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HIGH.L vs. EMBE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HIGH.L vs. EMBE.L

Last updated Jun 9, 2026

HIGH.L (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both exchange-traded funds - HIGH.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while EMBE.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 5 years, HIGH.L returned 2.58%/yr vs -0.58%/yr for EMBE.L. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

HIGH.L vs. EMBE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HIGH.L achieves a 0.64% return, which is significantly higher than EMBE.L's 0.41% return.

HIGH.L

1D
-0.16%
1M
0.16%
YTD
0.64%
6M
1.13%
1Y
2.79%
3Y*
6.04%
5Y*
2.58%
10Y*
—

EMBE.L

1D
-0.01%
1M
-0.47%
YTD
0.41%
6M
1.14%
1Y
8.54%
3Y*
7.20%
5Y*
-0.58%
10Y*
0.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HIGH.L vs. EMBE.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HIGH.L
iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)		0.64%4.89%5.70%11.59%-9.32%2.82%1.10%9.76%-3.41%0.63%
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		0.41%10.99%4.00%7.66%-20.86%-3.27%3.35%12.27%-8.40%0.76%

Correlation

The correlation between HIGH.L and EMBE.L is 0.60, 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

0.60

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

0.54

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

0.58

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2017

0.55

The correlation between HIGH.L and EMBE.L has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

HIGH.L vs. EMBE.L - Sectors Allocation Comparison

Sectors
HIGH.L
EMBE.L

Financial Services

100.0%
-0.3%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

HIGH.L
100.0%
EMBE.L
-0.3%

Basic Materials

HIGH.L

-

EMBE.L

-

Communication Services

HIGH.L

-

EMBE.L

-

Consumer Cyclical

HIGH.L

-

EMBE.L

-

Consumer Defensive

HIGH.L

-

EMBE.L

-

Energy

HIGH.L

-

EMBE.L

-

Healthcare

HIGH.L

-

EMBE.L

-

Industrials

HIGH.L

-

EMBE.L

-

Real Estate

HIGH.L

-

EMBE.L

-

Technology

HIGH.L

-

EMBE.L

-

Utilities

HIGH.L

-

EMBE.L

-

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iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)

Often compared with HIGH.L:
HIGH.L vs. SGOVHIGH.L vs. ARCCHIGH.L vs. EUNW.DEHIGH.L vs. SPYIHIGH.L vs. JEPQHIGH.L vs. SPYHIGH.L vs. IEAA.L
Often compared with EMBE.L:
EMBE.L vs. EMBEMBE.L vs. CEMBEMBE.L vs. SEMB.LEMBE.L vs. XUHY.LEMBE.L vs. VWOBEMBE.L vs. PCYEMBE.L vs. JEPQ

Return for Risk

HIGH.L vs. EMBE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HIGH.L
HIGH.L Risk / Return Rank: 2525
Overall Rank
HIGH.L Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
HIGH.L Sortino Ratio Rank: 2424
Sortino Ratio Rank
HIGH.L Omega Ratio Rank: 2424
Omega Ratio Rank
HIGH.L Calmar Ratio Rank: 2323
Calmar Ratio Rank
HIGH.L Martin Ratio Rank: 3030
Martin Ratio Rank
EMBE.L
EMBE.L Risk / Return Rank: 4747
Overall Rank
EMBE.L Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EMBE.L Sortino Ratio Rank: 5353
Sortino Ratio Rank
EMBE.L Omega Ratio Rank: 4848
Omega Ratio Rank
EMBE.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
EMBE.L Martin Ratio Rank: 4747
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.

HIGH.L vs. EMBE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). 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.

HIGH.LEMBE.LDifference
Sharpe ratioReturn per unit of total volatility
0.74
1.45

-0.70

Sortino ratioReturn per unit of downside risk
1.20
2.32

-1.12

Omega ratioGain probability vs. loss probability

1.15

1.27

-0.12

Calmar ratioReturn relative to maximum drawdown

0.97

1.86

-0.89

Martin ratioReturn relative to average drawdown

3.91

7.12

-3.21

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

HIGH.L vs. EMBE.L - Sharpe Ratio Comparison

The current HIGH.L Sharpe Ratio is 0.74, which is lower than the EMBE.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of HIGH.L and EMBE.L, 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

HIGH.LEMBE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.74

1.45

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

-0.07

+0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.10

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.23

+0.13

Drawdowns

HIGH.L vs. EMBE.L - Drawdown Comparison

The maximum HIGH.L drawdown since its inception was -25.42%, smaller than the maximum EMBE.L drawdown of -30.73%. Use the drawdown chart below to compare losses from any high point for HIGH.L and EMBE.L.

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Drawdown Indicators

HIGH.LEMBE.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.42%

-30.73%

+5.31%

Max Drawdown (1Y)

Largest decline over 1 year

-2.88%

-4.58%

+1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-3.65%

-7.94%

+4.29%

Max Drawdown (5Y)

Largest decline over 5 years

-14.64%

-30.46%

+15.82%

Max Drawdown (10Y)

Largest decline over 10 years

—

-30.73%

—

Current Drawdown

Current decline from peak

-0.48%

-4.47%

+3.99%

Average Drawdown

Average peak-to-trough decline

-2.72%

-7.39%

+4.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.71%

1.20%

-0.49%

Volatility

HIGH.L vs. EMBE.L - Volatility Comparison

The current volatility for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) is 1.08%, while iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a volatility of 2.07%. This indicates that HIGH.L experiences smaller price fluctuations and is considered to be less risky than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HIGH.LEMBE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.08%

2.07%

-0.99%

Volatility (6M)

Calculated over the trailing 6-month period

3.09%

4.85%

-1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

3.75%

5.89%

-2.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.46%

8.89%

-3.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.20%

9.48%

-2.28%

HIGH.L vs. EMBE.L - Expense Ratio Comparison

Both HIGH.L and EMBE.L have an expense ratio of 0.50%.

Dividends

HIGH.L vs. EMBE.L - Dividend Comparison

HIGH.L has not paid dividends to shareholders, while EMBE.L's dividend yield for the trailing twelve months is around 5.66%.

PositionTTM20252024202320222021202020192018201720162015
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		5.66%5.44%5.64%5.50%5.39%3.92%3.85%4.77%5.75%3.88%5.36%4.72%
HIGH.L
iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)		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

HIGH.L and EMBE.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HIGH.L and EMBE.L have the same expense ratio: 0.50% per year.

HIGH.L is categorized as European High Yield Bonds, while EMBE.L is Emerging Markets Bonds. HIGH.L tracks Bloomberg Pan Euro HY Euro TR EUR, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR.

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