BOND vs. EMB
BOND (PIMCO Active Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. BOND is actively managed, while EMB is passively managed. Over the past 10 years, BOND returned 2.08%/yr vs 3.19%/yr for EMB. At a 0.47 correlation, their price movements are largely independent. BOND charges 0.54%/yr vs 0.39%/yr for EMB.
Performance
BOND vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, BOND achieves a -0.03% return, which is significantly lower than EMB's 1.14% return. Over the past 10 years, BOND has underperformed EMB with an annualized return of 2.08%, while EMB has yielded a comparatively higher 3.19% annualized return.
BOND
- 1D
- -0.12%
- 1M
- -0.86%
- YTD
- -0.03%
- 6M
- 0.53%
- 1Y
- 6.21%
- 3Y*
- 4.91%
- 5Y*
- 0.34%
- 10Y*
- 2.08%
EMB
- 1D
- -0.13%
- 1M
- -0.48%
- YTD
- 1.14%
- 6M
- 1.92%
- 1Y
- 10.87%
- 3Y*
- 9.37%
- 5Y*
- 1.62%
- 10Y*
- 3.19%
BOND vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | -0.03% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.14% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between BOND and EMB is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012 | 0.47 |
Over the past year, BOND and EMB have become more correlated (0.79) than their long-term average of 0.47, meaning their price movements have been converging.
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Return for Risk
BOND vs. EMB — Risk / Return Rank
BOND
EMB
BOND vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| BOND | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.38 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.42 | -0.35 |
| Martin ratioReturn relative to average drawdown | 6.47 | 10.32 | -3.85 |
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
| BOND | EMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 1.95 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | 0.17 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.32 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 0.43 | +0.19 |
Drawdowns
BOND vs. EMB - Drawdown Comparison
The maximum BOND drawdown since its inception was -19.71%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for BOND and EMB.
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Drawdown Indicators
| BOND | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.71% | -34.70% | +14.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -4.51% | +1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -6.12% | -7.95% | +1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -28.74% | +9.03% |
Max Drawdown (10Y)Largest decline over 10 years | -19.71% | -28.74% | +9.03% |
Current DrawdownCurrent decline from peak | -2.06% | -1.02% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -5.06% | +1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.06% | -0.10% |
Volatility
BOND vs. EMB - Volatility Comparison
The current volatility for PIMCO Active Bond ETF (BOND) is 1.42%, while iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a volatility of 1.76%. This indicates that BOND experiences smaller price fluctuations and is considered to be less risky than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOND | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.76% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 4.57% | -1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 5.60% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.77% | 9.75% | -3.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 9.96% | -4.87% |
BOND vs. EMB - Expense Ratio Comparison
BOND has a 0.54% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
BOND vs. EMB - Dividend Comparison
BOND's dividend yield for the trailing twelve months is around 5.21%, more than EMB's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 5.21% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.09% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
Frequently Asked Questions
BOND and EMB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMB has higher volatility (1.76%) compared to BOND (1.42%). In terms of maximum drawdown, BOND dropped -19.71% vs EMB's -34.70%.
On 10-year performance, EMB leads with 3.19% vs 2.08% for BOND. On fees, EMB is cheaper at 0.39% per year. On volatility, BOND has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 3.19% return vs 2.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.54% for BOND.
BOND has the higher dividend yield at 5.21%, compared with 5.09% for EMB.
BOND is categorized as Intermediate Core-Plus Bond, while EMB is Emerging Markets Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.54% for BOND and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (1.95 vs 1.59), 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.
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