EMB vs. EMHC
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds - EMB tracks the JPMorgan EMBI Global Core Index while EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EMB returned 1.86%/yr vs 1.55%/yr for EMHC. With a 0.96 correlation, they move nearly in lockstep. EMB charges 0.39%/yr vs 0.23%/yr for EMHC.
Performance
EMB vs. EMHC - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 1.80% return, which is significantly higher than EMHC's 1.57% return.
EMB
- 1D
- -0.37%
- 1M
- 1.29%
- YTD
- 1.80%
- 6M
- 1.93%
- 1Y
- 11.56%
- 3Y*
- 9.74%
- 5Y*
- 1.86%
- 10Y*
- 3.29%
EMHC
- 1D
- -0.32%
- 1M
- 1.13%
- YTD
- 1.57%
- 6M
- 1.74%
- 1Y
- 11.54%
- 3Y*
- 8.74%
- 5Y*
- 1.55%
- 10Y*
- —
EMB vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.80% | 13.85% | 5.54% | 10.62% | -18.63% | 2.74% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.57% | 14.07% | 3.52% | 10.06% | -17.75% | 1.68% |
Correlation
The correlation between EMB and EMHC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021 | 0.96 |
The correlation between EMB and EMHC has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
EMB vs. EMHC — Risk / Return Rank
EMB
EMHC
EMB vs. EMHC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) 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.
| EMB | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.65 | -0.07 |
| Martin ratioReturn relative to average drawdown | 11.01 | 11.09 | -0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMB | EMHC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.09 | 2.14 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.17 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.22 | +0.22 |
Drawdowns
EMB vs. EMHC - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, which is greater than EMHC's maximum drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for EMB and EMHC.
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Drawdown Indicators
| EMB | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -28.03% | -6.67% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -4.37% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -7.67% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -28.03% | -0.71% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.32% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -9.91% | +4.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.04% | +0.01% |
Volatility
EMB vs. EMHC - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) have volatilities of 1.85% and 1.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.89% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.52% | 4.16% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.56% | 5.43% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 9.06% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 8.96% | +1.00% |
EMB vs. EMHC - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is higher than EMHC's 0.23% expense ratio.
Dividends
EMB vs. EMHC - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.06%, less than EMHC's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.06% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.11% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, EMB and EMHC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EMHC has higher volatility (1.89%) compared to EMB (1.85%). In terms of maximum drawdown, EMB dropped -34.70% vs EMHC's -28.03%.
On 5-year performance, EMB leads with 1.86% vs 1.55% for EMHC. On fees, EMHC is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMB has performed better with a 1.86% 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 0.39% for EMB.
EMHC has the higher dividend yield at 6.11%, compared with 5.06% for EMB.
EMB tracks JPMorgan EMBI Global Core Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for EMB and 0.23% for EMHC.
EMHC currently has the higher Sharpe Ratio (2.14 vs 2.09), 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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