EMHC vs. EMB
EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds - EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net while EMB tracks the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 5 years, EMHC returned 1.64%/yr vs 1.98%/yr for EMB. With a 0.96 correlation, they move nearly in lockstep. EMHC charges 0.23%/yr vs 0.39%/yr for EMB.
Performance
EMHC vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, EMHC achieves a 2.25% return, which is significantly lower than EMB's 2.51% return.
EMHC
- 1D
- 0.32%
- 1M
- 1.92%
- YTD
- 2.25%
- 6M
- 2.02%
- 1Y
- 10.57%
- 3Y*
- 8.57%
- 5Y*
- 1.64%
- 10Y*
- —
EMB
- 1D
- 0.32%
- 1M
- 1.90%
- YTD
- 2.51%
- 6M
- 2.23%
- 1Y
- 10.51%
- 3Y*
- 9.48%
- 5Y*
- 1.98%
- 10Y*
- 3.33%
EMHC vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 2.25% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.51% | 13.85% | 5.54% | 10.62% | -18.63% | 2.39% |
Correlation
The correlation between EMHC and EMB is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.96 |
The correlation between EMHC and EMB has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
EMHC vs. EMB — Risk / Return Rank
EMHC
EMB
EMHC vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| EMHC | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.36 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 2.34 | +0.09 |
| Martin ratioReturn relative to average drawdown | 10.12 | 9.97 | +0.15 |
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Drawdowns
EMHC vs. EMB - Drawdown Comparison
The maximum EMHC drawdown since its inception was -28.03%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for EMHC and EMB.
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Drawdown Indicators
| EMHC | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.03% | -34.70% | +6.67% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -4.51% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.67% | -7.95% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -28.03% | -28.74% | +0.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.74% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.17% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -9.80% | -5.04% | -4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.06% | -0.01% |
Volatility
EMHC vs. EMB - Volatility Comparison
The current volatility for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) is 1.66%, while iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a volatility of 1.80%. This indicates that EMHC experiences smaller price fluctuations and is considered to be less risky than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHC | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.80% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.29% | 4.69% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.52% | 5.69% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.07% | 9.76% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.94% | 9.96% | -1.02% |
EMHC vs. EMB - Expense Ratio Comparison
EMHC has a 0.23% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
EMHC vs. EMB - Dividend Comparison
EMHC's dividend yield for the trailing twelve months is around 6.07%, more than EMB's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.02% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.07% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, EMHC and EMB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EMB has higher volatility (1.80%) compared to EMHC (1.66%). In terms of maximum drawdown, EMHC dropped -28.03% vs EMB's -34.70%.
On 5-year performance, EMB leads with 1.98% vs 1.64% for EMHC. On fees, EMHC is cheaper at 0.23% per year. On volatility, EMHC has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMB has performed better with a 1.98% return vs 1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHC is cheaper with a 0.23% expense ratio, compared with 0.39% for EMB.
EMHC has the higher dividend yield at 6.07%, compared with 5.02% for EMB.
EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while EMB tracks J.P. Morgan EMBI Global Core Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.23% for EMHC and 0.39% for EMB.
EMHC currently has the higher Sharpe Ratio (1.93 vs 1.87), 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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