EBND vs IGOV: Grades, Fees and Holdings Compared

SPDR Bloomberg Emerging Markets Local Bond ETF

EBNDBNYSE Arca

iShares International Treasury Bond ETF

IGOVBNasdaq

Overlap

No data

Expense ratio

EBND −0.05pt a year

EBND0.30%IGOV0.35%

Avg volume · 30D

EBND 1.02×the volume

EBND272KIGOV267K

10Y return · a year

EBND +2.8pt

EBND+1.4%IGOV−1.4%

EBND vs IGOV Performance

Oct 29, 2021 – Oct 30, 2026

+7.9%EBND−19.3%IGOV

Expense ratio: EBND 0.30%, better; IGOV 0.35%
Fund size: EBND $2.24B; IGOV $1.03B
1Y total return: EBND +2.4%, better; IGOV −3.3%
Yield (12M): EBND 6.05%, better; IGOV 1.46%
Holdings: EBND 648; IGOV 950
Avg volume (30D): EBND 272K sh, better; IGOV 267K sh
NAV per share: EBND $20.51; IGOV $40.24
52W range

ETF.net Grade

Pillar letters and Scores for EBND, IGOV, with each pillar’s weight
Pillar	EBND	IGOV
Cost30% weight	A75Higher	C49
Mission25% weight	A89	A99Higher
Risk15% weight	B62Higher	D34
Tradability15% weight	D36	B65Higher
Holdings10% weight	A71	A81Higher
Durability5% weight	B62Higher	B61

Rank among International Sovereign funds

How we build Categories ›

Same Category. EBND and IGOV 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 IGOV 2nd 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 3BBWXSPDR Bloomberg International Treasury Bond ETFScore 62

Our read on each fund

ETF.net Research

EBNDBSPDR Bloomberg Emerging Markets Local Bond ETF

IGOVBiShares International Treasury Bond 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.

IGOV The world's other government bond market in one ticker. IGOV holds developed-market sovereign debt from outside the US, roughly a thousand bonds deep, and has been doing it since 2009.

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.

IGOV The fund seeks to track an index containing government bonds from developed markets outside the United States.

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

IGOV A pure ex-US sovereign sleeve: developed-market government bonds only, no US Treasuries mixed in.
Roughly a thousand bonds tracking the FTSE World Government Bond Developed Markets Capped Select index, so no single issuer runs the show.
Live since 2009 and a multi-billion-dollar fund, which is real staying power in a niche this small.
One of the stronger builds in a six-fund cohort, and it does exactly what the label says rather than drifting off-mandate.

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.

IGOV The 0.35% fee sits right at the cohort median, matching BWX and ISHG. EBND undercuts it at 0.30%, though on emerging-market local debt instead.
Income arrives annually or semiannually, not monthly, so the cash flow is lumpy by design.
Moderately traded rather than a high-volume name, so order size and spreads matter more here than in mega-cap bond funds.

Full EBND profile⁠

Full IGOV profile⁠

EBND vs IGOV Holdings

How EBND and IGOV differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile10.3%
Asset classFixed Income100%

Sector

No Sector split for EBND and IGOV.

Country, concentration and asset class

Country by domicile

Country weights in EBND and IGOV, widest gap first
Country	More in EBNDMore in IGOV	EBND	IGOV
South Africa	EBND +17.1 points	18.6%	1.5%
China	EBND +12.9 points	12.9%	0.0%
Japan	IGOV +11.9 points	0.0%	11.9%
France	IGOV +8.2 points	0.1%	8.3%
Italy	IGOV +7.6 points	0.0%	7.6%
India	EBND +7.4 points	7.4%	0.0%
Germany	IGOV +6.8 points	0.0%	6.8%
United Kingdom	IGOV +6.8 points	0.5%	7.3%
Other countries (27)	EBND +3.9 points	60.5%	56.6%

Outside the US: EBND 1% developed, 99% emerging. IGOV 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

EBND5.8%
IGOV3.9%

Securities held

EBND631
IGOV936

Asset class

EBND: Fixed Income
IGOV: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. EBND holds 631 securities, IGOV 936.

All 669 EBND holdings⁠All 940 IGOV 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 IGOV Cost

Overpaying IGOV vs EBND

$977

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

EBND 0.30%
$6,149
IGOV 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

EBND 0.30%
IGOV 0.35%
Overpaying

Year by year

Year	EBND	IGOV	Overpaying
10	$545	$634	$89
20	$2,113	$2,454	$341
30	$6,149	$7,126	$977

Expense ratio

0.30%EBND, cheaper
0.35%IGOV

EBND0.30%IGOV0.35%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

EBND cheapest of 6 funds

IGOV 2nd cheapest of 6 funds

EBND vs IGOV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EBND 6.05%, better; IGOV 1.46%
Payout (12M): EBND $1.24; IGOV $0.59
Last payment: EBND $0.10; IGOV $0.59
Ex-dividend: EBND Oct 1, 2026; IGOV Dec 19, 2025
Paid on: EBND Oct 6, 2026; IGOV Dec 24, 2025
Frequency: EBND Monthly; IGOV Annual

Distribution history

Per share, 2023 to 2026, same scale for both

EBNDMonthly · 45 paymentsAll EBND payments⁠

IGOVAnnual · 2 paymentsAll IGOV payments⁠

EBND vs IGOV Risk

Fall from peak · 5 years

EBND
IGOV

Risk facts

VolatilityStd dev, 3 years: EBND 7.8%, betterIGOV 9.7%
Return per unit of riskSharpe ratio, 3 years: EBND 0.41, betterIGOV −0.03
Worst fallMax drawdown, 5 years: EBND −23.3%, betterIGOV −30.9%
Market sensitivityBeta, 5 years: EBND 1.23IGOV 1.42; Market = 1

Popular comparisons

EBNDBvsBWXB
SPDR Bloomberg Emerging Markets Local Bond ETF · SPDR Bloomberg International Treasury Bond ETF
Expense ratio
0.30% · 0.35%
Category
IGOVBvsBWXB
iShares International Treasury Bond ETF · SPDR Bloomberg International Treasury Bond ETF
Expense ratio
0.35% · 0.35%
Category
EBNDBvsISHGB
SPDR Bloomberg Emerging Markets Local Bond ETF · iShares 1-3 Year International Treasury Bond ETF
Expense ratio
0.30% · 0.35%
Category
IGOVBvsISHGB
iShares International Treasury Bond ETF · iShares 1-3 Year International Treasury Bond ETF
Expense ratio
0.35% · 0.35%
Category
EBNDBvsGGOVD
SPDR Bloomberg Emerging Markets Local Bond ETF · iShares Global Government Bond USD Hedged Active ETF
Expense ratio
0.30% · 0.39%
Category
IGOVBvsGGOVD
iShares International Treasury Bond ETF · iShares Global Government Bond USD Hedged Active ETF
Expense ratio
0.35% · 0.39%
Category