CEMB vs. TREX.L
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while TREX.L is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, CEMB returned 1.92%/yr vs -1.05%/yr for TREX.L. At a 0.39 correlation, their price movements are largely independent. CEMB charges 0.50%/yr vs 0.06%/yr for TREX.L.
Performance
CEMB vs. TREX.L - Performance Comparison
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Returns By Period
In the year-to-date period, CEMB achieves a 1.54% return, which is significantly higher than TREX.L's -0.74% 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%
TREX.L
- 1D
- 0.40%
- 1M
- 0.12%
- YTD
- -0.74%
- 6M
- -0.02%
- 1Y
- 4.21%
- 3Y*
- 2.99%
- 5Y*
- -1.05%
- 10Y*
- —
CEMB vs. TREX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.54% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 12.03% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.74% | 8.41% | -0.22% | 3.58% | -14.94% | -3.02% | 9.76% | 8.50% |
Correlation
The correlation between CEMB and TREX.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.39 |
The correlation between CEMB and TREX.L shifts across timeframes, from 0.39 (all time) to 0.58 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CEMB vs. TREX.L — Risk / Return Rank
CEMB
TREX.L
CEMB vs. TREX.L - 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 US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L). 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 | TREX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.15 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 0.96 | +1.35 |
| Martin ratioReturn relative to average drawdown | 9.95 | 2.81 | +7.14 |
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Drawdowns
CEMB vs. TREX.L - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum TREX.L drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for CEMB and TREX.L.
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Drawdown Indicators
| CEMB | TREX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -23.38% | +2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -3.96% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -7.42% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -20.96% | +0.48% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -10.23% | +10.03% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -9.96% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 1.36% | -0.69% |
Volatility
CEMB vs. TREX.L - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 1.20%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 1.82%. This indicates that CEMB experiences smaller price fluctuations and is considered to be less risky than TREX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMB | TREX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.82% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 3.34% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 4.50% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.64% | 7.49% | -1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.29% | 6.93% | -0.64% |
CEMB vs. TREX.L - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than TREX.L's 0.06% expense ratio.
Dividends
CEMB vs. TREX.L - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.13%, more than TREX.L's 4.33% 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% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.33% | 4.23% | 4.34% | 3.48% | 2.41% | 1.63% | 1.81% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEMB and TREX.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TREX.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TREX.L is cheaper with a 0.06% expense ratio, compared with 0.50% for CEMB.
CEMB is categorized as Corporate Bonds, while TREX.L is Government Bonds. CEMB tracks JP Morgan CEMBI Broad Diversified, while TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for CEMB and 0.06% for TREX.L.
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