EMHC vs. KHYB

Last updated Jun 4, 2026

EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and KHYB (KraneShares Asia Pacific High Income Bond ETF) are both Emerging Markets Bonds funds - EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net while KHYB tracks the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Both are passively managed. Over the past 5 years, EMHC returned 1.55%/yr vs 0.17%/yr for KHYB. At a 0.38 correlation, their price movements are largely independent. EMHC charges 0.23%/yr vs 0.69%/yr for KHYB.

Performance

EMHC vs. KHYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and KraneShares Asia Pacific High Income Bond ETF (KHYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMHC achieves a 1.57% return, which is significantly lower than KHYB's 2.50% return.

EMHC

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

KHYB

• 1D: -0.04%
• 1M: 1.41%
• YTD: 2.50%
• 6M: 3.54%
• 1Y: 10.54%
• 3Y*: 9.02%
• 5Y*: 0.17%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMHC vs. KHYB - 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%
KHYB KraneShares Asia Pacific High Income Bond ETF	2.50%	9.59%	10.79%	3.50%	-10.15%	-12.63%

Correlation

The correlation between EMHC and KHYB is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021	0.38

The correlation between EMHC and KHYB shifts across timeframes, from 0.38 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

EMHC vs. KHYB - Sectors Allocation Comparison

Sectors	EMHC	KHYB
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	100.0%
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EMHC vs. KHYB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMHC

EMHC Risk / Return Rank: 64
EMHC Sharpe Ratio Rank: 64
EMHC Sortino Ratio Rank: 71
EMHC Omega Ratio Rank: 68
EMHC Calmar Ratio Rank: 53
EMHC Martin Ratio Rank: 62

KHYB

KHYB Risk / Return Rank: 79
KHYB Sharpe Ratio Rank: 90
KHYB Sortino Ratio Rank: 93
KHYB Omega Ratio Rank: 94
KHYB Calmar Ratio Rank: 54
KHYB Martin Ratio Rank: 66

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. KHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and KraneShares Asia Pacific High Income Bond ETF (KHYB). 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	KHYB	Difference
Sharpe ratio: Return per unit of total volatility	2.14	3.11	-0.97
Sortino ratio: Return per unit of downside risk	3.24	4.81	-1.58
Omega ratio: Gain probability vs. loss probability	1.41	1.71	-0.30
Calmar ratio: Return relative to maximum drawdown	2.65	2.67	-0.02
Martin ratio: Return relative to average drawdown	11.09	11.98	-0.89
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. KHYB - Sharpe Ratio Comparison

The current EMHC Sharpe Ratio is 2.14, which is lower than the KHYB Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of EMHC and KHYB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMHC	KHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	3.11	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.03	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.28	-0.06

Drawdowns

EMHC vs. KHYB - Drawdown Comparison

The maximum EMHC drawdown since its inception was -28.03%, smaller than the maximum KHYB drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for EMHC and KHYB.

Drawdown Indicators

	EMHC	KHYB	Difference
Max Drawdown Largest peak-to-trough decline	-28.03%	-33.63%	+5.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-3.97%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.67%	-5.94%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-28.03%	-32.86%	+4.83%
Current Drawdown Current decline from peak	-0.32%	-0.62%	+0.30%
Average Drawdown Average peak-to-trough decline	-9.91%	-9.71%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.88%	+0.16%

Volatility

EMHC vs. KHYB - Volatility Comparison

SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a higher volatility of 1.89% compared to KraneShares Asia Pacific High Income Bond ETF (KHYB) at 0.90%. This indicates that EMHC's price experiences larger fluctuations and is considered to be riskier than KHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMHC	KHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	0.90%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	3.02%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	5.43%	3.40%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.06%	6.32%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.96%	5.71%	+3.25%

EMHC vs. KHYB - Expense Ratio Comparison

EMHC has a 0.23% expense ratio, which is lower than KHYB's 0.69% expense ratio.

Dividends

EMHC vs. KHYB - Dividend Comparison

EMHC's dividend yield for the trailing twelve months is around 6.11%, less than KHYB's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
KHYB KraneShares Asia Pacific High Income Bond ETF	8.13%	7.59%	10.11%	15.55%	9.67%	6.22%	4.76%	4.86%	2.56%

Frequently Asked Questions

Can I hold both EMHC and KHYB in my portfolio?

EMHC and KHYB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMHC or KHYB?

EMHC has higher volatility (1.89%) compared to KHYB (0.90%). In terms of maximum drawdown, EMHC dropped -28.03% vs KHYB's -33.63%.

Which ETF is better, EMHC or KHYB?

On 5-year performance, EMHC leads with 1.55% vs 0.17% for KHYB. On fees, EMHC is cheaper at 0.23% per year. On volatility, KHYB has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMHC or KHYB?

Over the 5-year period, EMHC has performed better with a 1.55% return vs 0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMHC or KHYB?

EMHC is cheaper with a 0.23% expense ratio, compared with 0.69% for KHYB.

Which ETF pays a higher dividend yield, EMHC or KHYB?

KHYB has the higher dividend yield at 8.13%, compared with 6.11% for EMHC.

What is the main difference between EMHC and KHYB?

EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. They also come from different issuers: State Street and KraneShares. Their fees differ too: 0.23% for EMHC and 0.69% for KHYB.

Which has better risk-adjusted returns?

KHYB currently has the higher Sharpe Ratio (3.11 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.