EMHY vs. SHYG
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and SHYG (iShares 0-5 Year High Yield Corporate Bond 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 SHYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield 0-5 Index. Both are passively managed. Over the past 10 years, EMHY returned 4.67%/yr vs 5.21%/yr for SHYG. A 0.60 correlation means they provide meaningful diversification when combined. EMHY charges 0.50%/yr vs 0.30%/yr for SHYG.
Performance
EMHY vs. SHYG - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.26% return, which is significantly higher than SHYG's 1.72% return. Over the past 10 years, EMHY has underperformed SHYG with an annualized return of 4.67%, while SHYG has yielded a comparatively higher 5.21% annualized return.
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
SHYG
- 1D
- -0.07%
- 1M
- 0.39%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 6.03%
- 3Y*
- 8.27%
- 5Y*
- 4.78%
- 10Y*
- 5.21%
EMHY vs. SHYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.72% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
Correlation
The correlation between EMHY and SHYG is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.60 |
The correlation between EMHY and SHYG shifts across timeframes, from 0.60 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMHY vs. SHYG — Risk / Return Rank
EMHY
SHYG
EMHY vs. SHYG - 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 0-5 Year High Yield Corporate Bond ETF (SHYG). 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 | SHYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.38 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.46 | -0.55 |
| Martin ratioReturn relative to average drawdown | 13.15 | 14.95 | -1.80 |
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Drawdowns
EMHY vs. SHYG - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, which is greater than SHYG's maximum drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for EMHY and SHYG.
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Drawdown Indicators
| EMHY | SHYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -19.26% | -10.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -1.75% | -2.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -4.53% | -1.42% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -9.39% | -16.44% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -19.26% | -10.85% |
Current DrawdownCurrent decline from peak | -0.47% | -0.16% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -1.44% | -3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.40% | +0.56% |
Volatility
EMHY vs. SHYG - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.58% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 0.83%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than SHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | SHYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.83% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 2.57% | +1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.74% | 3.20% | +2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.11% | 5.74% | +3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 6.41% | +4.25% |
EMHY vs. SHYG - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than SHYG's 0.30% expense ratio.
Dividends
EMHY vs. SHYG - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.38%, less than SHYG's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.00% | 7.03% | 6.93% | 6.54% | 5.57% | 4.83% | 5.07% | 5.33% | 5.90% | 5.49% | 5.53% | 5.17% |
Frequently Asked Questions
EMHY and SHYG have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.58%) compared to SHYG (0.83%). In terms of maximum drawdown, EMHY dropped -30.11% vs SHYG's -19.26%.
On 10-year performance, SHYG leads with 5.21% vs 4.67% for EMHY. On fees, SHYG is cheaper at 0.30% per year. On volatility, SHYG has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHYG has performed better with a 5.21% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYG is cheaper with a 0.30% expense ratio, compared with 0.50% for EMHY.
SHYG has the higher dividend yield at 7.00%, compared with 6.38% for EMHY.
EMHY is categorized as Emerging Markets Bonds, while SHYG is High Yield Bonds. EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index. Their fees differ too: 0.50% for EMHY and 0.30% for SHYG.
EMHY currently has the higher Sharpe Ratio (2.20 vs 1.89), 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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