EMHY vs. EMHC
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds - EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index while EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EMHY returned 4.36%/yr vs 1.55%/yr for EMHC. Their correlation of 0.89 suggests significant overlap in exposure. EMHY charges 0.50%/yr vs 0.23%/yr for EMHC.
Performance
EMHY vs. EMHC - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.26% return, which is significantly higher than EMHC's 1.93% return.
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
EMHC
- 1D
- -0.18%
- 1M
- 1.60%
- YTD
- 1.93%
- 6M
- 2.03%
- 1Y
- 10.91%
- 3Y*
- 8.46%
- 5Y*
- 1.55%
- 10Y*
- —
EMHY vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | 0.32% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.93% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
Correlation
The correlation between EMHY and EMHC 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 | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.89 |
The correlation between EMHY and EMHC has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
EMHY vs. EMHC — Risk / Return Rank
EMHY
EMHC
EMHY vs. EMHC - 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 Emerging Markets USD Bond ETF (EMHC). 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 | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.38 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.50 | +0.40 |
| Martin ratioReturn relative to average drawdown | 13.15 | 10.44 | +2.71 |
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Drawdowns
EMHY vs. EMHC - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than EMHC's maximum drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for EMHY and EMHC.
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Drawdown Indicators
| EMHY | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -28.03% | -2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -4.37% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -7.67% | +1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -28.03% | +2.20% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | — | — |
Current DrawdownCurrent decline from peak | -0.47% | -0.55% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -9.81% | +4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.05% | -0.09% |
Volatility
EMHY vs. EMHC - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) have volatilities of 1.58% and 1.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.65% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 4.28% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.74% | 5.52% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.11% | 9.06% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 8.94% | +1.72% |
EMHY vs. EMHC - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than EMHC's 0.23% expense ratio.
Dividends
EMHY vs. EMHC - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.38%, more than EMHC's 6.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.09% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 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
With a correlation of 0.91, EMHY and EMHC 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.
EMHC has higher volatility (1.65%) compared to EMHY (1.58%). In terms of maximum drawdown, EMHY dropped -30.11% vs EMHC's -28.03%.
On 5-year performance, EMHY leads with 4.36% vs 1.55% for EMHC. On fees, EMHC is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMHY has performed better with a 4.36% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHC is cheaper with a 0.23% expense ratio, compared with 0.50% for EMHY.
EMHY has the higher dividend yield at 6.38%, compared with 6.09% for EMHC.
EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EMHY and 0.23% for EMHC.
EMHY currently has the higher Sharpe Ratio (2.20 vs 1.99), 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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