DJP vs. EMHC
DJP (iPath Bloomberg Commodity Index Total Return ETN) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both exchange-traded funds - DJP is a Commodities fund tracking the Bloomberg Commodity Index, while EMHC is a Emerging Markets Bonds fund tracking the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, DJP returned 12.46%/yr vs 1.55%/yr for EMHC. At a 0.08 correlation, their price movements are largely independent. DJP charges 0.70%/yr vs 0.23%/yr for EMHC.
Performance
DJP vs. EMHC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DJP achieves a 30.63% return, which is significantly higher than EMHC's 1.57% return.
DJP
- 1D
- 0.02%
- 1M
- -3.31%
- YTD
- 30.63%
- 6M
- 29.34%
- 1Y
- 44.52%
- 3Y*
- 17.94%
- 5Y*
- 12.46%
- 10Y*
- 7.36%
EMHC
- 1D
- -0.32%
- 1M
- 1.13%
- YTD
- 1.57%
- 6M
- 1.74%
- 1Y
- 11.54%
- 3Y*
- 8.74%
- 5Y*
- 1.55%
- 10Y*
- —
DJP vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DJP iPath Bloomberg Commodity Index Total Return ETN | 30.63% | 17.20% | 5.59% | -9.85% | 17.46% | 20.94% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.57% | 14.07% | 3.52% | 10.06% | -17.75% | 1.68% |
Correlation
The correlation between DJP and EMHC is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021 | 0.08 |
The correlation between DJP and EMHC shifts across timeframes, from -0.27 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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
DJP vs. EMHC — Risk / Return Rank
DJP
EMHC
DJP vs. EMHC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Bloomberg Commodity Index Total Return ETN (DJP) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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.
| DJP | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.41 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.20 | 2.65 | +2.55 |
| Martin ratioReturn relative to average drawdown | 13.30 | 11.09 | +2.21 |
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
| DJP | EMHC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 2.14 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.17 | +0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.00 | 0.22 | -0.21 |
Drawdowns
DJP vs. EMHC - Drawdown Comparison
The maximum DJP drawdown since its inception was -78.35%, which is greater than EMHC's maximum drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for DJP and EMHC.
Loading charts...
Drawdown Indicators
| DJP | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.35% | -28.03% | -50.32% |
Max Drawdown (1Y)Largest decline over 1 year | -8.61% | -4.37% | -4.24% |
Max Drawdown (3Y)Largest decline over 3 years | -13.41% | -7.67% | -5.74% |
Max Drawdown (5Y)Largest decline over 5 years | -28.98% | -28.03% | -0.95% |
Max Drawdown (10Y)Largest decline over 10 years | -38.36% | — | — |
Current DrawdownCurrent decline from peak | -32.82% | -0.32% | -32.50% |
Average DrawdownAverage peak-to-trough decline | -50.86% | -9.91% | -40.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 1.04% | +2.32% |
Volatility
DJP vs. EMHC - Volatility Comparison
iPath Bloomberg Commodity Index Total Return ETN (DJP) has a higher volatility of 5.85% compared to SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) at 1.89%. This indicates that DJP's price experiences larger fluctuations and is considered to be riskier than EMHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DJP | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 1.89% | +3.96% |
Volatility (6M)Calculated over the trailing 6-month period | 16.64% | 4.16% | +12.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 5.43% | +13.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 9.06% | +9.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.06% | 8.96% | +8.10% |
DJP vs. EMHC - Expense Ratio Comparison
DJP has a 0.70% expense ratio, which is higher than EMHC's 0.23% expense ratio.
Dividends
DJP vs. EMHC - Dividend Comparison
DJP has not paid dividends to shareholders, while EMHC's dividend yield for the trailing twelve months is around 6.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DJP iPath Bloomberg Commodity Index Total Return ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.11% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% |
Frequently Asked Questions
DJP and EMHC have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DJP has higher volatility (5.85%) compared to EMHC (1.89%). In terms of maximum drawdown, DJP dropped -78.35% vs EMHC's -28.03%.
On 5-year performance, DJP leads with 12.46% vs 1.55% for EMHC. On fees, EMHC is cheaper at 0.23% per year. On volatility, EMHC has been the lower-risk option at 1.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DJP has performed better with a 12.46% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHC is cheaper with a 0.23% expense ratio, compared with 0.70% for DJP.
EMHC has the higher dividend yield at 6.11%, compared with 0.00% for DJP.
DJP is categorized as Commodities, while EMHC is Emerging Markets Bonds. DJP tracks Bloomberg Commodity Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: Barclays Capital and State Street. Their fees differ too: 0.70% for DJP and 0.23% for EMHC.
DJP currently has the higher Sharpe Ratio (2.36 vs 2.14), 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.
Find the right allocation for DJP and EMHC
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