CEMB vs. USVN
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and USVN (US Treasury 7 Year Note ETF) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, CEMB returned 7.15%/yr vs 3.04%/yr for USVN. A 0.76 correlation means they provide meaningful diversification when combined. CEMB charges 0.50%/yr vs 0.15%/yr for USVN.
Performance
CEMB vs. USVN - 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 USVN's -0.54% 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%
USVN
- 1D
- -0.17%
- 1M
- 0.15%
- YTD
- -0.54%
- 6M
- -0.27%
- 1Y
- 3.35%
- 3Y*
- 3.04%
- 5Y*
- —
- 10Y*
- —
CEMB vs. USVN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.54% | 8.86% | 5.81% | 6.72% |
USVN US Treasury 7 Year Note ETF | -0.54% | 7.66% | 0.03% | 0.67% |
Correlation
The correlation between CEMB and USVN is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.76 |
The correlation between CEMB and USVN has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.
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Return for Risk
CEMB vs. USVN — Risk / Return Rank
CEMB
USVN
CEMB vs. USVN - 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 US Treasury 7 Year Note ETF (USVN). 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 | USVN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.12 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 0.83 | +1.48 |
| Martin ratioReturn relative to average drawdown | 9.95 | 2.31 | +7.64 |
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Drawdowns
CEMB vs. USVN - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, which is greater than USVN's maximum drawdown of -8.27%. Use the drawdown chart below to compare losses from any high point for CEMB and USVN.
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Drawdown Indicators
| CEMB | USVN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -8.27% | -12.57% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -3.68% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -5.85% | +2.00% |
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 | -0.20% | -2.51% | +2.31% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -2.34% | -1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 1.32% | -0.65% |
Volatility
CEMB vs. USVN - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 1.20%, while US Treasury 7 Year Note ETF (USVN) has a volatility of 1.42%. This indicates that CEMB experiences smaller price fluctuations and is considered to be less risky than USVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMB | USVN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.42% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 3.04% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 4.20% | -1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.64% | 5.78% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.29% | 5.78% | +0.51% |
CEMB vs. USVN - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than USVN's 0.15% expense ratio.
Dividends
CEMB vs. USVN - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.13%, more than USVN's 3.74% 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% |
USVN US Treasury 7 Year Note ETF | 3.74% | 3.81% | 4.07% | 2.91% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEMB and USVN have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USVN has higher volatility (1.42%) compared to CEMB (1.20%). In terms of maximum drawdown, CEMB dropped -20.84% vs USVN's -8.27%.
On 3-year performance, CEMB leads with 7.15% vs 3.04% for USVN. On fees, USVN is cheaper at 0.15% per year. 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 3-year period, CEMB has performed better with a 7.15% return vs 3.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USVN is cheaper with a 0.15% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.13%, compared with 3.74% for USVN.
CEMB is categorized as Corporate Bonds, while USVN is Government Bonds. CEMB tracks JP Morgan CEMBI Broad Diversified, while USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.50% for CEMB and 0.15% for USVN.
CEMB currently has the higher Sharpe Ratio (2.14 vs 0.73), 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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