EMHY vs. TLT
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and TLT (iShares 20+ Year Treasury 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, EMHY returned 4.73%/yr vs -1.66%/yr for TLT. At a 0.19 correlation, their price movements are largely independent. EMHY charges 0.50%/yr vs 0.15%/yr for TLT.
Performance
EMHY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 2.80% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, EMHY has outperformed TLT with an annualized return of 4.73%, while TLT has yielded a comparatively lower -1.66% 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%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
EMHY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2.80% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between EMHY and TLT 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 | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.19 |
Over the past year, EMHY and TLT have become more correlated (0.51) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
EMHY vs. TLT — Risk / Return Rank
EMHY
TLT
EMHY vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.09 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 0.65 | +2.35 |
| Martin ratioReturn relative to average drawdown | 13.63 | 1.63 | +12.00 |
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 | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 0.51 | +1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | -0.40 | +0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | -0.11 | +0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.26 | +0.25 |
Drawdowns
EMHY vs. TLT - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for EMHY and TLT.
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Drawdown Indicators
| EMHY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -48.35% | +18.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -7.58% | +3.24% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -19.18% | +13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -43.70% | +17.87% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -48.35% | +18.24% |
Current DrawdownCurrent decline from peak | -0.37% | -40.44% | +40.07% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -13.82% | +8.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 3.04% | -2.09% |
Volatility
EMHY vs. TLT - Volatility Comparison
The current volatility for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) is 1.66%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that EMHY experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 2.76% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.31% | 6.50% | -2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.65% | 9.77% | -4.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 15.87% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 14.91% | -4.25% |
EMHY vs. TLT - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
EMHY vs. TLT - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.41%, more than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.41% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
EMHY and TLT 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.
TLT has higher volatility (2.76%) compared to EMHY (1.66%). In terms of maximum drawdown, EMHY dropped -30.11% vs TLT's -48.35%.
On 10-year performance, EMHY leads with 4.73% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% 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 -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.50% for EMHY.
EMHY has the higher dividend yield at 6.41%, compared with 4.59% for TLT.
EMHY is categorized as Emerging Markets Bonds, while TLT is Government Bonds. EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.50% for EMHY and 0.15% for TLT.
EMHY currently has the higher Sharpe Ratio (2.30 vs 0.51), 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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