EVH vs. EMB

Last updated Jun 4, 2026

EVH (Evolent Health, Inc.) is a stock, while EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) is Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. Over the past 10 years, EVH returned -13.11%/yr vs 3.29%/yr for EMB. At a 0.18 correlation, their price movements are largely independent.

Performance

EVH vs. EMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Evolent Health, Inc. (EVH) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVH achieves a -5.50% return, which is significantly lower than EMB's 1.80% return. Over the past 10 years, EVH has underperformed EMB with an annualized return of -13.11%, while EMB has yielded a comparatively higher 3.29% annualized return.

EVH

• 1D: -4.55%
• 1M: -5.26%
• YTD: -5.50%
• 6M: -3.32%
• 1Y: -55.79%
• 3Y*: -50.43%
• 5Y*: -27.18%
• 10Y*: -13.11%

EMB

• 1D: -0.37%
• 1M: 1.29%
• YTD: 1.80%
• 6M: 1.93%
• 1Y: 11.56%
• 3Y*: 9.74%
• 5Y*: 1.86%
• 10Y*: 3.29%

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

EVH vs. EMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVH Evolent Health, Inc.	-5.50%	-64.44%	-65.94%	17.63%	1.48%	72.61%	77.13%	-54.64%	62.20%	-16.89%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	1.80%	13.85%	5.54%	10.62%	-18.63%	-2.23%	5.42%	15.48%	-5.47%	10.28%

Correlation

The correlation between EVH and EMB is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 8, 2015	0.18

The correlation between EVH and EMB shifts across timeframes, from 0.01 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EVH vs. EMB — Risk / Return Rank

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

EVH

EVH Risk / Return Rank: 14
EVH Sharpe Ratio Rank: 10
EVH Sortino Ratio Rank: 10
EVH Omega Ratio Rank: 12
EVH Calmar Ratio Rank: 16
EVH Martin Ratio Rank: 20

EMB

EMB Risk / Return Rank: 61
EMB Sharpe Ratio Rank: 61
EMB Sortino Ratio Rank: 65
EMB Omega Ratio Rank: 66
EMB Calmar Ratio Rank: 51
EMB Martin Ratio Rank: 61

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.

EVH vs. EMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolent Health, Inc. (EVH) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.

	EVH	EMB	Difference
Sharpe ratio Return per unit of total volatility	-0.76	2.09	-2.85
Sortino ratio Return per unit of downside risk	-1.08	3.05	-4.13
Omega ratio Gain probability vs. loss probability	0.88	1.41	-0.53
Calmar ratio Return relative to maximum drawdown	-0.69	2.58	-3.26
Martin ratio Return relative to average drawdown	-1.01	11.01	-12.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVH vs. EMB - Sharpe Ratio Comparison

The current EVH Sharpe Ratio is -0.76, which is lower than the EMB Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of EVH and EMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EVH	EMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	2.09	-2.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	0.19	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.21	0.33	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	0.44	-0.65

Drawdowns

EVH vs. EMB - Drawdown Comparison

The maximum EVH drawdown since its inception was -94.54%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for EVH and EMB.

Drawdown Indicators

	EVH	EMB	Difference
Max Drawdown Largest peak-to-trough decline	-94.54%	-34.70%	-59.84%
Max Drawdown (1Y) Largest decline over 1 year	-81.59%	-4.51%	-77.08%
Max Drawdown (3Y) Largest decline over 3 years	-93.75%	-7.95%	-85.80%
Max Drawdown (5Y) Largest decline over 5 years	-94.54%	-28.74%	-65.80%
Max Drawdown (10Y) Largest decline over 10 years	-94.54%	-28.74%	-65.80%
Current Drawdown Current decline from peak	-90.49%	-0.37%	-90.12%
Average Drawdown Average peak-to-trough decline	-40.55%	-5.06%	-35.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.17%	1.05%	+54.12%

Volatility

EVH vs. EMB - Volatility Comparison

Evolent Health, Inc. (EVH) has a higher volatility of 18.54% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.85%. This indicates that EVH's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVH	EMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.54%	1.85%	+16.69%
Volatility (6M) Calculated over the trailing 6-month period	51.01%	4.52%	+46.49%
Volatility (1Y) Calculated over the trailing 1-year period	75.03%	5.56%	+69.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.88%	9.75%	+50.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.69%	9.96%	+52.73%

Dividends

EVH vs. EMB - Dividend Comparison

EVH has not paid dividends to shareholders, while EMB's dividend yield for the trailing twelve months is around 5.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	5.06%	4.98%	5.46%	4.74%	5.04%	3.89%	3.88%	4.51%	5.64%	4.54%	4.83%	4.84%
EVH Evolent Health, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVH and EMB in my portfolio?

EVH and EMB have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVH or EMB?

EVH has higher volatility (18.54%) compared to EMB (1.85%). In terms of maximum drawdown, EVH dropped -94.54% vs EMB's -34.70%.

Which has better risk-adjusted returns?

EMB currently has the higher Sharpe Ratio (2.09 vs -0.76), 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.