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 1.37%/yr vs -0.18%/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 1.19% return, which is significantly higher than ISHG's -0.03% return. Over the past 10 years, LEMB has outperformed ISHG with an annualized return of 1.37%, while ISHG has yielded a comparatively lower -0.18% 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%
ISHG
- 1D
- -0.53%
- 1M
- -0.63%
- YTD
- -0.03%
- 6M
- 0.73%
- 1Y
- 2.60%
- 3Y*
- 4.34%
- 5Y*
- -1.18%
- 10Y*
- -0.18%
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 | 1.19% | 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 | -0.03% | 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 | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 21, 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.
| LEMB | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.07 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 0.52 | +1.12 |
| Martin ratioReturn relative to average drawdown | 5.58 | 1.32 | +4.26 |
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
| LEMB | ISHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 0.40 | +1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | -0.16 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.15 | -0.03 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.08 | +0.12 |
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 | -25.29% | -23.96% | -1.33% |
Max Drawdown (10Y)Largest decline over 10 years | -29.09% | -25.56% | -3.53% |
Current DrawdownCurrent decline from peak | -4.87% | -22.25% | +17.38% |
Average DrawdownAverage peak-to-trough decline | -12.74% | -18.43% | +5.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 1.98% | -0.22% |
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 1.65%. 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% | 1.65% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 4.71% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.54% | 6.50% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 7.58% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 6.93% | +2.36% |
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 2.41%, more than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 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 | 2.41% | 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 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 (1.65%). In terms of maximum drawdown, LEMB dropped -30.82% vs ISHG's -37.24%.
On 10-year performance, LEMB leads with 1.37% vs -0.18% for ISHG. On fees, LEMB is cheaper at 0.30% per year. On volatility, ISHG has been the lower-risk option at 1.65%. 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 1.37% return vs -0.18%. 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 2.41%, compared with 1.45% 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 (1.51 vs 0.40), 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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