Bonds from emerging Asian nations are set to lag global peers despite a rally in Treasuries.

That’s because a 30-day correlation of emerging Asia bonds to Treasuries show the two asset classes are detached, while the same gauge for Latin American bonds and US debt show the two are more in lockstep. That puts Latin American bonds in the lead, especially as expectations of Federal Reserve unwinding its policy tightening take hold and fuel further gains in Treasuries.