SPFA.DE vs. JMBA.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and JMBA.DE (JPM USD Emerging Markets Sovereign Bond UCITS ETF) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while JMBA.DE tracks the J.P. Morgan Emerging Markets Risk-Aware Bond Index. Both are passively managed. Over the past 5 years, SPFA.DE returned 1.72%/yr vs 1.93%/yr for JMBA.DE. A 0.59 correlation means they provide meaningful diversification when combined. SPFA.DE charges 0.55%/yr vs 0.39%/yr for JMBA.DE.
Performance
SPFA.DE vs. JMBA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPFA.DE achieves a 2.31% return, which is significantly lower than JMBA.DE's 4.34% return.
SPFA.DE
- 1D
- -0.29%
- 1M
- 0.20%
- 6M
- 0.89%
- YTD
- 2.31%
- 1Y
- 5.20%
- 3Y*
- 3.54%
- 5Y*
- 1.72%
- 10Y*
- —
JMBA.DE
- 1D
- 0.15%
- 1M
- 0.65%
- 6M
- 3.04%
- YTD
- 4.34%
- 1Y
- 10.59%
- 3Y*
- 6.42%
- 5Y*
- 1.93%
- 10Y*
- —
SPFA.DE vs. JMBA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 2.31% | 2.44% | 3.19% | 5.65% | -4.47% | -1.03% | -5.67% | 2.22% |
JMBA.DE JPM USD Emerging Markets Sovereign Bond UCITS ETF | 4.34% | 0.84% | 7.77% | 5.79% | -10.80% | 5.58% | -4.14% | -7.72% |
Correlation
The correlation between SPFA.DE and JMBA.DE is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.59 |
The correlation between SPFA.DE and JMBA.DE has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.
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Return for Risk
SPFA.DE vs. JMBA.DE — Risk / Return Rank
SPFA.DE
JMBA.DE
SPFA.DE vs. JMBA.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) and JPM USD Emerging Markets Sovereign Bond UCITS ETF (JMBA.DE). 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.
| SPFA.DE | JMBA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.34 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 3.35 | -2.04 |
| Martin ratioReturn relative to average drawdown | 4.06 | 10.21 | -6.15 |
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Drawdowns
SPFA.DE vs. JMBA.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -18.03%, smaller than the maximum JMBA.DE drawdown of -26.66%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and JMBA.DE.
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Drawdown Indicators
| SPFA.DE | JMBA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -26.66% | +8.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -3.14% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -12.45% | +4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -14.09% | +5.58% |
Current DrawdownCurrent decline from peak | -1.42% | -1.39% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -11.27% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.04% | +0.24% |
Volatility
SPFA.DE vs. JMBA.DE - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a higher volatility of 1.29% compared to JPM USD Emerging Markets Sovereign Bond UCITS ETF (JMBA.DE) at 1.13%. This indicates that SPFA.DE's price experiences larger fluctuations and is considered to be riskier than JMBA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFA.DE | JMBA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.13% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 4.03% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.34% | 5.96% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 8.43% | -2.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 10.70% | -1.84% |
SPFA.DE vs. JMBA.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than JMBA.DE's 0.39% expense ratio.
Dividends
SPFA.DE vs. JMBA.DE - Dividend Comparison
Neither SPFA.DE nor JMBA.DE has paid dividends to shareholders.
Frequently Asked Questions
SPFA.DE and JMBA.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JMBA.DE is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JMBA.DE is cheaper with a 0.39% expense ratio, compared with 0.55% for SPFA.DE.
SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while JMBA.DE tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.55% for SPFA.DE and 0.39% for JMBA.DE.
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