MSD vs. EMHY
MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) is a stock, while EMHY (iShares J.P. Morgan EM High Yield Bond ETF) is Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index. Over the past 10 years, MSD returned 5.26%/yr vs 4.73%/yr for EMHY. At a 0.47 correlation, their price movements are largely independent.
Performance
MSD vs. EMHY - Performance Comparison
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Returns By Period
In the year-to-date period, MSD achieves a -0.61% return, which is significantly lower than EMHY's 2.80% return. Over the past 10 years, MSD has outperformed EMHY with an annualized return of 5.26%, while EMHY has yielded a comparatively lower 4.73% annualized return.
MSD
- 1D
- -1.10%
- 1M
- -2.04%
- YTD
- -0.61%
- 6M
- 1.43%
- 1Y
- 1.68%
- 3Y*
- 15.62%
- 5Y*
- 3.94%
- 10Y*
- 5.26%
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%
MSD vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | -0.61% | 5.58% | 24.92% | 19.14% | -22.10% | 2.20% | 0.73% | 24.38% | -12.31% | 16.33% |
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 MSD and EMHY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.47 |
The correlation between MSD and EMHY has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.
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Return for Risk
MSD vs. EMHY — Risk / Return Rank
MSD
EMHY
MSD vs. EMHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) 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.
| MSD | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.47 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | 3.00 | -2.84 |
| Martin ratioReturn relative to average drawdown | 0.45 | 13.63 | -13.17 |
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
| MSD | EMHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 2.30 | -2.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.47 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.44 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.50 | -0.15 |
Drawdowns
MSD vs. EMHY - Drawdown Comparison
The maximum MSD drawdown since its inception was -58.51%, which is greater than EMHY's maximum drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for MSD and EMHY.
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Drawdown Indicators
| MSD | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.51% | -30.11% | -28.40% |
Max Drawdown (1Y)Largest decline over 1 year | -10.59% | -4.34% | -6.25% |
Max Drawdown (3Y)Largest decline over 3 years | -12.84% | -5.95% | -6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -33.89% | -25.83% | -8.06% |
Max Drawdown (10Y)Largest decline over 10 years | -37.50% | -30.11% | -7.39% |
Current DrawdownCurrent decline from peak | -7.38% | -0.37% | -7.01% |
Average DrawdownAverage peak-to-trough decline | -11.30% | -4.90% | -6.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 0.95% | +2.76% |
Volatility
MSD vs. EMHY - Volatility Comparison
Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) has a higher volatility of 3.68% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 1.66%. This indicates that MSD'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.
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Volatility by Period
| MSD | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.68% | 1.66% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 8.26% | 4.31% | +3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.29% | 5.65% | +4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.05% | 9.10% | +4.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.75% | 10.66% | +4.09% |
Dividends
MSD vs. EMHY - Dividend Comparison
MSD's dividend yield for the trailing twelve months is around 9.03%, more than EMHY's 6.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 9.03% | 9.88% | 11.88% | 10.90% | 7.34% | 4.99% | 4.67% | 5.37% | 6.56% | 5.81% | 6.87% | 7.03% |
Frequently Asked Questions
MSD and EMHY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSD has higher volatility (3.68%) compared to EMHY (1.66%). In terms of maximum drawdown, MSD dropped -58.51% vs EMHY's -30.11%.
EMHY currently has the higher Sharpe Ratio (2.30 vs 0.16), 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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