EMHY vs. CBON
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both Emerging Markets Bonds funds - EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index while CBON tracks the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 10 years, EMHY returned 4.74%/yr vs 3.02%/yr for CBON. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
EMHY vs. CBON - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.44% return, which is significantly lower than CBON's 4.92% return. Over the past 10 years, EMHY has outperformed CBON with an annualized return of 4.74%, while CBON has yielded a comparatively lower 3.02% annualized return.
EMHY
- 1D
- 0.00%
- 1M
- 1.35%
- YTD
- 3.44%
- 6M
- 3.23%
- 1Y
- 12.10%
- 3Y*
- 12.57%
- 5Y*
- 4.41%
- 10Y*
- 4.74%
CBON
- 1D
- 0.23%
- 1M
- 0.05%
- YTD
- 4.92%
- 6M
- 5.30%
- 1Y
- 8.34%
- 3Y*
- 5.29%
- 5Y*
- 2.14%
- 10Y*
- 3.02%
EMHY vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.44% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 4.92% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
Correlation
The correlation between EMHY and CBON is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.22 |
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Return for Risk
EMHY vs. CBON — Risk / Return Rank
EMHY
CBON
EMHY vs. CBON - 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 VanEck Vectors ChinaAMC China Bond ETF (CBON). 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.
| EMHY | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.48 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 6.25 | -3.45 |
| Martin ratioReturn relative to average drawdown | 12.68 | 22.97 | -10.29 |
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Drawdowns
EMHY vs. CBON - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for EMHY and CBON.
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Drawdown Indicators
| EMHY | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -14.13% | -15.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -1.34% | -3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -4.56% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -14.13% | -11.70% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -14.13% | -15.98% |
Current DrawdownCurrent decline from peak | -0.29% | -0.52% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -3.97% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.36% | +0.60% |
Volatility
EMHY vs. CBON - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.54% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 0.73%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.73% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 2.64% | +1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.71% | 3.46% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.11% | 4.92% | +4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 5.56% | +5.10% |
EMHY vs. CBON - Expense Ratio Comparison
Both EMHY and CBON have an expense ratio of 0.50%.
Dividends
EMHY vs. CBON - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.37%, more than CBON's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.53% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.37% | 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 CBON have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.54%) compared to CBON (0.73%). In terms of maximum drawdown, EMHY dropped -30.11% vs CBON's -14.13%.
On 10-year performance, EMHY leads with 4.74% vs 3.02% for CBON. Both ETFs have the same 0.50% expense ratio. On volatility, CBON has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.74% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHY and CBON have the same expense ratio: 0.50% per year.
EMHY has the higher dividend yield at 6.37%, compared with 1.53% for CBON.
EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: iShares and VanEck.
CBON currently has the higher Sharpe Ratio (2.42 vs 2.13), 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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