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CEMB vs. PICB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEMB vs. PICB

Last updated Jun 13, 2026

CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and PICB (Invesco International Corporate Bond ETF) are both Corporate Bonds funds - CEMB tracks the JP Morgan CEMBI Broad Diversified while PICB tracks the S&P International Corporate Bond Index. Both are passively managed. Over the past 10 years, CEMB returned 3.55%/yr vs 0.82%/yr for PICB. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

CEMB vs. PICB - 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 International Corporate Bond ETF (PICB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CEMB achieves a 1.54% return, which is significantly higher than PICB's -0.57% return. Over the past 10 years, CEMB has outperformed PICB with an annualized return of 3.55%, while PICB has yielded a comparatively lower 0.82% annualized return.

CEMB

1D
0.04%
1M
0.30%
YTD
1.54%
6M
1.92%
1Y
6.95%
3Y*
7.15%
5Y*
1.92%
10Y*
3.55%

PICB

1D
0.00%
1M
0.31%
YTD
-0.57%
6M
0.05%
1Y
1.63%
3Y*
6.17%
5Y*
-2.27%
10Y*
0.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMB vs. PICB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CEMB
iShares J.P. Morgan EM Corporate Bond ETF		1.54%8.86%5.81%8.37%-12.58%-0.59%6.77%13.90%-2.57%7.11%
PICB
Invesco International Corporate Bond ETF		-0.57%14.33%-3.45%11.56%-22.64%-6.87%12.87%9.40%-7.27%14.43%

Correlation

The correlation between CEMB and PICB is 0.60, 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

0.60

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

0.61

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

0.61

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

0.44

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2012

0.31

Over the past year, CEMB and PICB have become more correlated (0.60) than their long-term average of 0.31, meaning their price movements have been converging.

CEMB vs. PICB - Sectors Allocation Comparison

Sectors
CEMB
PICB

Industrials

100.0%
4.7%

Basic Materials

-

0.1%

Communication Services

-

5.4%

Consumer Cyclical

-

3.2%

Consumer Defensive

-

2.2%

Energy

-

2.8%

Financial Services

-

29.9%

Healthcare

-

3.3%

Real Estate

-

0.8%

Technology

-

1.0%

Utilities

-

4.6%

Industrials

CEMB
100.0%
PICB
4.7%

Basic Materials

CEMB

-

PICB
0.1%

Communication Services

CEMB

-

PICB
5.4%

Consumer Cyclical

CEMB

-

PICB
3.2%

Consumer Defensive

CEMB

-

PICB
2.2%

Energy

CEMB

-

PICB
2.8%

Financial Services

CEMB

-

PICB
29.9%

Healthcare

CEMB

-

PICB
3.3%

Real Estate

CEMB

-

PICB
0.8%

Technology

CEMB

-

PICB
1.0%

Utilities

CEMB

-

PICB
4.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares J.P. Morgan EM Corporate Bond ETF

Invesco International Corporate Bond ETF

Often compared with CEMB:
CEMB vs. EMBE.LCEMB vs. HYEMCEMB vs. IAGGCEMB vs. AGGG.LCEMB vs. ERNS.LCEMB vs. VEMT.LCEMB vs. VUCP.DE
Often compared with PICB:
PICB vs. PGHYPICB vs. CBONPICB vs. VAGU.LPICB vs. IAGGPICB vs. BNDXPICB vs. BLVPICB vs. FBND

Return for Risk

CEMB vs. PICB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEMB
CEMB Risk / Return Rank: 7171
Overall Rank
CEMB Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
CEMB Sortino Ratio Rank: 8282
Sortino Ratio Rank
CEMB Omega Ratio Rank: 8181
Omega Ratio Rank
CEMB Calmar Ratio Rank: 5252
Calmar Ratio Rank
CEMB Martin Ratio Rank: 6363
Martin Ratio Rank
PICB
PICB Risk / Return Rank: 1111
Overall Rank
PICB Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
PICB Sortino Ratio Rank: 1111
Sortino Ratio Rank
PICB Omega Ratio Rank: 1010
Omega Ratio Rank
PICB Calmar Ratio Rank: 1212
Calmar Ratio Rank
PICB Martin Ratio Rank: 1212
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.

CEMB vs. PICB - 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 International Corporate Bond ETF (PICB). 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.

CEMBPICBDifference
Sharpe ratioReturn per unit of total volatility
2.14
0.14

+2.00

Sortino ratioReturn per unit of downside risk
3.20
0.26

+2.94

Omega ratioGain probability vs. loss probability

1.42

1.03

+0.39

Calmar ratioReturn relative to maximum drawdown

2.31

0.17

+2.14

Martin ratioReturn relative to average drawdown

9.95

0.47

+9.48

CEMB vs. PICB - Sharpe Ratio Comparison

The current CEMB Sharpe Ratio is 2.14, which is higher than the PICB Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of CEMB and PICB, 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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Drawdowns

CEMB vs. PICB - Drawdown Comparison

The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum PICB drawdown of -37.10%. Use the drawdown chart below to compare losses from any high point for CEMB and PICB.

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Drawdown Indicators

CEMBPICBDifference

Max Drawdown

Largest peak-to-trough decline

-20.84%

-37.10%

+16.26%

Max Drawdown (1Y)

Largest decline over 1 year

-2.88%

-6.41%

+3.53%

Max Drawdown (3Y)

Largest decline over 3 years

-3.85%

-9.76%

+5.91%

Max Drawdown (5Y)

Largest decline over 5 years

-20.48%

-36.25%

+15.77%

Max Drawdown (10Y)

Largest decline over 10 years

-20.84%

-37.10%

+16.26%

Current Drawdown

Current decline from peak

-0.20%

-11.78%

+11.58%

Average Drawdown

Average peak-to-trough decline

-3.65%

-9.67%

+6.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

2.39%

-1.72%

Volatility

CEMB vs. PICB - Volatility Comparison

The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 1.20%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.56%. This indicates that CEMB experiences smaller price fluctuations and is considered to be less risky than PICB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CEMBPICBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

2.56%

-1.36%

Volatility (6M)

Calculated over the trailing 6-month period

2.50%

6.08%

-3.58%

Volatility (1Y)

Calculated over the trailing 1-year period

3.11%

7.86%

-4.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.64%

10.20%

-4.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.29%

10.06%

-3.77%

CEMB vs. PICB - Expense Ratio Comparison

Both CEMB and PICB have an expense ratio of 0.50%.

Dividends

CEMB vs. PICB - Dividend Comparison

CEMB's dividend yield for the trailing twelve months is around 5.13%, more than PICB's 3.34% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
PICB
Invesco International Corporate Bond ETF		3.34%3.17%3.19%2.24%1.64%1.34%1.22%1.42%1.70%1.47%2.20%2.39%

Frequently Asked Questions

CEMB and PICB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PICB has higher volatility (2.56%) compared to CEMB (1.20%). In terms of maximum drawdown, CEMB dropped -20.84% vs PICB's -37.10%.

On 10-year performance, CEMB leads with 3.55% vs 0.82% for PICB. Both ETFs have the same 0.50% expense ratio. On volatility, CEMB has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CEMB has performed better with a 3.55% return vs 0.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CEMB and PICB have the same expense ratio: 0.50% per year.

CEMB has the higher dividend yield at 5.13%, compared with 3.34% for PICB.

CEMB tracks JP Morgan CEMBI Broad Diversified, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: iShares and Invesco.

CEMB currently has the higher Sharpe Ratio (2.14 vs 0.14), 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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