CEMB vs. IGHG
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both Corporate Bonds funds - CEMB tracks the JP Morgan CEMBI Broad Diversified while IGHG tracks the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, CEMB returned 3.30%/yr vs 4.74%/yr for IGHG. Their 0.13 correlation means their historical movements had little consistent relationship. CEMB charges 0.50%/yr vs 0.30%/yr for IGHG.
Performance
CEMB vs. IGHG - Performance Comparison
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Returns By Period
In the year-to-date period, CEMB achieves a 1.32% return, which is significantly lower than IGHG's 2.31% return. Over the past 10 years, CEMB has underperformed IGHG with an annualized return of 3.30%, while IGHG has yielded a comparatively higher 4.74% annualized return.
CEMB
- 1D
- 0.17%
- 1M
- -0.38%
- 6M
- 0.76%
- YTD
- 1.32%
- 1Y
- 4.51%
- 3Y*
- 6.87%
- 5Y*
- 1.78%
- 10Y*
- 3.30%
- ALL TIME*
- 3.62%
IGHG
- 1D
- 0.10%
- 1M
- 0.05%
- 6M
- 1.42%
- YTD
- 2.31%
- 1Y
- 4.95%
- 3Y*
- 7.47%
- 5Y*
- 5.41%
- 10Y*
- 4.74%
- ALL TIME*
- 3.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.45M | $2.88M | $3.29M | |
| $1.16M | $1.17M | $1.91M |
CEMB vs. IGHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.32% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 13.90% | -2.57% | 7.11% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.31% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
Correlation
The correlation between CEMB and IGHG is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013 | 0.13 |
The correlation between CEMB and IGHG shifts across timeframes, from 0.08 (3 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CEMB vs. IGHG — Risk / Return Rank
CEMB
IGHG
CEMB vs. IGHG - 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 ProShares Investment Grade-Interest Rate Hedged (IGHG). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CEMB | IGHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.84 | -1.26 |
| Martin ratioReturn relative to average drawdown | 6.65 | 9.78 | -3.14 |
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Drawdowns
CEMB vs. IGHG - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum IGHG drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for CEMB and IGHG.
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Drawdown Indicators
| CEMB | IGHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -25.16% | +4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -1.75% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -3.74% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -8.75% | -11.73% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -25.16% | +4.32% |
Current DrawdownCurrent decline from peak | -0.52% | -0.07% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -2.27% | -1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.51% | +0.17% |
Volatility
CEMB vs. IGHG - Volatility Comparison
iShares J.P. Morgan EM Corporate Bond ETF (CEMB) has a higher volatility of 0.63% compared to ProShares Investment Grade-Interest Rate Hedged (IGHG) at 0.59%. This indicates that CEMB's price experiences larger fluctuations and is considered to be riskier than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMB | IGHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.59% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.07% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 3.31% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 4.99% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 7.30% | -1.02% |
CEMB vs. IGHG - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than IGHG's 0.30% expense ratio.
Dividends
CEMB vs. IGHG - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.23%, more than IGHG's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.23% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.11% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
Frequently Asked Questions
CEMB and IGHG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEMB has higher volatility (0.63%) compared to IGHG (0.59%). In terms of maximum drawdown, CEMB dropped -20.84% vs IGHG's -25.16%.
On 10-year performance, IGHG leads with 4.74% vs 3.30% for CEMB. On fees, IGHG is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGHG has performed better with a 4.74% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGHG is cheaper with a 0.30% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.23%, compared with 5.11% for IGHG.
CEMB tracks JP Morgan CEMBI Broad Diversified, while IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.50% for CEMB and 0.30% for IGHG.
IGHG currently has the higher Sharpe Ratio (1.50 vs 1.46), 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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