FEIG vs. CEMB
FEIG (FlexShares ESG & Climate Investment Grade Corporate Core Index Fund) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both Corporate Bonds funds - FEIG tracks the Northern Trust ESG & Climate Investment Grade U.S. Corporate Core TR while CEMB tracks the JP Morgan CEMBI Broad Diversified. Both are passively managed. Over the past 3 years, FEIG returned 4.90%/yr vs 7.13%/yr for CEMB. A 0.73 correlation means they provide meaningful diversification when combined. FEIG charges 0.12%/yr vs 0.50%/yr for CEMB.
Performance
FEIG vs. CEMB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FEIG achieves a 0.52% return, which is significantly lower than CEMB's 1.63% return.
FEIG
- 1D
- -0.26%
- 1M
- 0.57%
- YTD
- 0.52%
- 6M
- 0.74%
- 1Y
- 4.92%
- 3Y*
- 4.90%
- 5Y*
- —
- 10Y*
- —
CEMB
- 1D
- -0.22%
- 1M
- 0.61%
- YTD
- 1.63%
- 6M
- 1.85%
- 1Y
- 6.71%
- 3Y*
- 7.13%
- 5Y*
- 1.94%
- 10Y*
- 3.63%
FEIG vs. CEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FEIG FlexShares ESG & Climate Investment Grade Corporate Core Index Fund | 0.52% | 7.31% | 1.75% | 8.57% | -15.91% | -1.54% |
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.63% | 8.86% | 5.81% | 8.37% | -12.58% | -1.10% |
Correlation
The correlation between FEIG and CEMB is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021 | 0.73 |
The correlation between FEIG and CEMB has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FEIG vs. CEMB — Risk / Return Rank
FEIG
CEMB
FEIG vs. CEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (FEIG) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.
| FEIG | CEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.42 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.34 | -0.58 |
| Martin ratioReturn relative to average drawdown | 5.23 | 10.08 | -4.85 |
Loading charts...
Drawdowns
FEIG vs. CEMB - Drawdown Comparison
The maximum FEIG drawdown since its inception was -22.26%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for FEIG and CEMB.
Loading charts...
Drawdown Indicators
| FEIG | CEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.26% | -20.84% | -1.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -2.88% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -6.67% | -3.85% | -2.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.48% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.84% | — |
Current DrawdownCurrent decline from peak | -1.52% | -0.22% | -1.30% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -3.64% | -5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.67% | +0.27% |
Volatility
FEIG vs. CEMB - Volatility Comparison
FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (FEIG) has a higher volatility of 1.20% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.00%. This indicates that FEIG's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FEIG | CEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.00% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 3.36% | 2.52% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 3.13% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.37% | 5.63% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.37% | 6.29% | +1.08% |
FEIG vs. CEMB - Expense Ratio Comparison
FEIG has a 0.12% expense ratio, which is lower than CEMB's 0.50% expense ratio.
Dividends
FEIG vs. CEMB - Dividend Comparison
FEIG's dividend yield for the trailing twelve months is around 4.75%, less than CEMB's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.13% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
FEIG FlexShares ESG & Climate Investment Grade Corporate Core Index Fund | 4.75% | 4.84% | 4.65% | 4.21% | 2.99% | 0.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FEIG and CEMB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEIG has higher volatility (1.20%) compared to CEMB (1.00%). In terms of maximum drawdown, FEIG dropped -22.26% vs CEMB's -20.84%.
On 3-year performance, CEMB leads with 7.13% vs 4.90% for FEIG. On fees, FEIG is cheaper at 0.12% per year. On volatility, CEMB has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CEMB has performed better with a 7.13% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEIG is cheaper with a 0.12% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.13%, compared with 4.75% for FEIG.
FEIG tracks Northern Trust ESG & Climate Investment Grade U.S. Corporate Core TR, while CEMB tracks JP Morgan CEMBI Broad Diversified. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.12% for FEIG and 0.50% for CEMB.
CEMB currently has the higher Sharpe Ratio (2.16 vs 1.13), 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.
Find the right allocation for FEIG and CEMB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer