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EMHY vs. LEMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMHY vs. LEMB

Last updated Jun 4, 2026

EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) are both Emerging Markets Bonds funds from iShares - EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index while LEMB tracks the J.P. Morgan GBI-EM Global 15 cap 4.5 floor. Both are passively managed. Over the past 10 years, EMHY returned 4.73%/yr vs 1.37%/yr for LEMB. A 0.53 correlation means they provide meaningful diversification when combined. EMHY charges 0.50%/yr vs 0.30%/yr for LEMB.

Performance

EMHY vs. LEMB - 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 EM Local Currency Bond ETF (LEMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMHY achieves a 2.80% return, which is significantly higher than LEMB's 1.19% return. Over the past 10 years, EMHY has outperformed LEMB with an annualized return of 4.73%, while LEMB has yielded a comparatively lower 1.37% 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%

LEMB

1D
-0.57%
1M
1.13%
YTD
1.19%
6M
2.18%
1Y
9.81%
3Y*
6.09%
5Y*
0.59%
10Y*
1.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMHY vs. LEMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		1.19%18.02%-1.72%7.23%-10.74%-9.92%3.10%6.40%-7.49%12.49%

Correlation

The correlation between EMHY and LEMB is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Apr 4, 2012

0.53

The correlation between EMHY and LEMB has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares J.P. Morgan EM High Yield Bond ETF

iShares J.P. Morgan EM Local Currency Bond ETF

Often compared with EMHY:
EMHY vs. HYEMEMHY vs. VWOBEMHY vs. EMBEMHY vs. EMLCEMHY vs. USHYEMHY vs. PCYEMHY vs. BKHY
Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT

Return for Risk

EMHY vs. LEMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMHY
EMHY Risk / Return Rank: 7171
Overall Rank
EMHY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EMHY Sortino Ratio Rank: 7575
Sortino Ratio Rank
EMHY Omega Ratio Rank: 7777
Omega Ratio Rank
EMHY Calmar Ratio Rank: 6060
Calmar Ratio Rank
EMHY Martin Ratio Rank: 7272
Martin Ratio Rank
LEMB
LEMB Risk / Return Rank: 3939
Overall Rank
LEMB Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 4141
Sortino Ratio Rank
LEMB Omega Ratio Rank: 4444
Omega Ratio Rank
LEMB Calmar Ratio Rank: 3333
Calmar Ratio Rank
LEMB Martin Ratio Rank: 3636
Martin Ratio Rank
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. LEMB - 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 EM Local Currency Bond ETF (LEMB). 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.

EMHYLEMBDifference
Sharpe ratioReturn per unit of total volatility
2.30
1.51

+0.80

Sortino ratioReturn per unit of downside risk
3.44
2.10

+1.33

Omega ratioGain probability vs. loss probability

1.47

1.29

+0.18

Calmar ratioReturn relative to maximum drawdown

3.00

1.64

+1.36

Martin ratioReturn relative to average drawdown

13.63

5.58

+8.04

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. LEMB - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 2.30, which is higher than the LEMB Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of EMHY and LEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMHYLEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.30

1.51

+0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.07

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.15

+0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.05

+0.45

Drawdowns

EMHY vs. LEMB - Drawdown Comparison

The maximum EMHY drawdown since its inception was -30.11%, roughly equal to the maximum LEMB drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for EMHY and LEMB.

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Drawdown Indicators

EMHYLEMBDifference

Max Drawdown

Largest peak-to-trough decline

-30.11%

-30.82%

+0.71%

Max Drawdown (1Y)

Largest decline over 1 year

-4.34%

-6.00%

+1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-5.95%

-10.09%

+4.14%

Max Drawdown (5Y)

Largest decline over 5 years

-25.83%

-25.29%

-0.54%

Max Drawdown (10Y)

Largest decline over 10 years

-30.11%

-29.09%

-1.02%

Current Drawdown

Current decline from peak

-0.37%

-4.87%

+4.50%

Average Drawdown

Average peak-to-trough decline

-4.90%

-12.74%

+7.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

1.76%

-0.81%

Volatility

EMHY vs. LEMB - Volatility Comparison

The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 1.66%, while iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a volatility of 2.09%. This indicates that EMHY experiences smaller price fluctuations and is considered to be less risky than LEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMHYLEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.66%

2.09%

-0.43%

Volatility (6M)

Calculated over the trailing 6-month period

4.31%

5.34%

-1.03%

Volatility (1Y)

Calculated over the trailing 1-year period

5.65%

6.54%

-0.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.10%

8.24%

+0.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.66%

9.29%

+1.37%

EMHY vs. LEMB - Expense Ratio Comparison

EMHY has a 0.50% expense ratio, which is higher than LEMB's 0.30% expense ratio.

Dividends

EMHY vs. LEMB - Dividend Comparison

EMHY's dividend yield for the trailing twelve months is around 6.41%, more than LEMB's 2.41% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		2.41%2.44%0.00%1.34%0.86%3.89%0.00%4.39%3.46%0.00%0.00%0.64%

Frequently Asked Questions

EMHY and LEMB have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LEMB has higher volatility (2.09%) compared to EMHY (1.66%). In terms of maximum drawdown, EMHY dropped -30.11% vs LEMB's -30.82%.

On 10-year performance, EMHY leads with 4.73% vs 1.37% for LEMB. On fees, LEMB is cheaper at 0.30% 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.

Over the 10-year period, EMHY has performed better with a 4.73% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LEMB is cheaper with a 0.30% expense ratio, compared with 0.50% for EMHY.

EMHY has the higher dividend yield at 6.41%, compared with 2.41% for LEMB.

EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor. Their fees differ too: 0.50% for EMHY and 0.30% for LEMB.

EMHY currently has the higher Sharpe Ratio (2.30 vs 1.51), 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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