EMHY vs. EMB

Last updated Jun 4, 2026

EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds from iShares - EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index while EMB tracks the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, EMHY returned 4.73%/yr vs 3.29%/yr for EMB. A 0.80 correlation means they provide meaningful diversification when combined. EMHY charges 0.50%/yr vs 0.39%/yr for EMB.

Performance

EMHY vs. EMB - 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 USD Emerging Markets Bond ETF (EMB). 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 EMB's 1.80% return. Over the past 10 years, EMHY has outperformed EMB with an annualized return of 4.73%, while EMB has yielded a comparatively lower 3.29% 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%

EMB

• 1D: -0.37%
• 1M: 1.29%
• YTD: 1.80%
• 6M: 1.93%
• 1Y: 11.56%
• 3Y*: 9.74%
• 5Y*: 1.86%
• 10Y*: 3.29%

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

EMHY vs. EMB - 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%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	1.80%	13.85%	5.54%	10.62%	-18.63%	-2.23%	5.42%	15.48%	-5.47%	10.28%

Correlation

The correlation between EMHY and EMB is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012	0.80

The correlation between EMHY and EMB shifts across timeframes, from 0.80 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

EMHY vs. EMB — 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

EMB

EMB Risk / Return Rank: 61
EMB Sharpe Ratio Rank: 61
EMB Sortino Ratio Rank: 65
EMB Omega Ratio Rank: 66
EMB Calmar Ratio Rank: 51
EMB Martin Ratio Rank: 61

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. EMB - 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 USD Emerging Markets Bond ETF (EMB). 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	EMB	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.09	+0.21
Sortino ratio Return per unit of downside risk	3.44	3.05	+0.38
Omega ratio Gain probability vs. loss probability	1.47	1.41	+0.06
Calmar ratio Return relative to maximum drawdown	3.00	2.58	+0.42
Martin ratio Return relative to average drawdown	13.63	11.01	+2.61
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. EMB - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 2.30, which is comparable to the EMB Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of EMHY and EMB, 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	EMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.09	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.19	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.33	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.44	+0.07

Drawdowns

EMHY vs. EMB - Drawdown Comparison

The maximum EMHY drawdown since its inception was -30.11%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for EMHY and EMB.

Drawdown Indicators

	EMHY	EMB	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-34.70%	+4.59%
Max Drawdown (1Y) Largest decline over 1 year	-4.34%	-4.51%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-7.95%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	-25.83%	-28.74%	+2.91%
Max Drawdown (10Y) Largest decline over 10 years	-30.11%	-28.74%	-1.37%
Current Drawdown Current decline from peak	-0.37%	-0.37%	0.00%
Average Drawdown Average peak-to-trough decline	-4.90%	-5.06%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.05%	-0.10%

Volatility

EMHY vs. EMB - Volatility Comparison

The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 1.66%, while iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a volatility of 1.85%. This indicates that EMHY experiences smaller price fluctuations and is considered to be less risky than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMHY	EMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.85%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	4.52%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	5.65%	5.56%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.10%	9.75%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	9.96%	+0.70%

EMHY vs. EMB - Expense Ratio Comparison

EMHY has a 0.50% expense ratio, which is higher than EMB's 0.39% expense ratio.

Dividends

EMHY vs. EMB - Dividend Comparison

EMHY's dividend yield for the trailing twelve months is around 6.41%, more than EMB's 5.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	5.06%	4.98%	5.46%	4.74%	5.04%	3.89%	3.88%	4.51%	5.64%	4.54%	4.83%	4.84%
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 EMB in my portfolio?

With a correlation of 0.91, EMHY and EMB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EMHY or EMB?

EMB has higher volatility (1.85%) compared to EMHY (1.66%). In terms of maximum drawdown, EMHY dropped -30.11% vs EMB's -34.70%.

Which ETF is better, EMHY or EMB?

On 10-year performance, EMHY leads with 4.73% vs 3.29% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMHY has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMHY or EMB?

Over the 10-year period, EMHY has performed better with a 4.73% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMHY or EMB?

EMB is cheaper with a 0.39% expense ratio, compared with 0.50% for EMHY.

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

EMHY has the higher dividend yield at 6.41%, compared with 5.06% for EMB.

What is the main difference between EMHY and EMB?

EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while EMB tracks JPMorgan EMBI Global Core Index. Their fees differ too: 0.50% for EMHY and 0.39% for EMB.

Which has better risk-adjusted returns?

EMHY currently has the higher Sharpe Ratio (2.30 vs 2.09), 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.