TBF). 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.

LEMBTBFDifference

Sharpe ratio

Return per unit of total volatility

1.70

0.52

+1.18

Sortino ratio

Return per unit of downside risk

2.29

0.84

+1.44

Omega ratio

Gain probability vs. loss probability

1.33

1.10

+0.23

Calmar ratio

Return relative to maximum drawdown

1.99

0.59

+1.40

Martin ratio

Return relative to average drawdown

8.51

1.18

+7.33

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. TBF - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.70, which is higher than the TBF Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of LEMB and TBF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

LEMBTBFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

0.52

+1.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.59

-0.49

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

-0.22

+0.25

Correlation

The correlation between LEMB and TBF is -0.07. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

LEMB vs. TBF - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.49%, less than TBF's 2.88% yield.

TTM20252024202320222021202020192018201720162015
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%
TBF
ProShares Short 20+ Year Treasury		2.88%3.39%4.06%4.99%0.36%0.00%0.22%1.68%0.88%0.00%0.00%0.00%

Drawdowns

LEMB vs. TBF - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum TBF drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for LEMB and TBF.

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Drawdown Indicators

LEMBTBFDifference

Max Drawdown

Largest peak-to-trough decline

-30.82%

-70.40%

+39.58%

Max Drawdown (1Y)

Largest decline over 1 year

-6.00%

-8.11%

+2.11%

Max Drawdown (5Y)

Largest decline over 5 years

-25.29%

-17.79%

-7.50%

Max Drawdown (10Y)

Largest decline over 10 years

-29.09%

-38.39%

+9.30%

Current Drawdown

Current decline from peak

-7.73%

-44.25%

+36.52%

Average Drawdown

Average peak-to-trough decline

-12.83%

-47.47%

+34.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

4.04%

-2.64%

Volatility

LEMB vs. TBF - Volatility Comparison

iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and ProShares Short 20+ Year Treasury (TBF) have volatilities of 3.56% and 3.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

LEMBTBFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.56%

3.61%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

4.71%

6.47%

-1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

6.85%

11.07%

-4.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.19%

15.75%

-7.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.33%

14.54%

-5.21%