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EMHC vs. EMHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMHC vs. EMHY

Last updated Jun 4, 2026

EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both Emerging Markets Bonds funds - EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net while EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 5 years, EMHC returned 1.55%/yr vs 4.25%/yr for EMHY. Their correlation of 0.89 suggests significant overlap in exposure. EMHC charges 0.23%/yr vs 0.50%/yr for EMHY.

Performance

EMHC vs. EMHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EMHC achieves a 1.57% return, which is significantly lower than EMHY's 2.80% return.

EMHC

1D
-0.32%
1M
1.13%
YTD
1.57%
6M
1.74%
1Y
11.54%
3Y*
8.74%
5Y*
1.55%
10Y*
—

EMHY

1D
-0.37%
1M
1.38%
YTD
2.80%
6M
3.49%
1Y
12.96%
3Y*
13.15%
5Y*
4.25%
10Y*
4.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMHC vs. EMHY - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EMHC
SPDR Bloomberg Emerging Markets USD Bond ETF		1.57%14.07%3.52%10.06%-17.75%1.68%
EMHY
iShares J.P. Morgan EM High Yield Bond ETF		2.80%13.70%11.97%11.47%-13.03%0.50%

Correlation

The correlation between EMHC and EMHY is 0.89, 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

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Apr 8, 2021

0.89

The correlation between EMHC and EMHY has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

EMHC vs. EMHY - Sectors Allocation Comparison

Sectors
EMHC
EMHY

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

100.0%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

EMHC
100.0%
EMHY

-

Basic Materials

EMHC

-

EMHY

-

Communication Services

EMHC

-

EMHY

-

Consumer Cyclical

EMHC

-

EMHY

-

Consumer Defensive

EMHC

-

EMHY

-

Energy

EMHC

-

EMHY

-

Healthcare

EMHC

-

EMHY

-

Industrials

EMHC

-

EMHY
100.0%

Real Estate

EMHC

-

EMHY

-

Technology

EMHC

-

EMHY

-

Utilities

EMHC

-

EMHY

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Bloomberg Emerging Markets USD Bond ETF

iShares J.P. Morgan EM High Yield Bond ETF

Often compared with EMHC:
EMHC vs. XEMDEMHC vs. EMBEMHC vs. VEMBXEMHC vs. VEGBXEMHC vs. GABFEMHC vs. VWOBEMHC vs. SPHY
Often compared with EMHY:
EMHY vs. HYEMEMHY vs. VWOBEMHY vs. EMBEMHY vs. EMLCEMHY vs. USHYEMHY vs. PCYEMHY vs. BKHY

Return for Risk

EMHC vs. EMHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMHC
EMHC Risk / Return Rank: 6464
Overall Rank
EMHC Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
EMHC Sortino Ratio Rank: 7171
Sortino Ratio Rank
EMHC Omega Ratio Rank: 6868
Omega Ratio Rank
EMHC Calmar Ratio Rank: 5353
Calmar Ratio Rank
EMHC Martin Ratio Rank: 6262
Martin Ratio Rank
EMHY
EMHY Risk / Return Rank: 7171
Overall Rank
EMHY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EMHY Sortino Ratio Rank: 7575
Sortino Ratio Rank
EMHY Omega Ratio Rank: 7777
Omega Ratio Rank
EMHY Calmar Ratio Rank: 6060
Calmar Ratio Rank
EMHY Martin Ratio Rank: 7272
Martin Ratio Rank
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.

EMHC vs. EMHY - 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 EM High Yield Bond ETF (EMHY). 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.

EMHCEMHYDifference
Sharpe ratioReturn per unit of total volatility
2.14
2.30

-0.16

Sortino ratioReturn per unit of downside risk
3.24
3.44

-0.20

Omega ratioGain probability vs. loss probability

1.41

1.47

-0.06

Calmar ratioReturn relative to maximum drawdown

2.65

3.00

-0.35

Martin ratioReturn relative to average drawdown

11.09

13.63

-2.54

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMHC vs. EMHY - Sharpe Ratio Comparison

The current EMHC Sharpe Ratio is 2.14, which is comparable to the EMHY Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of EMHC and EMHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMHCEMHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.14

2.30

-0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.17

0.47

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.44

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

0.50

-0.28

Drawdowns

EMHC vs. EMHY - Drawdown Comparison

The maximum EMHC drawdown since its inception was -28.03%, smaller than the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for EMHC and EMHY.

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Drawdown Indicators

EMHCEMHYDifference

Max Drawdown

Largest peak-to-trough decline

-28.03%

-30.11%

+2.08%

Max Drawdown (1Y)

Largest decline over 1 year

-4.37%

-4.34%

-0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-7.67%

-5.95%

-1.72%

Max Drawdown (5Y)

Largest decline over 5 years

-28.03%

-25.83%

-2.20%

Max Drawdown (10Y)

Largest decline over 10 years

—

-30.11%

—

Current Drawdown

Current decline from peak

-0.32%

-0.37%

+0.05%

Average Drawdown

Average peak-to-trough decline

-9.91%

-4.90%

-5.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

0.95%

+0.09%

Volatility

EMHC vs. EMHY - Volatility Comparison

SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a higher volatility of 1.89% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.66%. This indicates that EMHC's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMHCEMHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.89%

1.66%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

4.16%

4.31%

-0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

5.43%

5.65%

-0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.06%

9.10%

-0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.96%

10.66%

-1.70%

EMHC vs. EMHY - Expense Ratio Comparison

EMHC has a 0.23% expense ratio, which is lower than EMHY's 0.50% expense ratio.

Dividends

EMHC vs. EMHY - Dividend Comparison

EMHC's dividend yield for the trailing twelve months is around 6.11%, less than EMHY's 6.41% yield.

PositionTTM20252024202320222021202020192018201720162015
EMHC
SPDR Bloomberg Emerging Markets USD Bond ETF		6.11%6.16%5.95%5.12%5.11%2.97%0.00%0.00%0.00%0.00%0.00%0.00%
EMHY
iShares J.P. Morgan EM High Yield Bond ETF		6.41%6.52%6.86%6.73%7.08%5.58%5.44%5.72%6.79%5.59%6.43%6.99%

Frequently Asked Questions

EMHC and EMHY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMHC has higher volatility (1.89%) compared to EMHY (1.66%). In terms of maximum drawdown, EMHC dropped -28.03% vs EMHY's -30.11%.

On 5-year performance, EMHY leads with 4.25% vs 1.55% for EMHC. On fees, EMHC is cheaper at 0.23% per year. On volatility, EMHY 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, EMHY has performed better with a 4.25% return vs 1.55%. 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 0.50% for EMHY.

EMHY has the higher dividend yield at 6.41%, compared with 6.11% for EMHC.

EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.23% for EMHC and 0.50% for EMHY.

EMHY currently has the higher Sharpe Ratio (2.30 vs 2.14), 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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