EMHY vs. CEMB

Last updated Jun 4, 2026

EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and CEMB (iShares J.P. Morgan EM Corporate Bond 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 CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified. Both are passively managed. Over the past 10 years, EMHY returned 4.73%/yr vs 3.49%/yr for CEMB. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EMHY vs. CEMB - 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 iShares J.P. Morgan EM Corporate Bond ETF (CEMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMHY achieves a 2.80% return, which is significantly higher than CEMB's 1.49% return. Over the past 10 years, EMHY has outperformed CEMB with an annualized return of 4.73%, while CEMB has yielded a comparatively lower 3.49% annualized return.

EMHY

• 1D: -0.37%
• 1M: 1.38%
• YTD: 2.80%
• 6M: 3.49%
• 1Y: 12.96%
• 3Y*: 13.15%
• 5Y*: 4.25%
• 10Y*: 4.73%

CEMB

• 1D: -0.20%
• 1M: 0.46%
• YTD: 1.49%
• 6M: 1.83%
• 1Y: 7.31%
• 3Y*: 7.31%
• 5Y*: 1.97%
• 10Y*: 3.49%

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

EMHY vs. CEMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMHY iShares J.P. Morgan EM High Yield Bond ETF	2.80%	13.70%	11.97%	11.47%	-13.03%	-1.91%	3.83%	12.98%	-5.21%	8.54%
CEMB iShares J.P. Morgan EM Corporate Bond ETF	1.49%	8.86%	5.81%	8.37%	-12.58%	-0.59%	6.77%	13.90%	-2.57%	7.11%

Correlation

The correlation between EMHY and CEMB is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 20, 2012	0.50

Over the past year, EMHY and CEMB have become more correlated (0.73) than their long-term average of 0.50, meaning their price movements have been converging.

EMHY vs. CEMB - Sectors Allocation Comparison

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

Return for Risk

EMHY vs. CEMB — Risk / Return Rank

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

EMHY

EMHY Risk / Return Rank: 71
EMHY Sharpe Ratio Rank: 69
EMHY Sortino Ratio Rank: 75
EMHY Omega Ratio Rank: 77
EMHY Calmar Ratio Rank: 60
EMHY Martin Ratio Rank: 72

CEMB

CEMB Risk / Return Rank: 69
CEMB Sharpe Ratio Rank: 73
CEMB Sortino Ratio Rank: 80
CEMB Omega Ratio Rank: 78
CEMB Calmar Ratio Rank: 51
CEMB 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.

EMHY vs. CEMB - 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 iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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	CEMB	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.40	-0.10
Sortino ratio: Return per unit of downside risk	3.44	3.61	-0.17
Omega ratio: Gain probability vs. loss probability	1.47	1.47	-0.01
Calmar ratio: Return relative to maximum drawdown	3.00	2.55	+0.45
Martin ratio: Return relative to average drawdown	13.63	11.06	+2.57
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. CEMB - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 2.30, which is comparable to the CEMB Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of EMHY and CEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMHY	CEMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.40	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.35	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.56	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.49	+0.01

Drawdowns

EMHY vs. CEMB - Drawdown Comparison

The maximum EMHY drawdown since its inception was -30.11%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for EMHY and CEMB.

Drawdown Indicators

	EMHY	CEMB	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-20.84%	-9.27%
Max Drawdown (1Y) Largest decline over 1 year	-4.34%	-2.88%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-3.85%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-25.83%	-20.48%	-5.35%
Max Drawdown (10Y) Largest decline over 10 years	-30.11%	-20.84%	-9.27%
Current Drawdown Current decline from peak	-0.37%	-0.24%	-0.13%
Average Drawdown Average peak-to-trough decline	-4.90%	-3.66%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.66%	+0.29%

Volatility

EMHY vs. CEMB - Volatility Comparison

iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.66% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.08%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMHY	CEMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.08%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	2.43%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	5.65%	3.06%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.10%	5.63%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	6.30%	+4.36%

EMHY vs. CEMB - Expense Ratio Comparison

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

Dividends

EMHY vs. CEMB - Dividend Comparison

EMHY's dividend yield for the trailing twelve months is around 6.41%, more than CEMB's 5.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMB iShares J.P. Morgan EM Corporate Bond ETF	5.13%	5.14%	5.11%	4.77%	4.29%	3.51%	3.86%	4.19%	4.66%	4.06%	4.26%	4.76%
EMHY iShares J.P. Morgan EM High Yield Bond ETF	6.41%	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

Can I hold both EMHY and CEMB in my portfolio?

EMHY and CEMB have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMHY or CEMB?

EMHY has higher volatility (1.66%) compared to CEMB (1.08%). In terms of maximum drawdown, EMHY dropped -30.11% vs CEMB's -20.84%.

Which ETF is better, EMHY or CEMB?

On 10-year performance, EMHY leads with 4.73% vs 3.49% for CEMB. Both ETFs have the same 0.50% expense ratio. On volatility, CEMB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMHY or CEMB?

Over the 10-year period, EMHY has performed better with a 4.73% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMHY or CEMB?

EMHY and CEMB have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, EMHY or CEMB?

EMHY has the higher dividend yield at 6.41%, compared with 5.13% for CEMB.

What is the main difference between EMHY and CEMB?

EMHY is categorized as Emerging Markets Bonds, while CEMB is Corporate Bonds. EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while CEMB tracks JP Morgan CEMBI Broad Diversified.

Which has better risk-adjusted returns?

CEMB currently has the higher Sharpe Ratio (2.40 vs 2.30), 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.