EBND vs GGOV: Grades, Fees and Holdings Compared

SPDR Bloomberg Emerging Markets Local Bond ETF

EBNDBNYSE Arca

iShares Global Government Bond USD Hedged Active ETF

GGOVDNYSE Arca

Overlap

No data

Expense ratio

EBND −0.09pt a year

EBND0.30%GGOV0.39%

Avg volume · 30D

GGOV 3.3×the volume

EBND272KGGOV903K

EBND vs GGOV Performance

Oct 31, 2025 – Oct 30, 2026

+2.4%EBND+4.7%GGOV

Expense ratio: EBND 0.30%, better; GGOV 0.39%
Fund size: EBND $2.24B; GGOV $4.32B
1Y total return: EBND +2.4%; GGOV +4.7%, better
Yield (12M): EBND 6.05%; GGOV No data
Holdings: EBND 648; GGOV 914
Avg volume (30D): EBND 272K sh; GGOV 903K sh, better
NAV per share: EBND $20.51; GGOV $50.79
52W range

ETF.net Grade

Pillar letters and Scores for EBND, GGOV, with each pillar’s weight
Pillar	EBND	GGOV
Cost30% weight	A75Higher	F23
Mission25% weight	A89Higher	F0
Risk15% weight	B62	A80Higher
Tradability15% weight	D36	A72Higher
Holdings10% weight	A71Higher	C52
Durability5% weight	B62	B62

Rank among International Sovereign funds

How we build Categories ›

Same Category. EBND and GGOV are both graded against the same 6 International Sovereign funds, so their Grades compare head to head.

International Sovereign⁠

Category · 6 funds

See all 6 ›

EBND ranks 1st and GGOV 5th of 6 funds in the International Sovereign Category.

Rank 1BEBNDSPDR Bloomberg Emerging Markets Local Bond ETFScore 69
Rank 2BIGOViShares International Treasury Bond ETFScore 65
Rank 4BISHGiShares 1-3 Year International Treasury Bond ETFScore 59
Rank 5DGGOViShares Global Government Bond USD Hedged Active ETFScore 38
Rank 5DWIPSPDR FTSE International Government Inflation-Protected Bond ETFScore 38

Our read on each fund

ETF.net Research

EBNDBSPDR Bloomberg Emerging Markets Local Bond ETF

GGOVDiShares Global Government Bond USD Hedged Active ETF

In short

EBND Most international bond funds pay you in dollars. EBND owns emerging-market government debt in the local currency (rupiah, real, peso), so the exchange rate is part of the trade, not hedged away. And it costs less than its group's median.

GGOV Government bonds from around the world, with the currency swings hedged back to dollars and an active manager at the wheel. A 2025 iShares launch that showed up at multi-billion-dollar scale on day one.

Stated mandate

EBND The fund seeks to track the Bloomberg EM Local Currency Government Diversified Index and provide exposure to fixed-rate, local-currency sovereign debt issued by emerging-market countries.

GGOV The fund provides exposure to a diversified portfolio of government bonds from around the world with USD hedging and active management.

Why people hold it

EBND At 0.30% a year it undercuts the 0.35% median for international government bond funds, where IGOV, BWX and ISHG each charge 0.35% and WIP asks 0.50%.
Roughly 700 bonds across emerging-market sovereign issuers, so no single government's budget drama sets the tone for the whole portfolio.ssga.com
Running since 2011 and now a multibillion-dollar fund: a long-tenured version of the local-currency trade, not a launch-and-see experiment.
Pays monthly, and the holdings match the label: fixed-rate local-currency sovereign debt tracking the Bloomberg EM Local Currency Government Diversified Index.ssga.com

GGOV Currency exposure is hedged into US dollars, so the ride leans on global sovereign yields rather than on the euro or yen moving against the greenback.ishares.com
About 700 government bonds spread across countries, run actively against the Bloomberg Global Treasury USD Hedged Index instead of copied bond for bond.
Unusual for a fund this new: multi-billion-dollar size and steady daily trading, which tends to keep the gap between buy and sell prices tight.

Worth knowing

EBND Unhedged by design. Moves in emerging-market currencies against the dollar land in your return before a single bond does anything.ssga.com
Emerging-market sovereign debt carries credit and policy risk, and local interest rates can shift quickly.
Moderately traded rather than a volume heavyweight, so spreads can run wider than on the busiest bond ETFs.

GGOV 0.39% a year sits above the index-tracking neighbors: IGOV and BWX at 0.35%, EBND at 0.30%.
It opened in June 2025, so the track record is thin, and an active mandate means the portfolio can sit well away from its stated benchmark.
Hedging cuts both ways. It mutes the hit when the dollar rallies and the lift when it slides, and the hedge itself carries an ongoing cost.ishares.com

Full EBND profile⁠

Full GGOV profile⁠

EBND vs GGOV Holdings

How EBND and GGOV differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile16.1%
Asset classFixed Income100%

Sector

No Sector split for EBND.

Country, concentration and asset class

Country by domicile

Country weights in EBND and GGOV, widest gap first
Country	More in EBNDMore in GGOV	EBND	GGOV
United States	GGOV +38.9 points	0.7%	39.6%
South Africa	EBND +18.6 points	18.6%	0.0%
Japan	GGOV +15.9 points	0.0%	15.9%
South Korea	EBND +8.9 points	11.0%	2.1%
India	EBND +7.4 points	7.4%	0.0%
France	GGOV +6.0 points	0.1%	6.1%
Malaysia	EBND +5.9 points	5.9%	0.0%
United Kingdom	GGOV +6.0 points	0.5%	6.5%
Other countries (17)	EBND +25.9 points	55.8%	29.9%

Outside the US: EBND 1% developed, 99% emerging. GGOV 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

EBND5.8%
GGOV14.1%

Securities held

EBND631
GGOV892

Asset class

EBND: Fixed Income
GGOV: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. EBND holds 631 securities, GGOV 892.

All 669 EBND holdings⁠All 709 GGOV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EBND vs GGOV Cost

Overpaying GGOV vs EBND

$1,749

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EBND 0.30%
$6,149
GGOV 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

EBND 0.30%
GGOV 0.39%
Overpaying

Year by year

Year	EBND	GGOV	Overpaying
10	$545	$705	$160
20	$2,113	$2,725	$612
30	$6,149	$7,898	$1,749

Expense ratio

0.30%EBND, cheaper
0.39%GGOV

EBND0.30%GGOV0.39%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

EBND cheapest of 6 funds

GGOV 5th cheapest of 6 funds

EBND vs GGOV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EBND 6.05%; GGOV No data
Payout (12M): EBND $1.24; GGOV No data
Last payment: EBND $0.10; GGOV $0.41
Ex-dividend: EBND Oct 1, 2026; GGOV Oct 1, 2026
Paid on: EBND Oct 6, 2026; GGOV Oct 6, 2026
Frequency: EBND Monthly; GGOV Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

EBNDMonthly · 45 paymentsAll EBND payments⁠

GGOVIrregular · 2 paymentsAll GGOV payments⁠

EBND vs GGOV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EBND 7.8%GGOV 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: EBND 0.41GGOV 0.07since Jul 2025
Worst fallMax drawdown, 5 years: EBND −23.3%GGOV −1.5%since Jun 2025
Market sensitivityBeta, 5 years: EBND 1.23GGOV 0.06; Market = 1

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