EMHC vs. EMHY
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 4.36%/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
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Returns By Period
In the year-to-date period, EMHC achieves a 1.93% return, which is significantly lower than EMHY's 3.26% return.
EMHC
- 1D
- -0.18%
- 1M
- 1.60%
- YTD
- 1.93%
- 6M
- 2.03%
- 1Y
- 10.91%
- 3Y*
- 8.46%
- 5Y*
- 1.55%
- 10Y*
- —
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
EMHC vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.93% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | 0.32% |
Correlation
The correlation between EMHC and EMHY is 0.91, 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 | 0.91 |
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 7, 2021 | 0.89 |
The correlation between EMHC and EMHY has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
EMHC vs. EMHY — Risk / Return Rank
EMHC
EMHY
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.
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 | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.44 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.90 | -0.40 |
| Martin ratioReturn relative to average drawdown | 10.44 | 13.15 | -2.71 |
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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
| EMHC | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.55% | -0.47% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -4.88% | -4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.96% | +0.09% |
Volatility
EMHC vs. EMHY - Volatility Comparison
SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY) have volatilities of 1.65% and 1.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHC | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.58% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 4.43% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.52% | 5.74% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.06% | 9.11% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.94% | 10.66% | -1.72% |
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 6.09%, less than EMHY's 6.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.09% | 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 | 6.38% | 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
With a correlation of 0.91, EMHC and EMHY 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.
EMHC has higher volatility (1.65%) compared to EMHY (1.58%). In terms of maximum drawdown, EMHC dropped -28.03% vs EMHY's -30.11%.
On 5-year performance, EMHY leads with 4.36% vs 1.55% for EMHC. On fees, EMHC is cheaper at 0.23% per year. Their volatility is very similar. 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 4.36% 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 6.38%, compared with 6.09% 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 (2.20 vs 1.99), 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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