EMHC vs. IAGG
EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and IAGG (iShares Core International Aggregate Bond ETF) are both exchange-traded funds - EMHC is a Emerging Markets Bonds fund tracking the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Both are passively managed. Over the past 5 years, EMHC returned 1.55%/yr vs 1.11%/yr for IAGG. A 0.63 correlation means they provide meaningful diversification when combined. EMHC charges 0.23%/yr vs 0.07%/yr for IAGG.
Performance
EMHC vs. IAGG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EMHC achieves a 1.57% return, which is significantly higher than IAGG's 0.92% return.
EMHC
- 1D
- -0.32%
- 1M
- 1.13%
- YTD
- 1.57%
- 6M
- 1.74%
- 1Y
- 11.54%
- 3Y*
- 8.74%
- 5Y*
- 1.55%
- 10Y*
- —
IAGG
- 1D
- -0.20%
- 1M
- 0.66%
- YTD
- 0.92%
- 6M
- 0.72%
- 1Y
- 2.30%
- 3Y*
- 4.59%
- 5Y*
- 1.11%
- 10Y*
- 2.17%
EMHC vs. IAGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.57% | 14.07% | 3.52% | 10.06% | -17.75% | 1.68% |
IAGG iShares Core International Aggregate Bond ETF | 0.92% | 3.26% | 4.51% | 8.49% | -10.86% | 0.38% |
Correlation
The correlation between EMHC and IAGG is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021 | 0.63 |
The correlation between EMHC and IAGG has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMHC vs. IAGG — Risk / Return Rank
EMHC
IAGG
EMHC vs. IAGG - 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 Core International Aggregate Bond ETF (IAGG). 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.
| EMHC | IAGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.15 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.00 | +1.66 |
| Martin ratioReturn relative to average drawdown | 11.09 | 2.99 | +8.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EMHC | IAGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.14 | 0.81 | +1.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.25 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.62 | -0.40 |
Drawdowns
EMHC vs. IAGG - Drawdown Comparison
The maximum EMHC drawdown since its inception was -28.03%, which is greater than IAGG's maximum drawdown of -13.88%. Use the drawdown chart below to compare losses from any high point for EMHC and IAGG.
Loading charts...
Drawdown Indicators
| EMHC | IAGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.03% | -13.88% | -14.15% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -2.32% | -2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -7.67% | -2.32% | -5.35% |
Max Drawdown (5Y)Largest decline over 5 years | -28.03% | -13.57% | -14.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.88% | — |
Current DrawdownCurrent decline from peak | -0.32% | -0.98% | +0.66% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -2.85% | -7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.77% | +0.27% |
Volatility
EMHC vs. IAGG - Volatility Comparison
SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a higher volatility of 1.89% compared to iShares Core International Aggregate Bond ETF (IAGG) at 1.18%. This indicates that EMHC's price experiences larger fluctuations and is considered to be riskier than IAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMHC | IAGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.18% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 4.16% | 2.40% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 2.84% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.06% | 4.51% | +4.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.96% | 4.05% | +4.91% |
EMHC vs. IAGG - Expense Ratio Comparison
EMHC has a 0.23% expense ratio, which is higher than IAGG's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EMHC vs. IAGG - Dividend Comparison
EMHC's dividend yield for the trailing twelve months is around 6.11%, more than IAGG's 3.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAGG iShares Core International Aggregate Bond ETF | 3.66% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
Frequently Asked Questions
EMHC and IAGG have a correlation of 0.63, 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 IAGG (1.18%). In terms of maximum drawdown, EMHC dropped -28.03% vs IAGG's -13.88%.
On 5-year performance, EMHC leads with 1.55% vs 1.11% for IAGG. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMHC has performed better with a 1.55% return vs 1.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.23% for EMHC.
EMHC has the higher dividend yield at 6.11%, compared with 3.66% for IAGG.
EMHC is categorized as Emerging Markets Bonds, while IAGG is Global Bonds. EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.23% for EMHC and 0.07% for IAGG.
EMHC currently has the higher Sharpe Ratio (2.14 vs 0.81), 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.
Find the right allocation for EMHC and IAGG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer