EMHC vs. XEMD
EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and XEMD (BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF) are both Emerging Markets Bonds funds - EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net while XEMD tracks the JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, EMHC returned 7.66%/yr vs 10.14%/yr for XEMD. Their correlation of 0.90 means they have usually moved in the same direction. EMHC charges 0.23%/yr vs 0.29%/yr for XEMD.
Performance
EMHC vs. XEMD - Performance Comparison
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Returns By Period
In the year-to-date period, EMHC achieves a 0.55% return, which is significantly lower than XEMD's 2.49% return.
EMHC
- 1D
- -0.08%
- 1M
- -1.67%
- 6M
- 0.23%
- YTD
- 0.55%
- 1Y
- 6.90%
- 3Y*
- 7.66%
- 5Y*
- 1.15%
- 10Y*
- —
- ALL TIME*
- 1.66%
XEMD
- 1D
- 0.02%
- 1M
- -0.82%
- 6M
- 1.43%
- YTD
- 2.49%
- 1Y
- 8.65%
- 3Y*
- 10.14%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.11M | $1.05M | $1.14M | |
| $5.44M | $11.46M | $8.01M |
EMHC vs. XEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 0.55% | 14.07% | 3.52% | 10.06% | 3.73% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2.49% | 13.98% | 8.77% | 10.26% | 2.40% |
Correlation
The correlation between EMHC and XEMD is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.90 |
The correlation between EMHC and XEMD has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
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Return for Risk
EMHC vs. XEMD — Risk / Return Rank
EMHC
XEMD
EMHC vs. XEMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD). 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 | XEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.53 | -0.88 |
| Martin ratioReturn relative to average drawdown | 6.59 | 10.95 | -4.37 |
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Drawdowns
EMHC vs. XEMD - Drawdown Comparison
The maximum EMHC drawdown since its inception was -28.03%, which is greater than XEMD's maximum drawdown of -10.01%. Use the drawdown chart below to compare losses from any high point for EMHC and XEMD.
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Drawdown Indicators
| EMHC | XEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.03% | -10.01% | -18.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -3.52% | -0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -4.23% | -2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -28.03% | — | — |
Current DrawdownCurrent decline from peak | -1.90% | -0.96% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -9.63% | -1.23% | -8.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 0.81% | +0.28% |
Volatility
EMHC vs. XEMD - Volatility Comparison
SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a higher volatility of 1.28% compared to BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at 0.96%. This indicates that EMHC's price experiences larger fluctuations and is considered to be riskier than XEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHC | XEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.96% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 3.80% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 4.74% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.07% | 6.80% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 6.80% | +2.07% |
EMHC vs. XEMD - Expense Ratio Comparison
EMHC has a 0.23% expense ratio, which is lower than XEMD's 0.29% expense ratio.
Dividends
EMHC vs. XEMD - Dividend Comparison
EMHC's dividend yield for the trailing twelve months is around 6.19%, more than XEMD's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 5.71% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% |
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 5.24% | 6.15% | 6.30% | 6.19% | 3.08% | 0.00% |
Frequently Asked Questions
EMHC and XEMD 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 (1.28%) compared to XEMD (0.96%). In terms of maximum drawdown, EMHC dropped -28.03% vs XEMD's -10.01%.
On 3-year performance, XEMD leads with 10.14% vs 7.66% for EMHC. On fees, EMHC is cheaper at 0.23% per year. On volatility, XEMD has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XEMD has performed better with a 10.14% return vs 7.66%. 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 0.29% for XEMD.
EMHC has the higher dividend yield at 5.71%, compared with 5.24% for XEMD.
EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while XEMD tracks JP Morgan EMBI Global Diversified Liquid 1-10 Y Maturity Index - Benchmark TR Gross. They also come from different issuers: State Street and BondBloxx. Their fees differ too: 0.23% for EMHC and 0.29% for XEMD.
XEMD currently has the higher Sharpe Ratio (1.88 vs 1.32), 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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