EMHY vs. EMTL
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and EMTL (SPDR DoubleLine Emerging Markets Fixed Income ETF) are both Emerging Markets Bonds funds. EMHY is passively managed, while EMTL is actively managed. Over the past 10 years, EMHY returned 4.28%/yr vs 3.00%/yr for EMTL. Their 0.52 correlation means they have sometimes moved together and sometimes differently. EMHY charges 0.50%/yr vs 0.65%/yr for EMTL.
Performance
EMHY vs. EMTL - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 2.96% return, which is significantly higher than EMTL's 0.65% return. Over the past 10 years, EMHY has outperformed EMTL with an annualized return of 4.28%, while EMTL has yielded a comparatively lower 3.00% annualized return.
EMHY
- 1D
- 0.10%
- 1M
- -0.79%
- 6M
- 1.95%
- YTD
- 2.96%
- 1Y
- 9.70%
- 3Y*
- 11.65%
- 5Y*
- 4.38%
- 10Y*
- 4.28%
- ALL TIME*
- 4.94%
EMTL
- 1D
- 0.00%
- 1M
- -0.06%
- 6M
- 0.05%
- YTD
- 0.65%
- 1Y
- 3.21%
- 3Y*
- 6.49%
- 5Y*
- 1.51%
- 10Y*
- 3.00%
- ALL TIME*
- 3.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.06M | $3.58M | $3.53M | |
| $352.14K | $728.16K | $831.05K |
EMHY vs. EMTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2.96% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 0.65% | 8.27% | 5.86% | 9.60% | -14.31% | 0.56% | 3.48% | 11.99% | -2.37% | 7.59% |
Correlation
The correlation between EMHY and EMTL is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2016 | 0.52 |
The correlation between EMHY and EMTL shifts across timeframes, from 0.52 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMHY vs. EMTL — Risk / Return Rank
EMHY
EMTL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
EMHY vs. EMTL - 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 DoubleLine Emerging Markets Fixed Income ETF (EMTL). 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 | EMTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.75 | +0.46 |
| Martin ratioReturn relative to average drawdown | 9.86 | 6.17 | +3.69 |
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Drawdowns
EMHY vs. EMTL - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than EMTL's maximum drawdown of -22.91%. Use the drawdown chart below to compare losses from any high point for EMHY and EMTL.
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Drawdown Indicators
| EMHY | EMTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -22.91% | -7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -2.00% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -3.53% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -22.91% | -2.92% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -22.91% | -7.20% |
Current DrawdownCurrent decline from peak | -0.86% | -0.17% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -4.84% | -3.78% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.57% | +0.40% |
Volatility
EMHY vs. EMTL - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.14% compared to SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) at 0.43%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than EMTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | EMTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.43% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 4.48% | 1.72% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.70% | 2.27% | +3.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 4.86% | +4.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.65% | 4.65% | +6.00% |
EMHY vs. EMTL - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is lower than EMTL's 0.65% expense ratio.
Dividends
EMHY vs. EMTL - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.46%, while EMTL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 5.94% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 4.53% | 5.09% | 5.34% | 4.78% | 4.19% | 5.43% | 3.28% | 3.96% | 3.35% | 4.16% | 8.87% | 0.00% |
Frequently Asked Questions
EMHY and EMTL have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.14%) compared to EMTL (0.43%). In terms of maximum drawdown, EMHY dropped -30.11% vs EMTL's -22.91%.
On 10-year performance, EMHY leads with 4.28% vs 3.00% for EMTL. On fees, EMHY is cheaper at 0.50% per year. On volatility, EMTL has been the lower-risk option at 0.43%. 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 4.28% return vs 3.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHY is cheaper with a 0.50% expense ratio, compared with 0.65% for EMTL.
EMHY has the higher dividend yield at 5.94%, compared with 4.53% for EMTL.
They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EMHY and 0.65% for EMTL.
EMHY currently has the higher Sharpe Ratio (1.68 vs 1.55), 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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