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LKOR vs. CEMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LKOR vs. CEMB

Last updated Jun 3, 2026

LKOR (FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both Corporate Bonds funds - LKOR tracks the Northern Trust US Long Corporate Bond Quality Value Index while CEMB tracks the JP Morgan CEMBI Broad Diversified. Both are passively managed. Over the past 10 years, LKOR returned 2.49%/yr vs 3.49%/yr for CEMB. At a 0.48 correlation, their price movements are largely independent. LKOR charges 0.22%/yr vs 0.50%/yr for CEMB.

Performance

LKOR vs. CEMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LKOR achieves a 1.10% return, which is significantly lower than CEMB's 1.49% return. Over the past 10 years, LKOR has underperformed CEMB with an annualized return of 2.49%, while CEMB has yielded a comparatively higher 3.49% annualized return.

LKOR

1D
0.09%
1M
1.30%
YTD
1.10%
6M
0.46%
1Y
8.19%
3Y*
4.85%
5Y*
-1.36%
10Y*
2.49%

CEMB

1D
-0.20%
1M
0.46%
YTD
1.49%
6M
1.83%
1Y
7.31%
3Y*
7.31%
5Y*
1.97%
10Y*
3.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LKOR vs. CEMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LKOR
FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund		1.10%7.04%-1.02%11.64%-25.55%-1.51%16.00%23.97%-7.61%13.87%
CEMB
iShares J.P. Morgan EM Corporate Bond ETF		1.49%8.86%5.81%8.37%-12.58%-0.59%6.77%13.90%-2.57%7.11%

Correlation

The correlation between LKOR and CEMB is 0.74, 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

0.74

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

0.80

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

0.70

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

0.51

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

0.48

Over the past year, LKOR and CEMB have become more correlated (0.74) than their long-term average of 0.48, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund

iShares J.P. Morgan EM Corporate Bond ETF

Often compared with LKOR:
LKOR vs. ICVTLKOR vs. MLNLKOR vs. BKLNLKOR vs. ICSHLKOR vs. ^GSPCLKOR vs. VCLTLKOR vs. SRLN
Often compared with CEMB:
CEMB vs. EMBE.LCEMB vs. HYEMCEMB vs. IAGGCEMB vs. AGGG.LCEMB vs. ERNS.LCEMB vs. VUCP.DECEMB vs. VEMT.L

Return for Risk

LKOR vs. CEMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LKOR
LKOR Risk / Return Rank: 2828
Overall Rank
LKOR Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
LKOR Sortino Ratio Rank: 2828
Sortino Ratio Rank
LKOR Omega Ratio Rank: 2727
Omega Ratio Rank
LKOR Calmar Ratio Rank: 2929
Calmar Ratio Rank
LKOR Martin Ratio Rank: 2525
Martin Ratio Rank
CEMB
CEMB Risk / Return Rank: 6969
Overall Rank
CEMB Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CEMB Sortino Ratio Rank: 8080
Sortino Ratio Rank
CEMB Omega Ratio Rank: 7878
Omega Ratio Rank
CEMB Calmar Ratio Rank: 5151
Calmar Ratio Rank
CEMB Martin Ratio Rank: 6262
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.

LKOR vs. CEMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.

LKORCEMBDifference

Sharpe ratio

Return per unit of total volatility

1.03

2.40

-1.37

Sortino ratio

Return per unit of downside risk

1.51

3.61

-2.10

Omega ratio

Gain probability vs. loss probability

1.18

1.47

-0.29

Calmar ratio

Return relative to maximum drawdown

1.45

2.55

-1.10

Martin ratio

Return relative to average drawdown

3.54

11.06

-7.51

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

LKOR vs. CEMB - Sharpe Ratio Comparison

The current LKOR Sharpe Ratio is 1.03, which is lower than the CEMB Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of LKOR and CEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

LKORCEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.03

2.40

-1.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.11

0.35

-0.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.56

-0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.49

-0.24

Drawdowns

LKOR vs. CEMB - Drawdown Comparison

The maximum LKOR drawdown since its inception was -34.78%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for LKOR and CEMB.

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Drawdown Indicators

LKORCEMBDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-20.84%

-13.94%

Max Drawdown (1Y)

Largest decline over 1 year

-5.39%

-2.88%

-2.51%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-3.85%

-8.89%

Max Drawdown (5Y)

Largest decline over 5 years

-34.78%

-20.48%

-14.30%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-20.84%

-13.94%

Current Drawdown

Current decline from peak

-13.32%

-0.24%

-13.08%

Average Drawdown

Average peak-to-trough decline

-10.36%

-3.66%

-6.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.21%

0.66%

+1.55%

Volatility

LKOR vs. CEMB - Volatility Comparison

FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) has a higher volatility of 2.45% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.08%. This indicates that LKOR's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

LKORCEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.45%

1.08%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

5.82%

2.43%

+3.39%

Volatility (1Y)

Calculated over the trailing 1-year period

8.00%

3.06%

+4.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.90%

5.63%

+7.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.22%

6.30%

+6.92%

LKOR vs. CEMB - Expense Ratio Comparison

LKOR has a 0.22% expense ratio, which is lower than CEMB's 0.50% expense ratio.

Dividends

LKOR vs. CEMB - Dividend Comparison

LKOR's dividend yield for the trailing twelve months is around 5.70%, more than CEMB's 5.13% yield.

PositionTTM20252024202320222021202020192018201720162015
CEMB
iShares J.P. Morgan EM Corporate Bond ETF		5.13%5.14%5.11%4.77%4.29%3.51%3.86%4.19%4.66%4.06%4.26%4.76%
LKOR
FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund		5.70%5.57%5.52%4.90%4.71%4.73%6.56%3.71%4.21%3.77%5.53%1.22%

Frequently Asked Questions

LKOR and CEMB have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LKOR has higher volatility (2.45%) compared to CEMB (1.08%). In terms of maximum drawdown, LKOR dropped -34.78% vs CEMB's -20.84%.

On 10-year performance, CEMB leads with 3.49% vs 2.49% for LKOR. On fees, LKOR is cheaper at 0.22% per year. On volatility, CEMB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CEMB has performed better with a 3.49% return vs 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LKOR is cheaper with a 0.22% expense ratio, compared with 0.50% for CEMB.

LKOR has the higher dividend yield at 5.70%, compared with 5.13% for CEMB.

LKOR tracks Northern Trust US Long Corporate Bond Quality Value Index, while CEMB tracks JP Morgan CEMBI Broad Diversified. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.22% for LKOR and 0.50% for CEMB.

CEMB currently has the higher Sharpe Ratio (2.40 vs 1.03), 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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