LEMB vs. EMB
LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds from iShares - LEMB tracks the J.P. Morgan GBI-EM Global 15 cap 4.5 floor while EMB tracks the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, LEMB returned 1.06%/yr vs 2.84%/yr for EMB. Their 0.57 correlation means they have sometimes moved together and sometimes differently. LEMB charges 0.30%/yr vs 0.39%/yr for EMB.
Performance
LEMB vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, LEMB achieves a 2.43% return, which is significantly higher than EMB's 0.90% return. Over the past 10 years, LEMB has underperformed EMB with an annualized return of 1.06%, while EMB has yielded a comparatively higher 2.84% annualized return.
LEMB
- 1D
- -0.09%
- 1M
- 0.05%
- 6M
- 0.57%
- YTD
- 2.43%
- 1Y
- 8.50%
- 3Y*
- 5.72%
- 5Y*
- 1.30%
- 10Y*
- 1.06%
- ALL TIME*
- 0.51%
EMB
- 1D
- -0.14%
- 1M
- -1.60%
- 6M
- 0.59%
- YTD
- 0.90%
- 1Y
- 6.95%
- 3Y*
- 8.45%
- 5Y*
- 1.48%
- 10Y*
- 2.84%
- ALL TIME*
- 4.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $536.38M | $549.68M | $593.36M | |
| $8.20M | $7.38M | $6.50M |
LEMB vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.43% | 18.02% | -1.72% | 7.23% | -10.74% | -9.92% | 3.10% | 6.40% | -7.49% | 12.49% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.90% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between LEMB and EMB is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.57 |
The correlation between LEMB and EMB has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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Return for Risk
LEMB vs. EMB — Risk / Return Rank
LEMB
EMB
LEMB vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| LEMB | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.62 | -0.03 |
| Martin ratioReturn relative to average drawdown | 5.07 | 6.59 | -1.52 |
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Drawdowns
LEMB vs. EMB - Drawdown Comparison
The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for LEMB and EMB.
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Drawdown Indicators
| LEMB | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.82% | -34.70% | +3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -6.00% | -4.51% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -8.08% | -6.91% | -1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -23.89% | -28.74% | +4.85% |
Max Drawdown (10Y)Largest decline over 10 years | -29.09% | -28.74% | -0.35% |
Current DrawdownCurrent decline from peak | -3.70% | -1.82% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -5.02% | -7.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 1.10% | +0.77% |
Volatility
LEMB vs. EMB - Volatility Comparison
iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a higher volatility of 1.51% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.40%. This indicates that LEMB's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LEMB | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.40% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 4.77% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.63% | 5.67% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 9.77% | -1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.16% | 9.95% | -0.79% |
LEMB vs. EMB - Expense Ratio Comparison
LEMB has a 0.30% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
LEMB vs. EMB - Dividend Comparison
LEMB's dividend yield for the trailing twelve months is around 2.38%, less than EMB's 5.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.71% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.38% | 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
LEMB and EMB have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LEMB has higher volatility (1.51%) compared to EMB (1.40%). In terms of maximum drawdown, LEMB dropped -30.82% vs EMB's -34.70%.
On 10-year performance, EMB leads with 2.84% vs 1.06% for LEMB. On fees, LEMB is cheaper at 0.30% per year. On volatility, EMB has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 2.84% return vs 1.06%. 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 0.39% for EMB.
EMB has the higher dividend yield at 4.71%, compared with 2.38% for LEMB.
LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while EMB tracks J.P. Morgan EMBI Global Core Index. Their fees differ too: 0.30% for LEMB and 0.39% for EMB.
LEMB currently has the higher Sharpe Ratio (1.43 vs 1.28), 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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