JPMB vs. EMHC

Last updated Jun 3, 2026

JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds - JPMB tracks the J.P. Morgan Emerging Markets Risk-Aware Bond Index while EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, JPMB returned 1.63%/yr vs 1.75%/yr for EMHC. Their correlation of 0.95 suggests significant overlap in exposure. JPMB charges 0.39%/yr vs 0.23%/yr for EMHC.

Performance

JPMB vs. EMHC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JPMB having a 1.98% return and EMHC slightly lower at 1.89%.

JPMB

• 1D: 0.33%
• 1M: 1.07%
• YTD: 1.98%
• 6M: 2.23%
• 1Y: 12.18%
• 3Y*: 8.07%
• 5Y*: 1.63%
• 10Y*: —

EMHC

• 1D: 0.32%
• 1M: 0.91%
• YTD: 1.89%
• 6M: 2.30%
• 1Y: 12.39%
• 3Y*: 8.85%
• 5Y*: 1.75%
• 10Y*: —

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

JPMB vs. EMHC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF	1.98%	13.73%	1.46%	9.48%	-16.05%	2.39%
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	1.89%	14.07%	3.52%	10.06%	-17.75%	1.68%

Correlation

The correlation between JPMB and EMHC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021	0.95

The correlation between JPMB and EMHC has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

JPMB vs. EMHC - Sectors Allocation Comparison

Sectors	JPMB	EMHC
Financial Services	1.4%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

JPMB vs. EMHC — Risk / Return Rank

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

JPMB

JPMB Risk / Return Rank: 66
JPMB Sharpe Ratio Rank: 70
JPMB Sortino Ratio Rank: 74
JPMB Omega Ratio Rank: 76
JPMB Calmar Ratio Rank: 52
JPMB Martin Ratio Rank: 61

EMHC

EMHC Risk / Return Rank: 67
EMHC Sharpe Ratio Rank: 69
EMHC Sortino Ratio Rank: 76
EMHC Omega Ratio Rank: 73
EMHC Calmar Ratio Rank: 55
EMHC Martin Ratio Rank: 64

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.

JPMB vs. EMHC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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.

	JPMB	EMHC	Difference
Sharpe ratio Return per unit of total volatility	2.32	2.30	+0.02
Sortino ratio Return per unit of downside risk	3.40	3.47	-0.07
Omega ratio Gain probability vs. loss probability	1.46	1.44	+0.02
Calmar ratio Return relative to maximum drawdown	2.61	2.81	-0.21
Martin ratio Return relative to average drawdown	11.13	11.79	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPMB vs. EMHC - Sharpe Ratio Comparison

The current JPMB Sharpe Ratio is 2.32, which is comparable to the EMHC Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of JPMB and EMHC, 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

	JPMB	EMHC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.30	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.19	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.22	+0.06

Drawdowns

JPMB vs. EMHC - Drawdown Comparison

The maximum JPMB drawdown since its inception was -26.33%, smaller than the maximum EMHC drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for JPMB and EMHC.

Drawdown Indicators

	JPMB	EMHC	Difference
Max Drawdown Largest peak-to-trough decline	-26.33%	-28.03%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.61%	-4.37%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-7.53%	-7.67%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.16%	-28.03%	+1.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.07%	-9.92%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.04%	+0.04%

Volatility

JPMB vs. EMHC - Volatility Comparison

JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) have volatilities of 1.97% and 1.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPMB	EMHC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.95%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	4.15%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	5.28%	5.42%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	9.06%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.65%	8.97%	+0.68%

JPMB vs. EMHC - Expense Ratio Comparison

JPMB has a 0.39% expense ratio, which is higher than EMHC's 0.23% expense ratio.

Dividends

JPMB vs. EMHC - Dividend Comparison

JPMB's dividend yield for the trailing twelve months is around 5.77%, less than EMHC's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF	6.09%	6.16%	5.95%	5.12%	5.11%	2.97%	0.00%	0.00%	0.00%
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF	5.77%	6.71%	6.32%	5.99%	4.94%	4.29%	4.29%	4.51%	4.58%

Frequently Asked Questions

Can I hold both JPMB and EMHC in my portfolio?

With a correlation of 0.91, JPMB and EMHC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JPMB or EMHC?

JPMB has higher volatility (1.97%) compared to EMHC (1.95%). In terms of maximum drawdown, JPMB dropped -26.33% vs EMHC's -28.03%.

Which ETF is better, JPMB or EMHC?

On 5-year performance, EMHC leads with 1.75% vs 1.63% for JPMB. On fees, EMHC is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPMB or EMHC?

Over the 5-year period, EMHC has performed better with a 1.75% return vs 1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPMB or EMHC?

EMHC is cheaper with a 0.23% expense ratio, compared with 0.39% for JPMB.

Which ETF pays a higher dividend yield, JPMB or EMHC?

EMHC has the higher dividend yield at 6.09%, compared with 5.77% for JPMB.

What is the main difference between JPMB and EMHC?

JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.39% for JPMB and 0.23% for EMHC.

Which has better risk-adjusted returns?

JPMB currently has the higher Sharpe Ratio (2.32 vs 2.30), 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.