CEMB vs. MILK
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - CEMB tracks the JP Morgan CEMBI Broad Diversified while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, CEMB returned 7.31% vs 9.23% for MILK. A 0.80 correlation means they provide meaningful diversification when combined. CEMB charges 0.50%/yr vs 0.49%/yr for MILK.
Performance
CEMB vs. MILK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CEMB achieves a 1.49% return, which is significantly lower than MILK's 2.18% 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%
MILK
- 1D
- -0.24%
- 1M
- 1.10%
- YTD
- 2.18%
- 6M
- 1.55%
- 1Y
- 9.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEMB vs. MILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.49% | 8.86% | 0.16% |
MILK Pacer US Cash Cows Bond ETF | 2.18% | 7.49% | -0.35% |
Correlation
The correlation between CEMB and MILK is 0.78, 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 | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.80 |
The correlation between CEMB and MILK has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CEMB vs. MILK — Risk / Return Rank
CEMB
MILK
CEMB vs. MILK - 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 Pacer US Cash Cows Bond ETF (MILK). 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 | MILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.32 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 2.47 | +0.08 |
| Martin ratioReturn relative to average drawdown | 11.06 | 8.90 | +2.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CEMB | MILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.40 | 1.78 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.97 | -0.48 |
Drawdowns
CEMB vs. MILK - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for CEMB and MILK.
Loading charts...
Drawdown Indicators
| CEMB | MILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -6.16% | -14.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -3.75% | +0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.24% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -1.09% | -2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 1.04% | -0.38% |
Volatility
CEMB vs. MILK - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 1.08%, while Pacer US Cash Cows Bond ETF (MILK) has a volatility of 1.58%. This indicates that CEMB experiences smaller price fluctuations and is considered to be less risky than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CEMB | MILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 1.58% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 3.78% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.06% | 5.21% | -2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 6.69% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.30% | 6.69% | -0.39% |
CEMB vs. MILK - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than MILK's 0.49% expense ratio.
Dividends
CEMB vs. MILK - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.13%, less than MILK's 7.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MILK Pacer US Cash Cows Bond ETF | 7.04% | 6.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEMB and MILK have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MILK has higher volatility (1.58%) compared to CEMB (1.08%). In terms of maximum drawdown, CEMB dropped -20.84% vs MILK's -6.16%.
On 1-year performance, MILK leads with 9.23% vs 7.31% for CEMB. On fees, MILK is cheaper at 0.49% per year. On volatility, CEMB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MILK has performed better with a 9.23% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MILK is cheaper with a 0.49% expense ratio, compared with 0.50% for CEMB.
MILK has the higher dividend yield at 7.04%, compared with 5.13% for CEMB.
CEMB tracks JP Morgan CEMBI Broad Diversified, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.50% for CEMB and 0.49% for MILK.
CEMB currently has the higher Sharpe Ratio (2.40 vs 1.78), 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.
Find the right allocation for CEMB and MILK
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer