EMBX vs. CBON
EMBX (VanEck Emerging Markets Bond ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both Emerging Markets Bonds funds from VanEck. EMBX is actively managed, while CBON is passively managed. Over the past 10 years, EMBX returned 5.10%/yr vs 2.93%/yr for CBON. At a 0.26 correlation, their price movements are largely independent. EMBX charges 0.76%/yr vs 0.50%/yr for CBON.
Performance
EMBX vs. CBON - Performance Comparison
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Returns By Period
In the year-to-date period, EMBX achieves a 3.49% return, which is significantly lower than CBON's 5.41% return. Over the past 10 years, EMBX has outperformed CBON with an annualized return of 5.10%, while CBON has yielded a comparatively lower 2.93% annualized return.
EMBX
- 1D
- -0.40%
- 1M
- 0.90%
- YTD
- 3.49%
- 6M
- 3.62%
- 1Y
- 15.18%
- 3Y*
- 10.16%
- 5Y*
- 3.88%
- 10Y*
- 5.10%
CBON
- 1D
- 0.10%
- 1M
- 1.75%
- YTD
- 5.41%
- 6M
- 6.88%
- 1Y
- 9.26%
- 3Y*
- 5.05%
- 5Y*
- 2.03%
- 10Y*
- 2.93%
EMBX vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 3.49% | 18.80% | 3.09% | 9.34% | -7.21% | -4.30% | 11.57% | 13.10% | -6.21% | 11.97% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.41% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
Correlation
The correlation between EMBX and CBON 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 | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2014 | 0.26 |
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Return for Risk
EMBX vs. CBON — Risk / Return Rank
EMBX
CBON
EMBX vs. CBON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Bond ETF (EMBX) and VanEck Vectors ChinaAMC China Bond ETF (CBON). 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.
| EMBX | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.54 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 6.94 | -3.98 |
| Martin ratioReturn relative to average drawdown | 12.58 | 25.86 | -13.27 |
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
| EMBX | CBON | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.66 | 2.70 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.41 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | 0.53 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.42 | +0.10 |
Drawdowns
EMBX vs. CBON - Drawdown Comparison
The maximum EMBX drawdown since its inception was -25.11%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for EMBX and CBON.
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Drawdown Indicators
| EMBX | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.11% | -14.13% | -10.98% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -1.34% | -3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -7.41% | -4.56% | -2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -24.07% | -14.13% | -9.94% |
Max Drawdown (10Y)Largest decline over 10 years | -25.11% | -14.13% | -10.98% |
Current DrawdownCurrent decline from peak | -0.62% | -0.02% | -0.60% |
Average DrawdownAverage peak-to-trough decline | -7.08% | -3.99% | -3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 0.36% | +0.85% |
Volatility
EMBX vs. CBON - Volatility Comparison
VanEck Emerging Markets Bond ETF (EMBX) has a higher volatility of 1.73% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 0.91%. This indicates that EMBX's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMBX | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 0.91% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 4.77% | 2.62% | +2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.72% | 3.45% | +2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 4.93% | +1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.65% | 5.58% | +1.07% |
EMBX vs. CBON - Expense Ratio Comparison
EMBX has a 0.76% expense ratio, which is higher than CBON's 0.50% expense ratio.
Dividends
EMBX vs. CBON - Dividend Comparison
EMBX's dividend yield for the trailing twelve months is around 5.91%, more than CBON's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.52% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
EMBX VanEck Emerging Markets Bond ETF | 5.91% | 6.95% | 8.20% | 5.49% | 8.21% | 5.50% | 6.56% | 7.89% | 7.25% | 7.66% | 3.94% | 6.84% |
Frequently Asked Questions
EMBX and CBON 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.
EMBX has higher volatility (1.73%) compared to CBON (0.91%). In terms of maximum drawdown, EMBX dropped -25.11% vs CBON's -14.13%.
On 10-year performance, EMBX leads with 5.10% vs 2.93% for CBON. On fees, CBON is cheaper at 0.50% per year. On volatility, CBON has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMBX has performed better with a 5.10% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBON is cheaper with a 0.50% expense ratio, compared with 0.76% for EMBX.
EMBX has the higher dividend yield at 5.91%, compared with 1.52% for CBON.
Their fees differ too: 0.76% for EMBX and 0.50% for CBON.
CBON currently has the higher Sharpe Ratio (2.70 vs 2.66), 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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