EMB vs. EMHY
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both Emerging Markets Bonds funds from iShares - EMB tracks the J.P. Morgan EMBI Global Core Index while EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, EMB returned 3.30%/yr vs 4.67%/yr for EMHY. Their correlation of 0.80 suggests significant overlap in exposure. EMB charges 0.39%/yr vs 0.50%/yr for EMHY.
Performance
EMB vs. EMHY - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 2.18% return, which is significantly lower than EMHY's 3.26% return. Over the past 10 years, EMB has underperformed EMHY with an annualized return of 3.30%, while EMHY has yielded a comparatively higher 4.67% annualized return.
EMB
- 1D
- -0.15%
- 1M
- 1.57%
- YTD
- 2.18%
- 6M
- 2.21%
- 1Y
- 10.82%
- 3Y*
- 9.37%
- 5Y*
- 1.88%
- 10Y*
- 3.30%
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
EMB vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.18% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
Correlation
The correlation between EMB and EMHY is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2012 | 0.80 |
The correlation between EMB and EMHY shifts across timeframes, from 0.80 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMB vs. EMHY — Risk / Return Rank
EMB
EMHY
EMB vs. EMHY - 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 iShares J.P. Morgan EM High Yield Bond ETF (EMHY). 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.
| EMB | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.44 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.90 | -0.49 |
| Martin ratioReturn relative to average drawdown | 10.26 | 13.15 | -2.89 |
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Drawdowns
EMB vs. EMHY - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, which is greater than EMHY's maximum drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for EMB and EMHY.
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Drawdown Indicators
| EMB | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -30.11% | -4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -4.34% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -5.95% | -2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -25.83% | -2.91% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | -30.11% | +1.37% |
Current DrawdownCurrent decline from peak | -0.49% | -0.47% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -5.04% | -4.88% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.96% | +0.10% |
Volatility
EMB vs. EMHY - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a higher volatility of 1.78% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.58%. This indicates that EMB's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.58% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.43% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.68% | 5.74% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 9.11% | +0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 10.66% | -0.70% |
EMB vs. EMHY - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is lower than EMHY's 0.50% expense ratio.
Dividends
EMB vs. EMHY - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.04%, less than EMHY's 6.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.04% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
Frequently Asked Questions
With a correlation of 0.92, EMB and EMHY 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.
EMB has higher volatility (1.78%) compared to EMHY (1.58%). In terms of maximum drawdown, EMB dropped -34.70% vs EMHY's -30.11%.
On 10-year performance, EMHY leads with 4.67% vs 3.30% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMHY has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.67% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.50% for EMHY.
EMHY has the higher dividend yield at 6.38%, compared with 5.04% for EMB.
EMB tracks J.P. Morgan EMBI Global Core Index, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. Their fees differ too: 0.39% for EMB and 0.50% for EMHY.
EMHY currently has the higher Sharpe Ratio (2.20 vs 1.91), 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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