PAM vs. EMB
PAM (Pampa Energía S.A.) is a stock, while EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) is Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Index. Over the past 10 years, PAM returned 11.28%/yr vs 2.87%/yr for EMB. At a 0.24 correlation, their price movements are largely independent.
Performance
PAM vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, PAM achieves a -7.63% return, which is significantly lower than EMB's 1.90% return. Over the past 10 years, PAM has outperformed EMB with an annualized return of 11.28%, while EMB has yielded a comparatively lower 2.87% annualized return.
PAM
- 1D
- -2.19%
- 1M
- -4.62%
- 6M
- 3.70%
- YTD
- -7.63%
- 1Y
- 16.24%
- 3Y*
- 22.14%
- 5Y*
- 39.06%
- 10Y*
- 11.28%
EMB
- 1D
- -0.15%
- 1M
- -0.71%
- 6M
- 1.77%
- YTD
- 1.90%
- 1Y
- 9.82%
- 3Y*
- 8.69%
- 5Y*
- 1.72%
- 10Y*
- 2.87%
PAM vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAM Pampa Energía S.A. | -7.63% | 0.65% | 77.58% | 55.04% | 51.30% | 53.19% | -16.13% | -48.35% | -52.72% | 93.28% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.90% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between PAM and EMB is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2009 | 0.24 |
The correlation between PAM and EMB shifts across timeframes, from 0.13 (1 year) to 0.26 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAM vs. EMB — Risk / Return Rank
PAM
EMB
PAM vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pampa Energía S.A. (PAM) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| PAM | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.34 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 2.19 | -1.67 |
| Martin ratioReturn relative to average drawdown | 1.25 | 9.33 | -8.09 |
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Drawdowns
PAM vs. EMB - Drawdown Comparison
The maximum PAM drawdown since its inception was -87.41%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for PAM and EMB.
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Drawdown Indicators
| PAM | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.41% | -34.70% | -52.71% |
Max Drawdown (1Y)Largest decline over 1 year | -31.59% | -4.51% | -27.08% |
Max Drawdown (3Y)Largest decline over 3 years | -40.40% | -7.95% | -32.45% |
Max Drawdown (5Y)Largest decline over 5 years | -40.40% | -28.74% | -11.66% |
Max Drawdown (10Y)Largest decline over 10 years | -87.41% | -28.74% | -58.67% |
Current DrawdownCurrent decline from peak | -13.83% | -0.86% | -12.97% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -5.03% | -37.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.04% | 1.05% | +11.99% |
Volatility
PAM vs. EMB - Volatility Comparison
Pampa Energía S.A. (PAM) has a higher volatility of 7.37% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.31%. This indicates that PAM's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAM | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.37% | 1.31% | +6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 24.47% | 4.76% | +19.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.84% | 5.60% | +44.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.24% | 9.76% | +36.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.95% | 9.95% | +42.00% |
Dividends
PAM vs. EMB - Dividend Comparison
PAM has not paid dividends to shareholders, while EMB's dividend yield for the trailing twelve months is around 5.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.09% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
PAM Pampa Energía S.A. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAM and EMB have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAM has higher volatility (7.37%) compared to EMB (1.31%). In terms of maximum drawdown, PAM dropped -87.41% vs EMB's -34.70%.
EMB currently has the higher Sharpe Ratio (1.76 vs 0.33), 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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