PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
LEMB vs. EMHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LEMB vs. EMHY

Last updated Jun 4, 2026

LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and EMHY (iShares J.P. Morgan EM High Yield 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 EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, LEMB returned 1.37%/yr vs 4.73%/yr for EMHY. A 0.53 correlation means they provide meaningful diversification when combined. LEMB charges 0.30%/yr vs 0.50%/yr for EMHY.

Performance

LEMB vs. EMHY - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, LEMB achieves a 1.19% return, which is significantly lower than EMHY's 2.80% return. Over the past 10 years, LEMB has underperformed EMHY with an annualized return of 1.37%, while EMHY has yielded a comparatively higher 4.73% annualized return.

LEMB

1D
-0.57%
1M
1.13%
YTD
1.19%
6M
2.18%
1Y
9.81%
3Y*
6.09%
5Y*
0.59%
10Y*
1.37%

EMHY

1D
-0.37%
1M
1.38%
YTD
2.80%
6M
3.49%
1Y
12.96%
3Y*
13.15%
5Y*
4.25%
10Y*
4.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LEMB vs. EMHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		1.19%18.02%-1.72%7.23%-10.74%-9.92%3.10%6.40%-7.49%12.49%
EMHY
iShares J.P. Morgan EM High Yield Bond ETF		2.80%13.70%11.97%11.47%-13.03%-1.91%3.83%12.98%-5.21%8.54%

Correlation

The correlation between LEMB and EMHY is 0.58, 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

0.58

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

0.56

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

0.59

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

0.58

Correlation (All Time)
Calculated using the full available price history since Apr 4, 2012

0.53

The correlation between LEMB and EMHY has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares J.P. Morgan EM Local Currency Bond ETF

iShares J.P. Morgan EM High Yield Bond ETF

Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT
Often compared with EMHY:
EMHY vs. HYEMEMHY vs. VWOBEMHY vs. EMBEMHY vs. EMLCEMHY vs. USHYEMHY vs. PCYEMHY vs. BKHY

Return for Risk

LEMB vs. EMHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LEMB
LEMB Risk / Return Rank: 3939
Overall Rank
LEMB Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 4141
Sortino Ratio Rank
LEMB Omega Ratio Rank: 4444
Omega Ratio Rank
LEMB Calmar Ratio Rank: 3333
Calmar Ratio Rank
LEMB Martin Ratio Rank: 3636
Martin Ratio Rank
EMHY
EMHY Risk / Return Rank: 7171
Overall Rank
EMHY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
EMHY Sortino Ratio Rank: 7575
Sortino Ratio Rank
EMHY Omega Ratio Rank: 7777
Omega Ratio Rank
EMHY Calmar Ratio Rank: 6060
Calmar Ratio Rank
EMHY Martin Ratio Rank: 7272
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.

LEMB vs. EMHY - 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 EM High Yield Bond ETF (EMHY). 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.

LEMBEMHYDifference
Sharpe ratioReturn per unit of total volatility
1.51
2.30

-0.80

Sortino ratioReturn per unit of downside risk
2.10
3.44

-1.33

Omega ratioGain probability vs. loss probability

1.29

1.47

-0.18

Calmar ratioReturn relative to maximum drawdown

1.64

3.00

-1.36

Martin ratioReturn relative to average drawdown

5.58

13.63

-8.04

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

LEMB vs. EMHY - Sharpe Ratio Comparison

The current LEMB Sharpe Ratio is 1.51, which is lower than the EMHY Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of LEMB and EMHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

LEMBEMHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

2.30

-0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.07

0.47

-0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

0.44

-0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.50

-0.45

Drawdowns

LEMB vs. EMHY - Drawdown Comparison

The maximum LEMB drawdown since its inception was -30.82%, roughly equal to the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for LEMB and EMHY.

Loading charts...

Drawdown Indicators

LEMBEMHYDifference

Max Drawdown

Largest peak-to-trough decline

-30.82%

-30.11%

-0.71%

Max Drawdown (1Y)

Largest decline over 1 year

-6.00%

-4.34%

-1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-10.09%

-5.95%

-4.14%

Max Drawdown (5Y)

Largest decline over 5 years

-25.29%

-25.83%

+0.54%

Max Drawdown (10Y)

Largest decline over 10 years

-29.09%

-30.11%

+1.02%

Current Drawdown

Current decline from peak

-4.87%

-0.37%

-4.50%

Average Drawdown

Average peak-to-trough decline

-12.74%

-4.90%

-7.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.76%

0.95%

+0.81%

Volatility

LEMB vs. EMHY - Volatility Comparison

iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a higher volatility of 2.09% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.66%. This indicates that LEMB's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

LEMBEMHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.09%

1.66%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

5.34%

4.31%

+1.03%

Volatility (1Y)

Calculated over the trailing 1-year period

6.54%

5.65%

+0.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.24%

9.10%

-0.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.29%

10.66%

-1.37%

LEMB vs. EMHY - Expense Ratio Comparison

LEMB has a 0.30% expense ratio, which is lower than EMHY's 0.50% expense ratio.

Dividends

LEMB vs. EMHY - Dividend Comparison

LEMB's dividend yield for the trailing twelve months is around 2.41%, less than EMHY's 6.41% yield.

PositionTTM20252024202320222021202020192018201720162015
EMHY
iShares J.P. Morgan EM High Yield Bond ETF		6.41%6.52%6.86%6.73%7.08%5.58%5.44%5.72%6.79%5.59%6.43%6.99%
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		2.41%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 EMHY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LEMB has higher volatility (2.09%) compared to EMHY (1.66%). In terms of maximum drawdown, LEMB dropped -30.82% vs EMHY's -30.11%.

On 10-year performance, EMHY leads with 4.73% vs 1.37% for LEMB. On fees, LEMB is cheaper at 0.30% per year. On volatility, EMHY has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EMHY has performed better with a 4.73% return vs 1.37%. 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 0.50% for EMHY.

EMHY has the higher dividend yield at 6.41%, compared with 2.41% for LEMB.

LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. Their fees differ too: 0.30% for LEMB and 0.50% for EMHY.

EMHY currently has the higher Sharpe Ratio (2.30 vs 1.51), 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.

Portfolio Optimizer

Find the right allocation for LEMB and EMHY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer