EMHY vs. PGHY

Last updated Apr 2, 2026

Compare and contrast key facts about iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and Invesco Global Short Term High Yield Bond ETF (PGHY).

EMHY and PGHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMHY is a passively managed fund by iShares that tracks the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index. It was launched on Apr 3, 2012. PGHY is a passively managed fund by Invesco that tracks the performance of the DB Global Short Maturity High Yield Bond Index. It was launched on Jun 20, 2013. Both EMHY and PGHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMHY vs. PGHY - 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 Invesco Global Short Term High Yield Bond ETF (PGHY). The values are adjusted to include any dividend payments, if applicable.

EMHY vs. PGHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMHY iShares J.P. Morgan EM High Yield Bond ETF	-1.07%	13.70%	11.97%	11.47%	-13.03%	-1.91%	3.83%	12.98%	-5.21%	8.54%
PGHY Invesco Global Short Term High Yield Bond ETF	-0.03%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%

Returns By Period

In the year-to-date period, EMHY achieves a -1.07% return, which is significantly lower than PGHY's -0.03% return. Both investments have delivered pretty close results over the past 10 years, with EMHY having a 4.63% annualized return and PGHY not far behind at 4.47%.

EMHY

• 1D: 0.35%
• 1M: -2.59%
• YTD: -1.07%
• 6M: 2.66%
• 1Y: 10.13%
• 3Y*: 11.28%
• 5Y*: 4.20%
• 10Y*: 4.63%

PGHY

• 1D: 0.72%
• 1M: -1.09%
• YTD: -0.03%
• 6M: 1.30%
• 1Y: 6.01%
• 3Y*: 8.52%
• 5Y*: 4.23%
• 10Y*: 4.47%

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

EMHY vs. PGHY - Expense Ratio Comparison

EMHY has a 0.50% expense ratio, which is higher than PGHY's 0.35% expense ratio.

EMHY

iShares J.P. Morgan EM High Yield Bond ETF

PGHY

Invesco Global Short Term High Yield Bond ETF

Return for Risk

EMHY vs. PGHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMHY

EMHY Risk / Return Rank: 76
EMHY Sharpe Ratio Rank: 73
EMHY Sortino Ratio Rank: 74
EMHY Omega Ratio Rank: 76
EMHY Calmar Ratio Rank: 76
EMHY Martin Ratio Rank: 80

PGHY

PGHY Risk / Return Rank: 53
PGHY Sharpe Ratio Rank: 54
PGHY Sortino Ratio Rank: 54
PGHY Omega Ratio Rank: 51
PGHY Calmar Ratio Rank: 48
PGHY Martin Ratio Rank: 57

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. PGHY - 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 Invesco Global Short Term High Yield Bond ETF (PGHY). 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	PGHY	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.01	+0.35
Sortino ratio Return per unit of downside risk	1.94	1.49	+0.45
Omega ratio Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio Return relative to maximum drawdown	2.09	1.33	+0.76
Martin ratio Return relative to average drawdown	9.21	5.91	+3.30
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. PGHY - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 1.36, which is higher than the PGHY Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of EMHY and PGHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMHY	PGHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.01	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.80	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.64	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.58	-0.11

Correlation

The correlation between EMHY and PGHY is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EMHY vs. PGHY - Dividend Comparison

EMHY's dividend yield for the trailing twelve months is around 6.56%, less than PGHY's 7.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMHY iShares J.P. Morgan EM High Yield Bond ETF	6.56%	6.52%	6.86%	6.73%	7.08%	5.58%	5.44%	5.72%	6.79%	5.59%	6.43%	6.99%
PGHY Invesco Global Short Term High Yield Bond ETF	7.20%	7.24%	7.49%	7.87%	5.12%	5.17%	5.45%	5.32%	5.45%	5.52%	6.26%	4.60%

Drawdowns

EMHY vs. PGHY - Drawdown Comparison

The maximum EMHY drawdown since its inception was -30.11%, which is greater than PGHY's maximum drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for EMHY and PGHY.

Drawdown Indicators

	EMHY	PGHY	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-20.50%	-9.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-4.35%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-25.83%	-9.42%	-16.41%
Max Drawdown (10Y) Largest decline over 10 years	-30.11%	-20.50%	-9.61%
Current Drawdown Current decline from peak	-3.00%	-1.83%	-1.17%
Average Drawdown Average peak-to-trough decline	-4.95%	-1.66%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	1.00%	+0.13%

Volatility

EMHY vs. PGHY - Volatility Comparison

iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 3.10% compared to Invesco Global Short Term High Yield Bond ETF (PGHY) at 2.05%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMHY	PGHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	2.05%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	3.35%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	5.99%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	5.33%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.65%	7.03%	+3.62%