3199.HK vs. EMHY
3199.HK (ICBC CSOP FTSE Chinese Government and Policy Bank Bond Index ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both Emerging Markets Bonds funds - 3199.HK tracks the FTSE Chinese Government and Policy Bank Bond while EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, 3199.HK returned 2.92%/yr vs 4.80%/yr for EMHY. At a 0.08 correlation, their price movements are largely independent. 3199.HK charges 0.62%/yr vs 0.50%/yr for EMHY.
Performance
3199.HK vs. EMHY - Performance Comparison
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Different Trading Currencies
3199.HK is traded in HKD, while EMHY is traded in USD. To make them comparable, the EMHY values have been converted to HKD using the latest available exchange rates.
Returns By Period
In the year-to-date period, 3199.HK achieves a 5.99% return, which is significantly higher than EMHY's 3.74% return. Over the past 10 years, 3199.HK has underperformed EMHY with an annualized return of 2.92%, while EMHY has yielded a comparatively higher 4.80% annualized return.
3199.HK
- 1D
- -0.17%
- 1M
- 1.09%
- YTD
- 5.99%
- 6M
- 6.77%
- 1Y
- 7.82%
- 3Y*
- 5.62%
- 5Y*
- 2.88%
- 10Y*
- 2.92%
EMHY
- 1D
- 0.23%
- 1M
- 1.06%
- YTD
- 3.74%
- 6M
- 4.55%
- 1Y
- 12.92%
- 3Y*
- 12.95%
- 5Y*
- 4.51%
- 10Y*
- 4.80%
3199.HK vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
3199.HK ICBC CSOP FTSE Chinese Government and Policy Bank Bond Index ETF | 5.99% | 5.50% | 3.24% | 2.30% | -6.26% | 7.36% | 10.59% | 0.61% | 0.60% | 6.18% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.74% | 13.92% | 11.39% | 11.46% | -12.88% | -1.37% | 3.36% | 12.39% | -5.01% | 9.37% |
Correlation
The correlation between 3199.HK and EMHY is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2014 | 0.08 |
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Return for Risk
3199.HK vs. EMHY — Risk / Return Rank
3199.HK
EMHY
3199.HK vs. EMHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ICBC CSOP FTSE Chinese Government and Policy Bank Bond Index ETF (3199.HK) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY). 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.
| 3199.HK | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.45 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 5.39 | 3.12 | +2.28 |
| Martin ratioReturn relative to average drawdown | 13.10 | 13.95 | -0.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 3199.HK | EMHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 2.27 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.50 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.45 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.51 | +0.05 |
Drawdowns
3199.HK vs. EMHY - Drawdown Comparison
The maximum 3199.HK drawdown since its inception was -11.05%, smaller than the maximum EMHY drawdown of -30.18%. Use the drawdown chart below to compare losses from any high point for 3199.HK and EMHY.
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Drawdown Indicators
| 3199.HK | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -30.18% | +19.13% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -4.16% | +2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -3.84% | -6.05% | +2.21% |
Max Drawdown (5Y)Largest decline over 5 years | -11.05% | -25.16% | +14.11% |
Max Drawdown (10Y)Largest decline over 10 years | -11.05% | -30.18% | +19.13% |
Current DrawdownCurrent decline from peak | -0.41% | -0.15% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -4.77% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.93% | -0.30% |
Volatility
3199.HK vs. EMHY - Volatility Comparison
ICBC CSOP FTSE Chinese Government and Policy Bank Bond Index ETF (3199.HK) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY) have volatilities of 1.54% and 1.59%, 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.
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Volatility by Period
| 3199.HK | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.59% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 4.33% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.06% | 5.72% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 9.08% | -3.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 10.62% | -4.91% |
3199.HK vs. EMHY - Expense Ratio Comparison
3199.HK has a 0.62% expense ratio, which is higher than EMHY's 0.50% expense ratio.
Dividends
3199.HK vs. EMHY - Dividend Comparison
3199.HK's dividend yield for the trailing twelve months is around 3.31%, less than EMHY's 6.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
3199.HK ICBC CSOP FTSE Chinese Government and Policy Bank Bond Index ETF | 3.31% | 3.34% | 3.43% | 3.51% | 3.65% | 3.40% | 3.29% | 3.57% | 3.62% | 3.39% | 3.56% | 3.69% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.39% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
Frequently Asked Questions
3199.HK and EMHY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMHY is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMHY is cheaper with a 0.50% expense ratio, compared with 0.62% for 3199.HK.
3199.HK tracks FTSE Chinese Government and Policy Bank Bond, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. They also come from different issuers: CSOP and iShares. Their fees differ too: 0.62% for 3199.HK and 0.50% for EMHY.
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