SPTL vs. EMB
SPTL (SPDR Portfolio Long Term Treasury ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, SPTL returned -1.24%/yr vs 3.39%/yr for EMB. At a 0.25 correlation, their price movements are largely independent. SPTL charges 0.03%/yr vs 0.39%/yr for EMB.
Performance
SPTL vs. EMB - Performance Comparison
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Returns By Period
Over the past 10 years, SPTL has underperformed EMB with an annualized return of -1.24%, while EMB has yielded a comparatively higher 3.39% annualized return.
SPTL
- 1D
- -0.31%
- 1M
- 2.61%
- YTD
- 0.00%
- 6M
- 0.43%
- 1Y
- 4.20%
- 3Y*
- -0.28%
- 5Y*
- -5.55%
- 10Y*
- -1.24%
EMB
- 1D
- 0.09%
- 1M
- 2.17%
- YTD
- 2.29%
- 6M
- 2.72%
- 1Y
- 11.53%
- 3Y*
- 9.63%
- 5Y*
- 1.79%
- 10Y*
- 3.39%
SPTL vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 0.00% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.29% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between SPTL and EMB is 0.72, 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 | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2007 | 0.25 |
Over the past year, SPTL and EMB have become more correlated (0.72) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
SPTL vs. EMB — Risk / Return Rank
SPTL
EMB
SPTL vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| SPTL | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.37 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 2.41 | -1.95 |
| Martin ratioReturn relative to average drawdown | 1.17 | 10.28 | -9.11 |
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Drawdowns
SPTL vs. EMB - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for SPTL and EMB.
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Drawdown Indicators
| SPTL | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -34.70% | -11.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -4.51% | -2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -7.95% | -9.60% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -28.74% | -12.28% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -28.74% | -17.46% |
Current DrawdownCurrent decline from peak | -36.63% | 0.00% | -36.63% |
Average DrawdownAverage peak-to-trough decline | -14.27% | -5.05% | -9.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 1.06% | +1.73% |
Volatility
SPTL vs. EMB - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.73% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 2.02%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.02% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 6.12% | 4.66% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 5.67% | +3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.61% | 9.76% | +4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 9.96% | +3.99% |
SPTL vs. EMB - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
SPTL vs. EMB - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.20%, less than EMB's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.03% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.20% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
SPTL and EMB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.73%) compared to EMB (2.02%). In terms of maximum drawdown, SPTL dropped -46.20% vs EMB's -34.70%.
On 10-year performance, EMB leads with 3.39% vs -1.24% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, EMB has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 3.39% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.39% for EMB.
EMB has the higher dividend yield at 5.03%, compared with 4.20% for SPTL.
SPTL is categorized as Government Bonds, while EMB is Emerging Markets Bonds. SPTL tracks Bloomberg Long U.S. Treasury Index, while EMB tracks JPMorgan EMBI Global Core Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTL and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (1.92 vs 0.37), 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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