TBIIX vs. XEMD

Last updated Jun 5, 2026

TBIIX (TIAA-CREF Bond Index Fund) and XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) are both funds - TBIIX is a Intermediate Core Bond fund managed by TIAA Investments, while XEMD is a Emerging Markets Bonds fund tracking the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. Over the past 3 years, TBIIX returned 3.81%/yr vs 11.18%/yr for XEMD. A 0.64 correlation means they provide meaningful diversification when combined. TBIIX charges 0.07%/yr vs 0.29%/yr for XEMD.

Performance

TBIIX vs. XEMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Bond Index Fund (TBIIX) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIIX achieves a 0.31% return, which is significantly lower than XEMD's 2.94% return.

TBIIX

• 1D: -0.21%
• 1M: 0.13%
• YTD: 0.31%
• 6M: 0.43%
• 1Y: 4.60%
• 3Y*: 3.81%
• 5Y*: -0.17%
• 10Y*: 1.41%

XEMD

• 1D: 0.18%
• 1M: 0.89%
• YTD: 2.94%
• 6M: 3.52%
• 1Y: 11.81%
• 3Y*: 11.18%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBIIX vs. XEMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBIIX TIAA-CREF Bond Index Fund	0.31%	7.12%	1.13%	5.13%	-3.44%
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	2.94%	13.98%	8.77%	10.26%	1.82%

Correlation

The correlation between TBIIX and XEMD is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jul 1, 2022	0.64

The correlation between TBIIX and XEMD has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

TBIIX vs. XEMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBIIX

TBIIX Risk / Return Rank: 21
TBIIX Sharpe Ratio Rank: 21
TBIIX Sortino Ratio Rank: 22
TBIIX Omega Ratio Rank: 19
TBIIX Calmar Ratio Rank: 23
TBIIX Martin Ratio Rank: 21

XEMD

XEMD Risk / Return Rank: 80
XEMD Sharpe Ratio Rank: 80
XEMD Sortino Ratio Rank: 86
XEMD Omega Ratio Rank: 85
XEMD Calmar Ratio Rank: 69
XEMD Martin Ratio Rank: 79

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.

TBIIX vs. XEMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Bond Index Fund (TBIIX) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). 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.

	TBIIX	XEMD	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.55	-1.25
Sortino ratio: Return per unit of downside risk	1.94	3.86	-1.92
Omega ratio: Gain probability vs. loss probability	1.23	1.51	-0.28
Calmar ratio: Return relative to maximum drawdown	1.77	3.37	-1.59
Martin ratio: Return relative to average drawdown	5.35	15.17	-9.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIIX vs. XEMD - Sharpe Ratio Comparison

The current TBIIX Sharpe Ratio is 1.30, which is lower than the XEMD Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TBIIX and XEMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBIIX	XEMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.55	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.40	-0.86

Drawdowns

TBIIX vs. XEMD - Drawdown Comparison

The maximum TBIIX drawdown since its inception was -19.33%, which is greater than XEMD's maximum drawdown of -10.01%. Use the drawdown chart below to compare losses from any high point for TBIIX and XEMD.

Drawdown Indicators

	TBIIX	XEMD	Difference
Max Drawdown Largest peak-to-trough decline	-19.33%	-10.01%	-9.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-3.52%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-4.31%	-1.86%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.33%	—	—
Current Drawdown Current decline from peak	-3.59%	-0.19%	-3.40%
Average Drawdown Average peak-to-trough decline	-3.68%	-1.26%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.78%	+0.21%

Volatility

TBIIX vs. XEMD - Volatility Comparison

TIAA-CREF Bond Index Fund (TBIIX) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) have volatilities of 1.36% and 1.36%, 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.

Volatility by Period

	TBIIX	XEMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.36%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	3.70%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	4.65%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	6.88%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	6.88%	-1.87%

TBIIX vs. XEMD - Expense Ratio Comparison

TBIIX has a 0.07% expense ratio, which is lower than XEMD's 0.29% expense ratio.

Dividends

TBIIX vs. XEMD - Dividend Comparison

TBIIX's dividend yield for the trailing twelve months is around 3.91%, less than XEMD's 5.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIIX TIAA-CREF Bond Index Fund	3.91%	3.73%	3.14%	2.44%	2.11%	2.07%	3.17%	2.82%	2.46%	2.44%	2.31%	2.61%
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF	5.81%	6.15%	6.30%	6.19%	3.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBIIX and XEMD in my portfolio?

TBIIX and XEMD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIIX or XEMD?

XEMD has higher volatility (1.36%) compared to TBIIX (1.36%). In terms of maximum drawdown, TBIIX dropped -19.33% vs XEMD's -10.01%.

Which has better risk-adjusted returns?

XEMD currently has the higher Sharpe Ratio (2.55 vs 1.30), 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.