EMB vs. ICSH
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. EMB is passively managed, while ICSH is actively managed. Over the past 10 years, EMB returned 3.19%/yr vs 2.77%/yr for ICSH. At a 0.20 correlation, their price movements are largely independent. EMB charges 0.39%/yr vs 0.08%/yr for ICSH.
Performance
EMB vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 1.14% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, EMB has outperformed ICSH with an annualized return of 3.19%, while ICSH has yielded a comparatively lower 2.77% annualized return.
EMB
- 1D
- -0.13%
- 1M
- -0.48%
- YTD
- 1.14%
- 6M
- 1.92%
- 1Y
- 10.87%
- 3Y*
- 9.37%
- 5Y*
- 1.62%
- 10Y*
- 3.19%
ICSH
- 1D
- 0.02%
- 1M
- 0.18%
- YTD
- 1.43%
- 6M
- 1.75%
- 1Y
- 4.30%
- 3Y*
- 5.15%
- 5Y*
- 3.67%
- 10Y*
- 2.77%
EMB vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.14% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.43% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between EMB and ICSH is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.20 |
The correlation between EMB and ICSH shifts across timeframes, from 0.20 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMB vs. ICSH — Risk / Return Rank
EMB
ICSH
EMB vs. ICSH - 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 Ultra Short Duration Bond Active ETF (ICSH). 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 | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.05 | ||
| Sortino ratioReturn per unit of downside risk | -24.53 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 6.56 | -5.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 43.67 | -41.24 |
| Martin ratioReturn relative to average drawdown | 10.32 | 288.81 | -278.49 |
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 | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 11.01 | -9.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 7.62 | -7.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 2.63 | -2.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.93 | -1.50 |
Drawdowns
EMB vs. ICSH - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for EMB and ICSH.
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Drawdown Indicators
| EMB | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -3.94% | -30.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -0.10% | -4.41% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -0.10% | -7.85% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -0.73% | -28.01% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | -3.94% | -24.80% |
Current DrawdownCurrent decline from peak | -1.02% | -0.02% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -0.08% | -4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.01% | +1.05% |
Volatility
EMB vs. ICSH - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a higher volatility of 1.76% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that EMB's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 0.15% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 4.57% | 0.30% | +4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 0.39% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 0.48% | +9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 1.06% | +8.90% |
EMB vs. ICSH - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is higher than ICSH's 0.08% expense ratio.
Dividends
EMB vs. ICSH - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.09%, more than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.09% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
Frequently Asked Questions
EMB and ICSH have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMB has higher volatility (1.76%) compared to ICSH (0.15%). In terms of maximum drawdown, EMB dropped -34.70% vs ICSH's -3.94%.
On 10-year performance, EMB leads with 3.19% vs 2.77% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 3.19% return vs 2.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.39% for EMB.
EMB has the higher dividend yield at 5.09%, compared with 4.34% for ICSH.
EMB is categorized as Emerging Markets Bonds, while ICSH is Ultrashort Bond. Their fees differ too: 0.39% for EMB and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.01 vs 1.95), 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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