EMCB vs. SPHY
EMCB (WisdomTree Emerging Markets Corporate Bond Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - EMCB is a Emerging Markets Bonds fund actively managed by WisdomTree, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. EMCB is actively managed, while SPHY is passively managed. Over the past 10 years, EMCB returned 3.83%/yr vs 4.92%/yr for SPHY. Their 0.24 correlation means their historical movements had little consistent relationship. EMCB charges 0.60%/yr vs 0.05%/yr for SPHY.
Performance
EMCB vs. SPHY - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with EMCB at 1.84% and SPHY at 1.84%. Over the past 10 years, EMCB has underperformed SPHY with an annualized return of 3.83%, while SPHY has yielded a comparatively higher 4.92% annualized return.
EMCB
- 1D
- -0.14%
- 1M
- -0.32%
- 6M
- 0.75%
- YTD
- 1.84%
- 1Y
- 4.81%
- 3Y*
- 7.22%
- 5Y*
- 2.03%
- 10Y*
- 3.83%
- ALL TIME*
- 3.68%
SPHY
- 1D
- 0.04%
- 1M
- -0.30%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.47%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $161.65K | $154.71K | $333.62K | |
| $242.17M | $164.39M | $124.54M |
EMCB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMCB WisdomTree Emerging Markets Corporate Bond Fund | 1.84% | 8.19% | 7.11% | 8.76% | -12.98% | -0.62% | 8.60% | 13.43% | -3.07% | 9.47% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between EMCB and SPHY is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.24 |
Over the past year, EMCB and SPHY have become more correlated (0.51) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
EMCB vs. SPHY — Risk / Return Rank
EMCB
SPHY
EMCB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Corporate Bond Fund (EMCB) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMCB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 2.27 | -0.69 |
| Martin ratioReturn relative to average drawdown | 5.45 | 10.10 | -4.66 |
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Drawdowns
EMCB vs. SPHY - Drawdown Comparison
The maximum EMCB drawdown since its inception was -22.81%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for EMCB and SPHY.
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Drawdown Indicators
| EMCB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.81% | -21.97% | -0.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -2.41% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -4.85% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -21.50% | -15.29% | -6.21% |
Max Drawdown (10Y)Largest decline over 10 years | -22.81% | -21.97% | -0.84% |
Current DrawdownCurrent decline from peak | -0.82% | -0.43% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -2.27% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.54% | +0.35% |
Volatility
EMCB vs. SPHY - Volatility Comparison
WisdomTree Emerging Markets Corporate Bond Fund (EMCB) has a higher volatility of 1.10% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that EMCB's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.75% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 3.02% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 3.67% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 7.18% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.43% | 7.83% | +0.60% |
EMCB vs. SPHY - Expense Ratio Comparison
EMCB has a 0.60% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
EMCB vs. SPHY - Dividend Comparison
EMCB's dividend yield for the trailing twelve months is around 5.40%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCB WisdomTree Emerging Markets Corporate Bond Fund | 5.40% | 5.47% | 5.29% | 5.09% | 4.04% | 3.43% | 3.85% | 4.17% | 4.20% | 4.04% | 4.08% | 5.09% |
SPHY SPDR Portfolio High Yield Bond ETF | 6.62% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
EMCB and SPHY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMCB has higher volatility (1.10%) compared to SPHY (0.75%). In terms of maximum drawdown, EMCB dropped -22.81% vs SPHY's -21.97%.
On 10-year performance, SPHY leads with 4.92% vs 3.83% for EMCB. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHY has performed better with a 4.92% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.60% for EMCB.
SPHY has the higher dividend yield at 6.62%, compared with 5.40% for EMCB.
EMCB is categorized as Emerging Markets Bonds, while SPHY is High Yield Bonds. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.60% for EMCB and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 1.31), 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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