EMB vs. ICVT
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 10 years, EMB returned 3.29%/yr vs 13.99%/yr for ICVT. At a 0.41 correlation, their price movements are largely independent. EMB charges 0.39%/yr vs 0.20%/yr for ICVT.
Performance
EMB vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 1.80% return, which is significantly lower than ICVT's 25.28% return. Over the past 10 years, EMB has underperformed ICVT with an annualized return of 3.29%, while ICVT has yielded a comparatively higher 13.99% annualized 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%
ICVT
- 1D
- -0.97%
- 1M
- 7.16%
- YTD
- 25.28%
- 6M
- 24.31%
- 1Y
- 42.20%
- 3Y*
- 21.04%
- 5Y*
- 7.79%
- 10Y*
- 13.99%
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 | 1.80% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
ICVT iShares Convertible Bond ETF | 25.28% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between EMB and ICVT is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015 | 0.41 |
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Return for Risk
EMB vs. ICVT — Risk / Return Rank
EMB
ICVT
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 ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.52 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 5.62 | -3.04 |
| Martin ratioReturn relative to average drawdown | 11.01 | 20.48 | -9.46 |
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 | ICVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.09 | 2.95 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.59 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.91 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.78 | -0.35 |
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.
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Drawdown Indicators
| EMB | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -7.95% | -11.22% | +3.27% |
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 DrawdownCurrent decline from peak | -0.37% | -0.97% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -9.50% | +4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 2.07% | -1.02% |
Volatility
EMB vs. ICVT - Volatility Comparison
The current volatility for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is 1.85%, while iShares Convertible Bond ETF (ICVT) has a volatility of 5.53%. 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.
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Volatility by Period
| EMB | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 5.53% | -3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 4.52% | 11.69% | -7.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.56% | 14.36% | -8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 13.23% | -3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 15.50% | -5.54% |
EMB vs. ICVT - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
EMB vs. ICVT - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.06%, more than ICVT's 1.30% 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% |
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Frequently Asked Questions
EMB and ICVT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (5.53%) compared to EMB (1.85%). In terms of maximum drawdown, EMB dropped -34.70% vs ICVT's -33.25%.
On 10-year performance, ICVT leads with 13.99% vs 3.29% for EMB. On fees, ICVT is cheaper at 0.20% per year. On volatility, EMB has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICVT has performed better with a 13.99% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.39% for EMB.
EMB has the higher dividend yield at 5.06%, compared with 1.30% for ICVT.
EMB is categorized as Emerging Markets Bonds, while ICVT is Preferred Stock/Convertible Bonds. EMB tracks JPMorgan EMBI Global Core Index, while ICVT tracks Barclays U.S. Convertible Cash Pay Bond > $250MM Index. Their fees differ too: 0.39% for EMB and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.95 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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