CEMB vs. TLT
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, CEMB returned 3.30%/yr vs -2.33%/yr for TLT. Their 0.29 correlation means their historical movements had little consistent relationship. CEMB charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
CEMB vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CEMB achieves a 1.32% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, CEMB has outperformed TLT with an annualized return of 3.30%, while TLT has yielded a comparatively lower -2.33% 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%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.45M | $2.88M | $3.29M | |
| $2.39B | $2.06B | $2.20B |
CEMB vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between CEMB and TLT is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2012 | 0.29 |
Over the past year, CEMB and TLT have become more correlated (0.67) than their long-term average of 0.29, meaning their price movements have been converging.
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. TLT — Risk / Return Rank
CEMB
TLT
CEMB vs. TLT - 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 iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.69 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.97 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | -0.28 | +1.85 |
| Martin ratioReturn relative to average drawdown | 6.65 | -0.59 | +7.24 |
Loading charts...
Drawdowns
CEMB vs. TLT - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CEMB and TLT.
Loading charts...
Drawdown Indicators
| CEMB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -48.35% | +27.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -7.74% | +4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -14.79% | +11.26% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -43.70% | +23.22% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -48.35% | +27.51% |
Current DrawdownCurrent decline from peak | -0.52% | -42.17% | +41.65% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -14.00% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 3.60% | -2.92% |
Volatility
CEMB vs. TLT - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 0.63%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that CEMB experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CEMB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 2.51% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 6.84% | -4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 9.24% | -6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 15.74% | -10.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 14.83% | -8.55% |
CEMB vs. TLT - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
CEMB vs. TLT - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.23%, more than TLT's 4.75% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CEMB and TLT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to CEMB (0.63%). In terms of maximum drawdown, CEMB dropped -20.84% vs TLT's -48.35%.
On 10-year performance, CEMB leads with 3.30% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, CEMB has been the lower-risk option at 0.63%. 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 3.30% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.23%, compared with 4.75% for TLT.
CEMB is categorized as Corporate Bonds, while TLT is Government Bonds. CEMB tracks JP Morgan CEMBI Broad Diversified, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for CEMB and 0.15% for TLT.
CEMB currently has the higher Sharpe Ratio (1.46 vs -0.23), 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 TLT
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