CEMB vs. BKLN

Last updated Jun 4, 2026

CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while BKLN is a High Yield Bonds fund tracking the S&P/LSTA U.S. Leveraged Loan 100 Index. Both are passively managed. Over the past 10 years, CEMB returned 3.49%/yr vs 4.26%/yr for BKLN. At a 0.22 correlation, their price movements are largely independent. CEMB charges 0.50%/yr vs 0.65%/yr for BKLN.

Performance

CEMB vs. BKLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM Corporate Bond ETF (CEMB) and Invesco Senior Loan ETF (BKLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEMB achieves a 1.49% return, which is significantly higher than BKLN's 0.21% return. Over the past 10 years, CEMB has underperformed BKLN with an annualized return of 3.49%, while BKLN has yielded a comparatively higher 4.26% annualized return.

CEMB

• 1D: -0.20%
• 1M: 0.46%
• YTD: 1.49%
• 6M: 1.83%
• 1Y: 7.31%
• 3Y*: 7.31%
• 5Y*: 1.97%
• 10Y*: 3.49%

BKLN

• 1D: 0.00%
• 1M: 0.05%
• YTD: 0.21%
• 6M: 1.13%
• 1Y: 4.85%
• 3Y*: 7.65%
• 5Y*: 5.15%
• 10Y*: 4.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMB vs. BKLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMB iShares J.P. Morgan EM Corporate Bond ETF	1.49%	8.86%	5.81%	8.37%	-12.58%	-0.59%	6.77%	13.90%	-2.57%	7.11%
BKLN Invesco Senior Loan ETF	0.21%	6.88%	8.21%	12.53%	-2.51%	2.32%	1.32%	10.03%	-1.32%	2.13%

Correlation

The correlation between CEMB and BKLN is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Apr 20, 2012	0.22

The correlation between CEMB and BKLN shifts across timeframes, from 0.22 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.

CEMB vs. BKLN - Sectors Allocation Comparison

Sectors	CEMB	BKLN
Industrials	100.0%	0.9%
Basic Materials	-	-
Communication Services	-	0.8%
Consumer Cyclical	-	2.3%
Consumer Defensive	-	0.7%
Energy	-	-
Financial Services	-	1.9%
Healthcare	-	0.8%
Real Estate	-	0.8%
Technology	-	5.7%
Utilities	-	-

Return for Risk

CEMB vs. BKLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEMB

CEMB Risk / Return Rank: 69
CEMB Sharpe Ratio Rank: 73
CEMB Sortino Ratio Rank: 80
CEMB Omega Ratio Rank: 78
CEMB Calmar Ratio Rank: 51
CEMB Martin Ratio Rank: 62

BKLN

BKLN Risk / Return Rank: 48
BKLN Sharpe Ratio Rank: 50
BKLN Sortino Ratio Rank: 53
BKLN Omega Ratio Rank: 67
BKLN Calmar Ratio Rank: 31
BKLN Martin Ratio Rank: 39

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.

CEMB vs. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) and Invesco Senior Loan ETF (BKLN). 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.

	CEMB	BKLN	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.77	+0.63
Sortino ratio: Return per unit of downside risk	3.61	2.61	+1.00
Omega ratio: Gain probability vs. loss probability	1.47	1.41	+0.06
Calmar ratio: Return relative to maximum drawdown	2.55	1.59	+0.97
Martin ratio: Return relative to average drawdown	11.06	6.24	+4.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMB vs. BKLN - Sharpe Ratio Comparison

The current CEMB Sharpe Ratio is 2.40, which is higher than the BKLN Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of CEMB and BKLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CEMB	BKLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.77	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	1.16	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.67	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.64	-0.15

Drawdowns

CEMB vs. BKLN - Drawdown Comparison

The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for CEMB and BKLN.

Drawdown Indicators

	CEMB	BKLN	Difference
Max Drawdown Largest peak-to-trough decline	-20.84%	-24.17%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-3.07%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-3.55%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-7.31%	-13.17%
Max Drawdown (10Y) Largest decline over 10 years	-20.84%	-24.17%	+3.33%
Current Drawdown Current decline from peak	-0.24%	-0.24%	0.00%
Average Drawdown Average peak-to-trough decline	-3.66%	-1.09%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.78%	-0.12%

Volatility

CEMB vs. BKLN - Volatility Comparison

iShares J.P. Morgan EM Corporate Bond ETF (CEMB) has a higher volatility of 1.08% compared to Invesco Senior Loan ETF (BKLN) at 0.44%. This indicates that CEMB's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMB	BKLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.44%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	2.52%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	2.75%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.63%	4.47%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	6.43%	-0.13%

CEMB vs. BKLN - Expense Ratio Comparison

CEMB has a 0.50% expense ratio, which is lower than BKLN's 0.65% expense ratio.

Dividends

CEMB vs. BKLN - Dividend Comparison

CEMB's dividend yield for the trailing twelve months is around 5.13%, less than BKLN's 6.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.61%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
CEMB iShares J.P. Morgan EM Corporate Bond ETF	5.13%	5.14%	5.11%	4.77%	4.29%	3.51%	3.86%	4.19%	4.66%	4.06%	4.26%	4.76%

Frequently Asked Questions

Can I hold both CEMB and BKLN in my portfolio?

CEMB and BKLN have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMB or BKLN?

CEMB has higher volatility (1.08%) compared to BKLN (0.44%). In terms of maximum drawdown, CEMB dropped -20.84% vs BKLN's -24.17%.

Which ETF is better, CEMB or BKLN?

On 10-year performance, BKLN leads with 4.26% vs 3.49% for CEMB. On fees, CEMB is cheaper at 0.50% per year. On volatility, BKLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEMB or BKLN?

Over the 10-year period, BKLN has performed better with a 4.26% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEMB or BKLN?

CEMB is cheaper with a 0.50% expense ratio, compared with 0.65% for BKLN.

Which ETF pays a higher dividend yield, CEMB or BKLN?

BKLN has the higher dividend yield at 6.61%, compared with 5.13% for CEMB.

What is the main difference between CEMB and BKLN?

CEMB is categorized as Corporate Bonds, while BKLN is High Yield Bonds. CEMB tracks JP Morgan CEMBI Broad Diversified, while BKLN tracks S&P/LSTA U.S. Leveraged Loan 100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for CEMB and 0.65% for BKLN.

Which has better risk-adjusted returns?

CEMB currently has the higher Sharpe Ratio (2.40 vs 1.77), 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.