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GHYG vs. LEMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GHYG vs. LEMB

Last updated Jun 9, 2026

GHYG (iShares US & Intl High Yield Corp Bond ETF) and LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - GHYG is a High Yield Bonds fund tracking the Markit iBoxx Global Developed Markets High Yield Index, while LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor. Both are passively managed. Over the past 10 years, GHYG returned 4.68%/yr vs 1.21%/yr for LEMB. At a 0.48 correlation, their price movements are largely independent. GHYG charges 0.40%/yr vs 0.30%/yr for LEMB.

Performance

GHYG vs. LEMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares US & Intl High Yield Corp Bond ETF (GHYG) and iShares J.P. Morgan EM Local Currency Bond ETF (LEMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GHYG achieves a 0.09% return, which is significantly lower than LEMB's 0.19% return. Over the past 10 years, GHYG has outperformed LEMB with an annualized return of 4.68%, while LEMB has yielded a comparatively lower 1.21% annualized return.

GHYG

1D
-0.02%
1M
-1.01%
YTD
0.09%
6M
1.21%
1Y
5.72%
3Y*
8.59%
5Y*
3.16%
10Y*
4.68%

LEMB

1D
-0.14%
1M
-1.58%
YTD
0.19%
6M
1.78%
1Y
8.43%
3Y*
5.42%
5Y*
0.39%
10Y*
1.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GHYG vs. LEMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GHYG
iShares US & Intl High Yield Corp Bond ETF		0.09%11.28%5.85%13.29%-12.15%1.62%6.68%13.47%-3.79%8.97%
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		0.19%18.02%-1.72%7.23%-10.74%-9.92%3.10%6.40%-7.49%12.49%

Correlation

The correlation between GHYG and LEMB is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Apr 9, 2012

0.48

Over the past year, GHYG and LEMB have become more correlated (0.70) than their long-term average of 0.48, meaning their price movements have been converging.

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iShares US & Intl High Yield Corp Bond ETF

iShares J.P. Morgan EM Local Currency Bond ETF

Often compared with GHYG:
GHYG vs. HYGGHYG vs. SHYGGHYG vs. FLHYGHYG vs. USHYGHYG vs. EIFAXGHYG vs. ESHYGHYG vs. SCHD
Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT

Return for Risk

GHYG vs. LEMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GHYG
GHYG Risk / Return Rank: 3737
Overall Rank
GHYG Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
GHYG Sortino Ratio Rank: 4040
Sortino Ratio Rank
GHYG Omega Ratio Rank: 3636
Omega Ratio Rank
GHYG Calmar Ratio Rank: 3333
Calmar Ratio Rank
GHYG Martin Ratio Rank: 3939
Martin Ratio Rank
LEMB
LEMB Risk / Return Rank: 3737
Overall Rank
LEMB Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 3838
Sortino Ratio Rank
LEMB Omega Ratio Rank: 4242
Omega Ratio Rank
LEMB Calmar Ratio Rank: 3131
Calmar Ratio Rank
LEMB Martin Ratio Rank: 3434
Martin Ratio Rank
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.

GHYG vs. LEMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares US & Intl High Yield Corp Bond ETF (GHYG) and iShares J.P. Morgan EM Local Currency Bond ETF (LEMB). 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.

GHYGLEMBDifference
Sharpe ratioReturn per unit of total volatility
1.22
1.28

-0.06

Sortino ratioReturn per unit of downside risk
1.85
1.78

+0.07

Omega ratioGain probability vs. loss probability

1.22

1.24

-0.02

Calmar ratioReturn relative to maximum drawdown

1.50

1.41

+0.09

Martin ratioReturn relative to average drawdown

5.56

4.73

+0.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYG vs. LEMB - Sharpe Ratio Comparison

The current GHYG Sharpe Ratio is 1.22, which is comparable to the LEMB Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of GHYG and LEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GHYGLEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

1.28

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.05

+0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.13

+0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.04

+0.51

Drawdowns

GHYG vs. LEMB - Drawdown Comparison

The maximum GHYG drawdown since its inception was -27.36%, smaller than the maximum LEMB drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for GHYG and LEMB.

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Drawdown Indicators

GHYGLEMBDifference

Max Drawdown

Largest peak-to-trough decline

-27.36%

-30.82%

+3.46%

Max Drawdown (1Y)

Largest decline over 1 year

-3.84%

-6.00%

+2.16%

Max Drawdown (3Y)

Largest decline over 3 years

-4.46%

-10.09%

+5.63%

Max Drawdown (5Y)

Largest decline over 5 years

-20.44%

-25.29%

+4.85%

Max Drawdown (10Y)

Largest decline over 10 years

-27.36%

-29.09%

+1.73%

Current Drawdown

Current decline from peak

-1.26%

-5.81%

+4.55%

Average Drawdown

Average peak-to-trough decline

-3.35%

-12.73%

+9.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.03%

1.79%

-0.76%

Volatility

GHYG vs. LEMB - Volatility Comparison

The current volatility for iShares US & Intl High Yield Corp Bond ETF (GHYG) is 1.85%, while iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a volatility of 2.18%. This indicates that GHYG experiences smaller price fluctuations and is considered to be less risky than LEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GHYGLEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.85%

2.18%

-0.33%

Volatility (6M)

Calculated over the trailing 6-month period

3.75%

5.45%

-1.70%

Volatility (1Y)

Calculated over the trailing 1-year period

4.72%

6.63%

-1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.64%

8.25%

-0.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.77%

9.29%

-0.52%

GHYG vs. LEMB - Expense Ratio Comparison

GHYG has a 0.40% expense ratio, which is higher than LEMB's 0.30% expense ratio.

Dividends

GHYG vs. LEMB - Dividend Comparison

GHYG's dividend yield for the trailing twelve months is around 6.27%, more than LEMB's 2.44% yield.

PositionTTM20252024202320222021202020192018201720162015
GHYG
iShares US & Intl High Yield Corp Bond ETF		6.27%6.03%6.11%5.60%4.64%4.57%4.36%4.61%5.62%4.60%4.61%4.79%
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		2.44%2.44%0.00%1.34%0.86%3.89%0.00%4.39%3.46%0.00%0.00%0.64%

Frequently Asked Questions

GHYG and LEMB have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LEMB has higher volatility (2.18%) compared to GHYG (1.85%). In terms of maximum drawdown, GHYG dropped -27.36% vs LEMB's -30.82%.

On 10-year performance, GHYG leads with 4.68% vs 1.21% for LEMB. On fees, LEMB is cheaper at 0.30% per year. On volatility, GHYG has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GHYG has performed better with a 4.68% return vs 1.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LEMB is cheaper with a 0.30% expense ratio, compared with 0.40% for GHYG.

GHYG has the higher dividend yield at 6.27%, compared with 2.44% for LEMB.

GHYG is categorized as High Yield Bonds, while LEMB is Emerging Markets Bonds. GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor. Their fees differ too: 0.40% for GHYG and 0.30% for LEMB.

LEMB currently has the higher Sharpe Ratio (1.28 vs 1.22), 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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