IGCB vs. CEMB
IGCB (TCW Corporate Bond ETF) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both Corporate Bonds funds - IGCB tracks the Actively Managed while CEMB tracks the JP Morgan CEMBI Broad Diversified. Both are passively managed. Over the past year, IGCB returned 5.37% vs 7.31% for CEMB. A 0.69 correlation means they provide meaningful diversification when combined. IGCB charges 0.35%/yr vs 0.50%/yr for CEMB.
Performance
IGCB vs. CEMB - Performance Comparison
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Returns By Period
In the year-to-date period, IGCB achieves a 0.08% return, which is significantly lower than CEMB's 1.49% return.
IGCB
- 1D
- -0.30%
- 1M
- 0.37%
- YTD
- 0.08%
- 6M
- -0.02%
- 1Y
- 5.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEMB
- 1D
- -0.20%
- 1M
- 0.46%
- YTD
- 1.49%
- 6M
- 1.83%
- 1Y
- 7.31%
- 3Y*
- 7.31%
- 5Y*
- 1.97%
- 10Y*
- 3.49%
IGCB vs. CEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IGCB TCW Corporate Bond ETF | 0.08% | 8.42% | -0.39% |
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.49% | 8.86% | -0.29% |
Correlation
The correlation between IGCB and CEMB 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 (All Time) Calculated using the full available price history since Nov 19, 2024 | 0.69 |
The correlation between IGCB and CEMB has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.
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Return for Risk
IGCB vs. CEMB — Risk / Return Rank
IGCB
CEMB
IGCB vs. CEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCW Corporate Bond ETF (IGCB) 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.
| IGCB | CEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.47 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.55 | -0.70 |
| Martin ratioReturn relative to average drawdown | 5.69 | 11.06 | -5.37 |
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
| IGCB | CEMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 2.40 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.35 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.49 | +0.59 |
Drawdowns
IGCB vs. CEMB - Drawdown Comparison
The maximum IGCB drawdown since its inception was -4.20%, smaller than the maximum CEMB drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for IGCB and CEMB.
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Drawdown Indicators
| IGCB | CEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.20% | -20.84% | +16.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.88% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.85% | — |
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 | -1.31% | -0.24% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -3.66% | +2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.66% | +0.29% |
Volatility
IGCB vs. CEMB - Volatility Comparison
TCW Corporate Bond ETF (IGCB) has a higher volatility of 1.35% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.08%. This indicates that IGCB'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.
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Volatility by Period
| IGCB | CEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.08% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 2.43% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 3.06% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.82% | 5.63% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 6.30% | -1.48% |
IGCB vs. CEMB - Expense Ratio Comparison
IGCB has a 0.35% expense ratio, which is lower than CEMB's 0.50% expense ratio.
Dividends
IGCB vs. CEMB - Dividend Comparison
IGCB'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% |
IGCB TCW Corporate Bond ETF | 4.75% | 4.52% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IGCB and CEMB 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.
IGCB has higher volatility (1.35%) compared to CEMB (1.08%). In terms of maximum drawdown, IGCB dropped -4.20% vs CEMB's -20.84%.
On 1-year performance, CEMB leads with 7.31% vs 5.37% for IGCB. On fees, IGCB is cheaper at 0.35% per year. On volatility, CEMB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CEMB has performed better with a 7.31% return vs 5.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGCB is cheaper with a 0.35% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.13%, compared with 4.75% for IGCB.
IGCB tracks Actively Managed, while CEMB tracks JP Morgan CEMBI Broad Diversified. They also come from different issuers: TCW and iShares. Their fees differ too: 0.35% for IGCB and 0.50% for CEMB.
CEMB currently has the higher Sharpe Ratio (2.40 vs 1.38), 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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