EMHY vs. EMHC

Last updated Jun 4, 2026

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 4.25%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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 EMHC's 1.57% 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%

EMHC

• 1D: -0.32%
• 1M: 1.13%
• YTD: 1.57%
• 6M: 1.74%
• 1Y: 11.54%
• 3Y*: 8.74%
• 5Y*: 1.55%
• 10Y*: —

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

EMHY vs. EMHC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EMHY iShares J.P. Morgan EM High Yield Bond ETF	2.80%	13.70%	11.97%	11.47%	-13.03%	0.50%
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	1.57%	14.07%	3.52%	10.06%	-17.75%	1.68%

Correlation

The correlation between EMHY and EMHC is 0.89, 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	0.89
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 8, 2021	0.89

The correlation between EMHY and EMHC has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

EMHY vs. EMHC - Sectors Allocation Comparison

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

Return for Risk

EMHY vs. EMHC — 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

EMHC

EMHC Risk / Return Rank: 64
EMHC Sharpe Ratio Rank: 64
EMHC Sortino Ratio Rank: 71
EMHC Omega Ratio Rank: 68
EMHC Calmar Ratio Rank: 53
EMHC 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. 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.

	EMHY	EMHC	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.14	+0.16
Sortino ratio: Return per unit of downside risk	3.44	3.24	+0.20
Omega ratio: Gain probability vs. loss probability	1.47	1.41	+0.06
Calmar ratio: Return relative to maximum drawdown	3.00	2.65	+0.35
Martin ratio: Return relative to average drawdown	13.63	11.09	+2.54
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. EMHC - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 2.30, which is comparable to the EMHC Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of EMHY and EMHC, 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	EMHC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.14	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.17	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.22	+0.28

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.

Drawdown Indicators

	EMHY	EMHC	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.37%	-0.32%	-0.05%
Average Drawdown Average peak-to-trough decline	-4.90%	-9.91%	+5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.04%	-0.09%

Volatility

EMHY vs. EMHC - Volatility Comparison

The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 1.66%, while SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a volatility of 1.89%. This indicates that EMHY experiences smaller price fluctuations and is considered to be less risky than EMHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMHY	EMHC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.89%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	4.16%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.65%	5.43%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.10%	9.06%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	8.96%	+1.70%

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 6.41%, more than EMHC's 6.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	6.11%	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	6.41%	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 EMHC in my portfolio?

EMHY and EMHC have a correlation of 0.89, 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 EMHC?

EMHC has higher volatility (1.89%) compared to EMHY (1.66%). In terms of maximum drawdown, EMHY dropped -30.11% vs EMHC's -28.03%.

Which ETF is better, EMHY or EMHC?

On 5-year performance, EMHY leads with 4.25% vs 1.55% for EMHC. On fees, EMHC is cheaper at 0.23% 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 EMHC?

Over the 5-year period, EMHY has performed better with a 4.25% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMHY or EMHC?

EMHC is cheaper with a 0.23% expense ratio, compared with 0.50% for EMHY.

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

EMHY has the higher dividend yield at 6.41%, compared with 6.11% for EMHC.

What is the main difference between EMHY and 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.

Which has better risk-adjusted returns?

EMHY currently has the higher Sharpe Ratio (2.30 vs 2.14), 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.