LEMB vs. ISHG
LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both exchange-traded funds - LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, LEMB returned 1.41%/yr vs -0.31%/yr for ISHG. At a 0.50 correlation, their price movements are largely independent. LEMB charges 0.30%/yr vs 0.35%/yr for ISHG.
Performance
LEMB vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, LEMB achieves a 1.61% return, which is significantly higher than ISHG's -1.71% return. Over the past 10 years, LEMB has outperformed ISHG with an annualized return of 1.41%, while ISHG has yielded a comparatively lower -0.31% annualized return.
LEMB
- 1D
- -0.38%
- 1M
- 1.29%
- YTD
- 1.61%
- 6M
- 1.81%
- 1Y
- 9.04%
- 3Y*
- 5.76%
- 5Y*
- 1.05%
- 10Y*
- 1.41%
ISHG
- 1D
- -0.34%
- 1M
- -1.79%
- YTD
- -1.71%
- 6M
- -1.87%
- 1Y
- -0.16%
- 3Y*
- 3.51%
- 5Y*
- -1.12%
- 10Y*
- -0.31%
LEMB vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 1.61% | 18.02% | -1.72% | 7.23% | -10.74% | -9.92% | 3.10% | 6.40% | -7.49% | 12.49% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.71% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between LEMB and ISHG is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.50 |
Over the past year, LEMB and ISHG have become more correlated (0.75) than their long-term average of 0.50, meaning their price movements have been converging.
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Return for Risk
LEMB vs. ISHG — Risk / Return Rank
LEMB
ISHG
LEMB vs. ISHG - 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 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.00 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | -0.03 | +1.54 |
| Martin ratioReturn relative to average drawdown | 4.98 | -0.07 | +5.05 |
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Drawdowns
LEMB vs. ISHG - Drawdown Comparison
The maximum LEMB drawdown since its inception was -30.82%, smaller than the maximum ISHG drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for LEMB and ISHG.
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Drawdown Indicators
| LEMB | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.82% | -37.24% | +6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.00% | -5.02% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -10.09% | -8.21% | -1.88% |
Max Drawdown (5Y)Largest decline over 5 years | -23.96% | -22.45% | -1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -29.09% | -25.56% | -3.53% |
Current DrawdownCurrent decline from peak | -4.47% | -23.56% | +19.09% |
Average DrawdownAverage peak-to-trough decline | -12.71% | -18.44% | +5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.13% | -0.31% |
Volatility
LEMB vs. ISHG - Volatility Comparison
iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) has a higher volatility of 2.09% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.78%. This indicates that LEMB's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LEMB | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.78% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.60% | 4.90% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 6.55% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.25% | 7.59% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.22% | 6.93% | +2.29% |
LEMB vs. ISHG - Expense Ratio Comparison
LEMB has a 0.30% expense ratio, which is lower than ISHG's 0.35% expense ratio.
Dividends
LEMB vs. ISHG - Dividend Comparison
LEMB's dividend yield for the trailing twelve months is around 2.40%, more than ISHG's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.48% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.40% | 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 ISHG have a correlation of 0.75, 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 ISHG (1.78%). In terms of maximum drawdown, LEMB dropped -30.82% vs ISHG's -37.24%.
On 10-year performance, LEMB leads with 1.41% vs -0.31% for ISHG. On fees, LEMB is cheaper at 0.30% per year. On volatility, ISHG has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LEMB has performed better with a 1.41% return vs -0.31%. 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 0.35% for ISHG.
LEMB has the higher dividend yield at 2.40%, compared with 1.48% for ISHG.
LEMB is categorized as Emerging Markets Bonds, while ISHG is International Government Bonds. LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Their fees differ too: 0.30% for LEMB and 0.35% for ISHG.
LEMB currently has the higher Sharpe Ratio (1.35 vs -0.02), 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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