EMHY vs. CBON

Last updated Apr 2, 2026

Compare and contrast key facts about iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and VanEck Vectors ChinaAMC China Bond ETF (CBON).

EMHY and CBON are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMHY is a passively managed fund by iShares that tracks the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index. It was launched on Apr 3, 2012. CBON is a passively managed fund by VanEck that tracks the performance of the ChinaBond China High Quality Bond Index. It was launched on Nov 10, 2014. Both EMHY and CBON are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMHY vs. CBON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and VanEck Vectors ChinaAMC China Bond ETF (CBON). The values are adjusted to include any dividend payments, if applicable.

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	-1.07%	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	2.56%	5.46%	1.85%	2.92%	-7.99%	5.93%	12.01%	2.67%	1.88%	6.96%

Returns By Period

In the year-to-date period, EMHY achieves a -1.07% return, which is significantly lower than CBON's 2.56% return. Over the past 10 years, EMHY has outperformed CBON with an annualized return of 4.63%, while CBON has yielded a comparatively lower 2.47% annualized return.

EMHY

• 1D: 0.35%
• 1M: -2.59%
• YTD: -1.07%
• 6M: 2.66%
• 1Y: 10.13%
• 3Y*: 11.28%
• 5Y*: 4.20%
• 10Y*: 4.63%

CBON

• 1D: 0.19%
• 1M: 0.64%
• YTD: 2.56%
• 6M: 5.23%
• 1Y: 7.99%
• 3Y*: 3.59%
• 5Y*: 2.20%
• 10Y*: 2.47%

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

EMHY vs. CBON - Expense Ratio Comparison

Both EMHY and CBON have an expense ratio of 0.50%.

EMHY

iShares J.P. Morgan EM High Yield Bond ETF

CBON

VanEck Vectors ChinaAMC China Bond ETF

Return for Risk

EMHY vs. CBON — Risk / Return Rank

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

EMHY

EMHY Risk / Return Rank: 76
EMHY Sharpe Ratio Rank: 73
EMHY Sortino Ratio Rank: 74
EMHY Omega Ratio Rank: 76
EMHY Calmar Ratio Rank: 76
EMHY Martin Ratio Rank: 80

CBON

CBON Risk / Return Rank: 94
CBON Sharpe Ratio Rank: 90
CBON Sortino Ratio Rank: 94
CBON Omega Ratio Rank: 91
CBON Calmar Ratio Rank: 96
CBON Martin Ratio Rank: 97

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.

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.

	EMHY	CBON	Difference
Sharpe ratio Return per unit of total volatility	1.36	2.05	-0.69
Sortino ratio Return per unit of downside risk	1.94	2.96	-1.02
Omega ratio Gain probability vs. loss probability	1.30	1.41	-0.11
Calmar ratio Return relative to maximum drawdown	2.09	4.68	-2.59
Martin ratio Return relative to average drawdown	9.21	19.84	-10.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMHY vs. CBON - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 1.36, which is lower than the CBON Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of EMHY and CBON, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMHY	CBON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.05	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.45	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.44	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.39	+0.09

Correlation

The correlation between EMHY and CBON is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EMHY vs. CBON - Dividend Comparison

EMHY's dividend yield for the trailing twelve months is around 6.56%, more than CBON's 1.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMHY iShares J.P. Morgan EM High Yield Bond ETF	6.56%	6.52%	6.86%	6.73%	7.08%	5.58%	5.44%	5.72%	6.79%	5.59%	6.43%	6.99%
CBON VanEck Vectors ChinaAMC China Bond ETF	1.63%	1.66%	2.15%	3.01%	2.70%	3.05%	2.87%	3.87%	3.39%	3.33%	3.25%	2.78%

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.

Drawdown Indicators

	EMHY	CBON	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-14.13%	-15.98%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-1.66%	-3.26%
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 Drawdown Current decline from peak	-3.00%	0.00%	-3.00%
Average Drawdown Average peak-to-trough decline	-4.95%	-4.05%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.39%	+0.74%

Volatility

EMHY vs. CBON - Volatility Comparison

iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 3.10% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 1.26%. 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.

Volatility by Period

	EMHY	CBON	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	1.26%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	2.50%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	3.93%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	4.96%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.65%	5.60%	+5.05%