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CBON vs. EMHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CBON vs. EMHY

Last updated Jun 5, 2026

CBON (VanEck Vectors ChinaAMC China Bond ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both Emerging Markets Bonds funds - CBON tracks the ChinaBond China High Quality Bond Index while EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, CBON returned 2.92%/yr vs 4.71%/yr for EMHY. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

CBON vs. EMHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC China Bond ETF (CBON) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CBON achieves a 5.41% return, which is significantly higher than EMHY's 3.08% return. Over the past 10 years, CBON has underperformed EMHY with an annualized return of 2.92%, while EMHY has yielded a comparatively higher 4.71% annualized return.

CBON

1D
0.00%
1M
1.62%
YTD
5.41%
6M
7.03%
1Y
8.97%
3Y*
5.00%
5Y*
2.03%
10Y*
2.92%

EMHY

1D
0.27%
1M
1.10%
YTD
3.08%
6M
3.87%
1Y
13.12%
3Y*
12.97%
5Y*
4.31%
10Y*
4.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CBON vs. EMHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CBON
VanEck Vectors ChinaAMC China Bond ETF		5.41%5.46%1.85%2.92%-7.99%5.93%12.01%2.67%1.88%6.96%
EMHY
iShares J.P. Morgan EM High Yield Bond ETF		3.08%13.70%11.97%11.47%-13.03%-1.91%3.83%12.98%-5.21%8.54%

Correlation

The correlation between CBON and EMHY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2014

0.22

CBON vs. EMHY - Sectors Allocation Comparison

Sectors
CBON
EMHY

Real Estate

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

100.0%

Technology

-

-

Utilities

-

-

Real Estate

CBON
100.0%
EMHY

-

Basic Materials

CBON

-

EMHY

-

Communication Services

CBON

-

EMHY

-

Consumer Cyclical

CBON

-

EMHY

-

Consumer Defensive

CBON

-

EMHY

-

Energy

CBON

-

EMHY

-

Financial Services

CBON

-

EMHY

-

Healthcare

CBON

-

EMHY

-

Industrials

CBON

-

EMHY
100.0%

Technology

CBON

-

EMHY

-

Utilities

CBON

-

EMHY

-

Compare stocks, funds, or ETFs

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VanEck Vectors ChinaAMC China Bond ETF

iShares J.P. Morgan EM High Yield Bond ETF

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Often compared with EMHY:
EMHY vs. HYEMEMHY vs. VWOBEMHY vs. EMBEMHY vs. EMLCEMHY vs. USHYEMHY vs. PCYEMHY vs. BKHY

Return for Risk

CBON vs. EMHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBON
CBON Risk / Return Rank: 8989
Overall Rank
CBON Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
CBON Sortino Ratio Rank: 8888
Sortino Ratio Rank
CBON Omega Ratio Rank: 8787
Omega Ratio Rank
CBON Calmar Ratio Rank: 9393
Calmar Ratio Rank
CBON Martin Ratio Rank: 9393
Martin Ratio Rank
EMHY
EMHY Risk / Return Rank: 7373
Overall Rank
EMHY Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EMHY Sortino Ratio Rank: 7979
Sortino Ratio Rank
EMHY Omega Ratio Rank: 8080
Omega Ratio Rank
EMHY Calmar Ratio Rank: 6262
Calmar Ratio Rank
EMHY Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBON vs. EMHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) 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.

CBONEMHYDifference
Sharpe ratioReturn per unit of total volatility
2.62
2.33

+0.29

Sortino ratioReturn per unit of downside risk
3.96
3.48

+0.49

Omega ratioGain probability vs. loss probability

1.53

1.47

+0.06

Calmar ratioReturn relative to maximum drawdown

6.72

3.04

+3.69

Martin ratioReturn relative to average drawdown

25.03

13.80

+11.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBON vs. EMHY - Sharpe Ratio Comparison

The current CBON Sharpe Ratio is 2.62, which is comparable to the EMHY Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of CBON and EMHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CBONEMHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

2.33

+0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.48

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.44

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.50

-0.08

Drawdowns

CBON vs. EMHY - Drawdown Comparison

The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for CBON and EMHY.

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Drawdown Indicators

CBONEMHYDifference

Max Drawdown

Largest peak-to-trough decline

-14.13%

-30.11%

+15.98%

Max Drawdown (1Y)

Largest decline over 1 year

-1.34%

-4.34%

+3.00%

Max Drawdown (3Y)

Largest decline over 3 years

-4.56%

-5.95%

+1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-14.13%

-25.83%

+11.70%

Max Drawdown (10Y)

Largest decline over 10 years

-14.13%

-30.11%

+15.98%

Current Drawdown

Current decline from peak

-0.02%

-0.10%

+0.08%

Average Drawdown

Average peak-to-trough decline

-3.99%

-4.89%

+0.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.36%

0.95%

-0.59%

Volatility

CBON vs. EMHY - Volatility Comparison

The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 0.91%, while iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a volatility of 1.60%. This indicates that CBON experiences smaller price fluctuations and is considered to be less risky than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBONEMHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.91%

1.60%

-0.69%

Volatility (6M)

Calculated over the trailing 6-month period

2.62%

4.30%

-1.68%

Volatility (1Y)

Calculated over the trailing 1-year period

3.45%

5.65%

-2.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.92%

9.10%

-4.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.58%

10.66%

-5.08%

CBON vs. EMHY - Expense Ratio Comparison

Both CBON and EMHY have an expense ratio of 0.50%.

Dividends

CBON vs. EMHY - Dividend Comparison

CBON's dividend yield for the trailing twelve months is around 1.52%, less than EMHY's 6.39% yield.

PositionTTM20252024202320222021202020192018201720162015
CBON
VanEck Vectors ChinaAMC China Bond ETF		1.52%1.66%2.15%3.01%2.70%3.05%2.87%3.87%3.39%3.33%3.25%2.78%
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

CBON and EMHY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMHY has higher volatility (1.60%) compared to CBON (0.91%). In terms of maximum drawdown, CBON dropped -14.13% vs EMHY's -30.11%.

On 10-year performance, EMHY leads with 4.71% vs 2.92% for CBON. Both ETFs have the same 0.50% expense ratio. On volatility, CBON has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EMHY has performed better with a 4.71% return vs 2.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CBON and EMHY have the same expense ratio: 0.50% per year.

EMHY has the higher dividend yield at 6.39%, compared with 1.52% for CBON.

CBON tracks ChinaBond China High Quality Bond Index, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. They also come from different issuers: VanEck and iShares.

CBON currently has the higher Sharpe Ratio (2.62 vs 2.33), 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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