EMHY vs. SHYG

Last updated Apr 2, 2026

Compare and contrast key facts about iShares J.P. Morgan EM High Yield Bond ETF (EMHY) and iShares 0-5 Year High Yield Corporate Bond ETF (SHYG).

EMHY and SHYG 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. SHYG is a passively managed fund by iShares that tracks the performance of the Markit iBoxx USD Liquid High Yield 0-5 Index. It was launched on Oct 15, 2013. Both EMHY and SHYG 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. SHYG - 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 0-5 Year High Yield Corporate Bond ETF (SHYG). The values are adjusted to include any dividend payments, if applicable.

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	-1.07%	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	-0.02%	7.94%	8.17%	10.38%	-4.71%	4.60%	3.15%	9.93%	0.02%	5.11%

Returns By Period

In the year-to-date period, EMHY achieves a -1.07% return, which is significantly lower than SHYG's -0.02% return. Over the past 10 years, EMHY has underperformed SHYG with an annualized return of 4.63%, while SHYG has yielded a comparatively higher 5.36% annualized return.

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%

SHYG

• 1D: 0.15%
• 1M: -0.32%
• YTD: -0.02%
• 6M: 1.12%
• 1Y: 6.67%
• 3Y*: 7.72%
• 5Y*: 4.76%
• 10Y*: 5.36%

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

EMHY vs. SHYG - Expense Ratio Comparison

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

EMHY

iShares J.P. Morgan EM High Yield Bond ETF

SHYG

iShares 0-5 Year High Yield Corporate Bond ETF

Return for Risk

EMHY vs. SHYG — 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

SHYG

SHYG Risk / Return Rank: 76
SHYG Sharpe Ratio Rank: 71
SHYG Sortino Ratio Rank: 74
SHYG Omega Ratio Rank: 82
SHYG Calmar Ratio Rank: 69
SHYG Martin Ratio Rank: 85

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. 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.

	EMHY	SHYG	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.29	+0.07
Sortino ratio Return per unit of downside risk	1.94	1.93	+0.02
Omega ratio Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio Return relative to maximum drawdown	2.09	1.82	+0.27
Martin ratio Return relative to average drawdown	9.21	10.29	-1.08
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. SHYG - Sharpe Ratio Comparison

The current EMHY Sharpe Ratio is 1.36, which is comparable to the SHYG Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of EMHY and SHYG, 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	SHYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.29	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.84	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.84	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.71	-0.24

Correlation

The correlation between EMHY and SHYG is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EMHY vs. SHYG - Dividend Comparison

EMHY's dividend yield for the trailing twelve months is around 6.56%, less than SHYG's 7.09% 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%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	7.09%	7.03%	6.93%	6.54%	5.57%	4.83%	5.07%	5.33%	5.90%	5.49%	5.53%	5.17%

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.

Drawdown Indicators

	EMHY	SHYG	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-19.26%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-3.77%	-1.15%
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 Drawdown Current decline from peak	-3.00%	-0.62%	-2.38%
Average Drawdown Average peak-to-trough decline	-4.95%	-1.46%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.67%	+0.46%

Volatility

EMHY vs. SHYG - Volatility Comparison

iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 3.10% compared to iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) at 1.96%. 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.

Volatility by Period

	EMHY	SHYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	1.96%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	2.46%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	5.20%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.07%	5.71%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.65%	6.43%	+4.22%