EMB vs. ICVT

Last updated Apr 1, 2026

Compare and contrast key facts about iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and iShares Convertible Bond ETF (ICVT).

EMB and ICVT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMB is a passively managed fund by iShares that tracks the performance of the JPMorgan EMBI Global Core Index. It was launched on Dec 17, 2007. ICVT is a passively managed fund by iShares that tracks the performance of the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. It was launched on Jun 2, 2015. Both EMB and ICVT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMB vs. ICVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and iShares Convertible Bond ETF (ICVT). The values are adjusted to include any dividend payments, if applicable.

EMB vs. ICVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	-1.61%	13.85%	5.54%	10.62%	-18.63%	-2.23%	5.42%	15.48%	-5.47%	10.28%
ICVT iShares Convertible Bond ETF	3.58%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-0.27%	16.38%

Returns By Period

In the year-to-date period, EMB achieves a -1.61% return, which is significantly lower than ICVT's 3.58% return. Over the past 10 years, EMB has underperformed ICVT with an annualized return of 3.18%, while ICVT has yielded a comparatively higher 12.24% annualized return.

EMB

• 1D: 0.88%
• 1M: -3.49%
• YTD: -1.61%
• 6M: 1.15%
• 1Y: 9.10%
• 3Y*: 8.35%
• 5Y*: 1.77%
• 10Y*: 3.18%

ICVT

• 1D: 2.66%
• 1M: -2.73%
• YTD: 3.58%
• 6M: 2.56%
• 1Y: 23.90%
• 3Y*: 14.18%
• 5Y*: 3.55%
• 10Y*: 12.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMB vs. ICVT - Expense Ratio Comparison

EMB has a 0.39% expense ratio, which is higher than ICVT's 0.20% expense ratio.

EMB

iShares J.P. Morgan USD Emerging Markets Bond ETF

ICVT

iShares Convertible Bond ETF

Return for Risk

EMB vs. ICVT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMB

EMB Risk / Return Rank: 78
EMB Sharpe Ratio Rank: 76
EMB Sortino Ratio Rank: 76
EMB Omega Ratio Rank: 76
EMB Calmar Ratio Rank: 80
EMB Martin Ratio Rank: 81

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 86
ICVT Sortino Ratio Rank: 87
ICVT Omega Ratio Rank: 83
ICVT Calmar Ratio Rank: 91
ICVT Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMB vs. ICVT - 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 Convertible Bond ETF (ICVT). 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	ICVT	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.71	-0.40
Sortino ratio Return per unit of downside risk	1.86	2.33	-0.47
Omega ratio Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio Return relative to maximum drawdown	2.07	3.10	-1.02
Martin ratio Return relative to average drawdown	8.46	10.57	-2.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMB vs. ICVT - Sharpe Ratio Comparison

The current EMB Sharpe Ratio is 1.32, which is comparable to the ICVT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of EMB and ICVT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMB	ICVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.71	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.27	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.79	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.67	-0.25

Correlation

The correlation between EMB and ICVT is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EMB vs. ICVT - Dividend Comparison

EMB's dividend yield for the trailing twelve months is around 5.09%, more than ICVT's 1.62% yield.

	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%
ICVT iShares Convertible Bond ETF	1.62%	1.73%	2.19%	1.85%	1.93%	7.70%	3.98%	1.86%	4.82%	2.56%	3.06%	1.57%

Drawdowns

EMB vs. ICVT - Drawdown Comparison

The maximum EMB drawdown since its inception was -34.70%, roughly equal to the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for EMB and ICVT.

Drawdown Indicators

	EMB	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-34.70%	-33.25%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-7.55%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-28.74%	-29.95%	+1.21%
Max Drawdown (10Y) Largest decline over 10 years	-28.74%	-33.25%	+4.51%
Current Drawdown Current decline from peak	-3.50%	-3.67%	+0.17%
Average Drawdown Average peak-to-trough decline	-5.10%	-9.64%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	2.21%	-1.11%

Volatility

EMB vs. ICVT - Volatility Comparison

The current volatility for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is 3.12%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.74%. This indicates that EMB experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMB	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	6.74%	-3.62%
Volatility (6M) Calculated over the trailing 6-month period	4.01%	11.65%	-7.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.95%	14.02%	-7.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.75%	13.20%	-3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.94%	15.54%	-5.60%