EMHY vs. EUHY
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) are both exchange-traded funds - EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index, while EUHY is a High Yield Bonds fund tracking the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Both are passively managed. Over the past 10 years, EMHY returned 4.59%/yr vs 3.68%/yr for EUHY. At a 0.37 correlation, their price movements are largely independent. EMHY charges 0.50%/yr vs 0.35%/yr for EUHY.
Performance
EMHY vs. EUHY - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 2.47% return, which is significantly higher than EUHY's 1.70% return. Over the past 10 years, EMHY has outperformed EUHY with an annualized return of 4.59%, while EUHY has yielded a comparatively lower 3.68% annualized return.
EMHY
- 1D
- 0.00%
- 1M
- -0.15%
- YTD
- 2.47%
- 6M
- 3.73%
- 1Y
- 12.80%
- 3Y*
- 12.59%
- 5Y*
- 4.11%
- 10Y*
- 4.59%
EUHY
- 1D
- -0.12%
- 1M
- 0.05%
- YTD
- 1.70%
- 6M
- 2.27%
- 1Y
- 5.47%
- 3Y*
- 9.44%
- 5Y*
- 1.82%
- 10Y*
- 3.68%
EMHY vs. EUHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2.47% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 1.70% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
Correlation
The correlation between EMHY and EUHY is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.37 |
The correlation between EMHY and EUHY shifts across timeframes, from 0.37 (all time) to 0.55 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMHY vs. EUHY — Risk / Return Rank
EMHY
EUHY
EMHY vs. EUHY - 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 Euro High Yield Corporate Bond USD Hedged ETF (EUHY). 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 | EUHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.19 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 1.57 | +1.39 |
| Martin ratioReturn relative to average drawdown | 13.44 | 3.75 | +9.69 |
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 | EUHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 1.00 | +1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.18 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.35 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.34 | +0.16 |
Drawdowns
EMHY vs. EUHY - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, smaller than the maximum EUHY drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for EMHY and EUHY.
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Drawdown Indicators
| EMHY | EUHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -32.45% | +2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -3.50% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -8.23% | +2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -32.45% | +6.62% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -32.45% | +2.34% |
Current DrawdownCurrent decline from peak | -0.69% | -0.38% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -8.58% | +3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.46% | -0.51% |
Volatility
EMHY vs. EUHY - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.60% compared to iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) at 1.03%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than EUHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | EUHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.60% | 1.03% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 2.89% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 5.51% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 10.00% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 10.42% | +0.24% |
EMHY vs. EUHY - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than EUHY's 0.35% expense ratio.
Dividends
EMHY vs. EUHY - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.43%, more than EUHY's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.43% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.35% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
Frequently Asked Questions
EMHY and EUHY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.60%) compared to EUHY (1.03%). In terms of maximum drawdown, EMHY dropped -30.11% vs EUHY's -32.45%.
On 10-year performance, EMHY leads with 4.59% vs 3.68% for EUHY. On fees, EUHY is cheaper at 0.35% per year. On volatility, EUHY has been the lower-risk option at 1.03%. 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 4.59% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUHY is cheaper with a 0.35% expense ratio, compared with 0.50% for EMHY.
EMHY has the higher dividend yield at 6.43%, compared with 5.35% for EUHY.
EMHY is categorized as Emerging Markets Bonds, while EUHY is High Yield Bonds. EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Their fees differ too: 0.50% for EMHY and 0.35% for EUHY.
EMHY currently has the higher Sharpe Ratio (2.27 vs 1.00), 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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