EMCB vs. PGHY

Last updated Jun 3, 2026

EMCB (WisdomTree Emerging Markets Corporate Bond Fund) and PGHY (Invesco Global Short Term High Yield Bond ETF) are both exchange-traded funds - EMCB is a Emerging Markets Bonds fund actively managed by WisdomTree, while PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index. EMCB is actively managed, while PGHY is passively managed. Over the past 10 years, EMCB returned 4.19%/yr vs 4.46%/yr for PGHY. At a 0.22 correlation, their price movements are largely independent. EMCB charges 0.60%/yr vs 0.35%/yr for PGHY.

Performance

EMCB vs. PGHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets Corporate Bond Fund (EMCB) and Invesco Global Short Term High Yield Bond ETF (PGHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMCB achieves a 1.94% return, which is significantly lower than PGHY's 2.80% return. Over the past 10 years, EMCB has underperformed PGHY with an annualized return of 4.19%, while PGHY has yielded a comparatively higher 4.46% annualized return.

EMCB

• 1D: 0.05%
• 1M: 0.25%
• YTD: 1.94%
• 6M: 1.91%
• 1Y: 7.64%
• 3Y*: 7.93%
• 5Y*: 2.14%
• 10Y*: 4.19%

PGHY

• 1D: 0.10%
• 1M: 0.58%
• YTD: 2.80%
• 6M: 3.09%
• 1Y: 8.34%
• 3Y*: 9.05%
• 5Y*: 4.65%
• 10Y*: 4.46%

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

EMCB vs. PGHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCB WisdomTree Emerging Markets Corporate Bond Fund	1.94%	8.19%	7.11%	8.76%	-12.98%	-0.62%	8.60%	13.43%	-3.07%	9.47%
PGHY Invesco Global Short Term High Yield Bond ETF	2.80%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%

Correlation

The correlation between EMCB and PGHY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013	0.22

The correlation between EMCB and PGHY shifts across timeframes, from 0.22 (all time) to 0.35 (5 years), reflecting how their relationship changes across market environments.

EMCB vs. PGHY - Sectors Allocation Comparison

Sectors	EMCB	PGHY
Energy	100.0%	3.6%
Basic Materials	-	5.6%
Communication Services	-	6.2%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	1.4%
Financial Services	-	8.8%
Healthcare	-	2.5%
Industrials	-	3.5%
Real Estate	-	0.5%
Technology	-	1.7%
Utilities	-	1.5%

Return for Risk

EMCB vs. PGHY — Risk / Return Rank

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

EMCB

EMCB Risk / Return Rank: 53
EMCB Sharpe Ratio Rank: 53
EMCB Sortino Ratio Rank: 54
EMCB Omega Ratio Rank: 61
EMCB Calmar Ratio Rank: 47
EMCB Martin Ratio Rank: 49

PGHY

PGHY Risk / Return Rank: 53
PGHY Sharpe Ratio Rank: 48
PGHY Sortino Ratio Rank: 53
PGHY Omega Ratio Rank: 48
PGHY Calmar Ratio Rank: 56
PGHY Martin Ratio Rank: 61

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.

EMCB vs. PGHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Corporate Bond Fund (EMCB) and Invesco Global Short Term High Yield Bond ETF (PGHY). 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.

	EMCB	PGHY	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.68	+0.17
Sortino ratio Return per unit of downside risk	2.65	2.56	+0.09
Omega ratio Gain probability vs. loss probability	1.38	1.30	+0.07
Calmar ratio Return relative to maximum drawdown	2.33	2.84	-0.51
Martin ratio Return relative to average drawdown	8.29	11.08	-2.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMCB vs. PGHY - Sharpe Ratio Comparison

The current EMCB Sharpe Ratio is 1.84, which is comparable to the PGHY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of EMCB and PGHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMCB	PGHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.68	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.86	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.63	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.61	-0.15

Drawdowns

EMCB vs. PGHY - Drawdown Comparison

The maximum EMCB drawdown since its inception was -22.81%, which is greater than PGHY's maximum drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for EMCB and PGHY.

Drawdown Indicators

	EMCB	PGHY	Difference
Max Drawdown Largest peak-to-trough decline	-22.81%	-20.50%	-2.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-3.04%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.20%	-5.03%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-9.42%	-12.08%
Max Drawdown (10Y) Largest decline over 10 years	-22.81%	-20.50%	-2.31%
Current Drawdown Current decline from peak	-0.73%	-0.20%	-0.53%
Average Drawdown Average peak-to-trough decline	-4.24%	-1.64%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.78%	+0.08%

Volatility

EMCB vs. PGHY - Volatility Comparison

The current volatility for WisdomTree Emerging Markets Corporate Bond Fund (EMCB) is 1.57%, while Invesco Global Short Term High Yield Bond ETF (PGHY) has a volatility of 1.96%. This indicates that EMCB experiences smaller price fluctuations and is considered to be less risky than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCB	PGHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	1.96%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	3.67%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	5.00%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	5.44%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.48%	7.04%	+1.44%

EMCB vs. PGHY - Expense Ratio Comparison

EMCB has a 0.60% expense ratio, which is higher than PGHY's 0.35% expense ratio.

Dividends

EMCB vs. PGHY - Dividend Comparison

EMCB's dividend yield for the trailing twelve months is around 5.36%, less than PGHY's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCB WisdomTree Emerging Markets Corporate Bond Fund	5.36%	5.47%	5.29%	5.09%	4.04%	3.43%	3.85%	4.17%	4.20%	4.04%	4.08%	5.09%
PGHY Invesco Global Short Term High Yield Bond ETF	7.07%	7.24%	7.49%	7.87%	5.12%	5.17%	5.45%	5.32%	5.45%	5.52%	6.26%	4.60%

Frequently Asked Questions

Can I hold both EMCB and PGHY in my portfolio?

EMCB and PGHY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCB or PGHY?

PGHY has higher volatility (1.96%) compared to EMCB (1.57%). In terms of maximum drawdown, EMCB dropped -22.81% vs PGHY's -20.50%.

Which ETF is better, EMCB or PGHY?

On 10-year performance, PGHY leads with 4.46% vs 4.19% for EMCB. On fees, PGHY is cheaper at 0.35% per year. On volatility, EMCB has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCB or PGHY?

Over the 10-year period, PGHY has performed better with a 4.46% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCB or PGHY?

PGHY is cheaper with a 0.35% expense ratio, compared with 0.60% for EMCB.

Which ETF pays a higher dividend yield, EMCB or PGHY?

PGHY has the higher dividend yield at 7.07%, compared with 5.36% for EMCB.

What is the main difference between EMCB and PGHY?

EMCB is categorized as Emerging Markets Bonds, while PGHY is High Yield Bonds. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.60% for EMCB and 0.35% for PGHY.

Which has better risk-adjusted returns?

EMCB currently has the higher Sharpe Ratio (1.84 vs 1.68), 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.