EMHC vs. NEMD

Last updated Jun 4, 2026

EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and NEMD (Neuberger Berman Emerging Markets Debt Hard Currency ETF) are both Emerging Markets Bonds funds. EMHC is passively managed, while NEMD is actively managed. Their correlation of 0.88 suggests significant overlap in exposure. EMHC charges 0.23%/yr vs 0.60%/yr for NEMD.

Performance

EMHC vs. NEMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD). 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 NEMD's 3.76% return.

EMHC

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

NEMD

• 1D: -0.39%
• 1M: 1.56%
• YTD: 3.76%
• 6M: 4.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMHC vs. NEMD - Yearly Performance Comparison

	2026 (YTD)	2025
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	1.57%	5.40%
NEMD Neuberger Berman Emerging Markets Debt Hard Currency ETF	3.76%	7.07%

Correlation

The correlation between EMHC and NEMD is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 12, 2025	0.88

EMHC vs. NEMD - Sectors Allocation Comparison

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

Return for Risk

EMHC vs. NEMD — 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

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. NEMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD). 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	NEMD	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	3.24	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	11.09	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EMHC	NEMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	2.14	-1.92

Drawdowns

EMHC vs. NEMD - Drawdown Comparison

The maximum EMHC drawdown since its inception was -28.03%, which is greater than NEMD's maximum drawdown of -4.43%. Use the drawdown chart below to compare losses from any high point for EMHC and NEMD.

Drawdown Indicators

	EMHC	NEMD	Difference
Max Drawdown Largest peak-to-trough decline	-28.03%	-4.43%	-23.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.03%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.39%	+0.07%
Average Drawdown Average peak-to-trough decline	-9.91%	-0.57%	-9.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	—	—

Volatility

Volatility by Period

	EMHC	NEMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.43%	6.51%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.06%	6.51%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.96%	6.51%	+2.45%

EMHC vs. NEMD - Expense Ratio Comparison

EMHC has a 0.23% expense ratio, which is lower than NEMD's 0.60% expense ratio.

Dividends

EMHC vs. NEMD - Dividend Comparison

EMHC's dividend yield for the trailing twelve months is around 6.11%, more than NEMD's 4.73% yield.

Position	TTM	2025	2024	2023	2022	2021
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	6.11%	6.16%	5.95%	5.12%	5.11%	2.97%
NEMD Neuberger Berman Emerging Markets Debt Hard Currency ETF	4.73%	2.39%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMHC and NEMD in my portfolio?

EMHC and NEMD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMHC or NEMD?

On fees, EMHC is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMHC or NEMD?

EMHC is cheaper with a 0.23% expense ratio, compared with 0.60% for NEMD.

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

EMHC has the higher dividend yield at 6.11%, compared with 4.73% for NEMD.

What is the main difference between EMHC and NEMD?

They also come from different issuers: State Street and Neuberger Berman. Their fees differ too: 0.23% for EMHC and 0.60% for NEMD.