EMHY vs. EBND
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both Emerging Markets Bonds funds - EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index while EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 10 years, EMHY returned 4.71%/yr vs 1.65%/yr for EBND. A 0.55 correlation means they provide meaningful diversification when combined. EMHY charges 0.50%/yr vs 0.30%/yr for EBND.
Performance
EMHY vs. EBND - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.08% return, which is significantly higher than EBND's -0.09% return. Over the past 10 years, EMHY has outperformed EBND with an annualized return of 4.71%, while EBND has yielded a comparatively lower 1.65% annualized return.
EMHY
- 1D
- 0.27%
- 1M
- 1.10%
- YTD
- 3.08%
- 6M
- 3.87%
- 1Y
- 13.12%
- 3Y*
- 12.97%
- 5Y*
- 4.31%
- 10Y*
- 4.71%
EBND
- 1D
- 0.14%
- 1M
- 0.26%
- YTD
- -0.09%
- 6M
- 0.99%
- 1Y
- 5.43%
- 3Y*
- 5.57%
- 5Y*
- 0.06%
- 10Y*
- 1.65%
EMHY vs. EBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.08% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | -0.09% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between EMHY and EBND is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.55 |
The correlation between EMHY and EBND shifts across timeframes, from 0.55 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMHY vs. EBND — Risk / Return Rank
EMHY
EBND
EMHY vs. EBND - 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 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). 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 | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.15 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 0.82 | +2.21 |
| Martin ratioReturn relative to average drawdown | 13.80 | 2.74 | +11.06 |
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 | EBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | 0.79 | +1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.01 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.18 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.10 | +0.40 |
Drawdowns
EMHY vs. EBND - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, roughly equal to the maximum EBND drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for EMHY and EBND.
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Drawdown Indicators
| EMHY | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -29.51% | -0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -6.63% | +2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -9.25% | +3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -27.57% | +1.74% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -29.50% | -0.61% |
Current DrawdownCurrent decline from peak | -0.10% | -3.10% | +3.00% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -10.86% | +5.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.99% | -1.04% |
Volatility
EMHY vs. EBND - Volatility Comparison
The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 1.60%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 2.30%. This indicates that EMHY experiences smaller price fluctuations and is considered to be less risky than EBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.60% | 2.30% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 4.30% | 5.94% | -1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.65% | 6.91% | -1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 8.97% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 9.19% | +1.47% |
EMHY vs. EBND - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than EBND's 0.30% expense ratio.
Dividends
EMHY vs. EBND - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.39%, more than EBND's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.82% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.39% | 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 EBND have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.30%) compared to EMHY (1.60%). In terms of maximum drawdown, EMHY dropped -30.11% vs EBND's -29.51%.
On 10-year performance, EMHY leads with 4.71% vs 1.65% for EBND. On fees, EBND is cheaper at 0.30% per year. On volatility, EMHY has been the lower-risk option at 1.60%. 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 4.71% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.50% for EMHY.
EMHY has the higher dividend yield at 6.39%, compared with 5.82% for EBND.
EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EMHY and 0.30% for EBND.
EMHY currently has the higher Sharpe Ratio (2.33 vs 0.79), 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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