EMHY vs. BKHY
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and BKHY (BNY Mellon High Yield Beta ETF) are both exchange-traded funds - EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index, while BKHY is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield Index. Both are passively managed. Over the past 5 years, EMHY returned 4.43%/yr vs 4.26%/yr for BKHY. A 0.73 correlation means they provide meaningful diversification when combined. EMHY charges 0.50%/yr vs 0.22%/yr for BKHY.
Performance
EMHY vs. BKHY - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.18% return, which is significantly higher than BKHY's 2.00% return.
EMHY
- 1D
- 0.22%
- 1M
- 1.20%
- YTD
- 3.18%
- 6M
- 4.08%
- 1Y
- 13.76%
- 3Y*
- 13.29%
- 5Y*
- 4.43%
- 10Y*
- 4.76%
BKHY
- 1D
- 0.15%
- 1M
- 0.50%
- YTD
- 2.00%
- 6M
- 2.32%
- 1Y
- 7.78%
- 3Y*
- 8.93%
- 5Y*
- 4.26%
- 10Y*
- —
EMHY vs. BKHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.18% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 26.07% |
BKHY BNY Mellon High Yield Beta ETF | 2.00% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
Correlation
The correlation between EMHY and BKHY is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.73 |
The correlation between EMHY and BKHY has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
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Return for Risk
EMHY vs. BKHY — Risk / Return Rank
EMHY
BKHY
EMHY vs. BKHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and BNY Mellon High Yield Beta ETF (BKHY). 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.
| EMHY | BKHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.45 | 2.12 | +0.33 |
Sortino ratioReturn per unit of downside risk | 3.66 | 3.21 | +0.45 |
Omega ratioGain probability vs. loss probability | 1.50 | 1.43 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 3.18 | 3.07 | +0.11 |
Martin ratioReturn relative to average drawdown | 14.47 | 14.14 | +0.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMHY | BKHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 2.12 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.57 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.91 | -0.40 |
Drawdowns
EMHY vs. BKHY - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than BKHY's maximum drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for EMHY and BKHY.
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Drawdown Indicators
| EMHY | BKHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -15.89% | -14.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -2.53% | -1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -4.87% | -1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -15.89% | -9.94% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -2.98% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.55% | +0.40% |
Volatility
EMHY vs. BKHY - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.72% compared to BNY Mellon High Yield Beta ETF (BKHY) at 1.13%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than BKHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | BKHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 1.13% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 4.30% | 2.96% | +1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.64% | 3.68% | +1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 7.58% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 7.37% | +3.29% |
EMHY vs. BKHY - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than BKHY's 0.22% expense ratio.
Dividends
EMHY vs. BKHY - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.38%, less than BKHY's 7.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.44% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 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
EMHY and BKHY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.72%) compared to BKHY (1.13%). In terms of maximum drawdown, EMHY dropped -30.11% vs BKHY's -15.89%.
On 5-year performance, EMHY leads with 4.43% vs 4.26% for BKHY. On fees, BKHY is cheaper at 0.22% per year. On volatility, BKHY has been the lower-risk option at 1.13%. 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 4.43% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKHY is cheaper with a 0.22% expense ratio, compared with 0.50% for EMHY.
BKHY has the higher dividend yield at 7.44%, compared with 6.38% for EMHY.
EMHY is categorized as Emerging Markets Bonds, while BKHY is High Yield Bonds. EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while BKHY tracks Bloomberg US Corporate High Yield Index. They also come from different issuers: iShares and BNY Mellon. Their fees differ too: 0.50% for EMHY and 0.22% for BKHY.
EMHY currently has the higher Sharpe Ratio (2.45 vs 2.12), 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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