PBOG vs. EMHC
PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both exchange-traded funds - PBOG is a Oil & Gas fund tracking the BITA Global Oil & Gas Select Index, while EMHC is a Emerging Markets Bonds fund tracking the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. At a correlation of -0.38, they often move in opposite directions. PBOG charges 0.13%/yr vs 0.23%/yr for EMHC.
Performance
PBOG vs. EMHC - Performance Comparison
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Returns By Period
In the year-to-date period, PBOG achieves a 32.22% return, which is significantly higher than EMHC's 1.57% return.
PBOG
- 1D
- 1.23%
- 1M
- -2.32%
- YTD
- 32.22%
- 6M
- 29.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMHC
- 1D
- -0.32%
- 1M
- 1.13%
- YTD
- 1.57%
- 6M
- 1.74%
- 1Y
- 11.54%
- 3Y*
- 8.74%
- 5Y*
- 1.55%
- 10Y*
- —
PBOG vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 32.22% | 1.62% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.57% | 0.64% |
Correlation
The correlation between PBOG and EMHC is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | -0.38 |
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Return for Risk
PBOG vs. EMHC — Risk / Return Rank
PBOG
EMHC
PBOG vs. EMHC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| PBOG | EMHC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.14 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.31 | 0.22 | +3.09 |
Drawdowns
PBOG vs. EMHC - Drawdown Comparison
The maximum PBOG drawdown since its inception was -11.45%, smaller than the maximum EMHC drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for PBOG and EMHC.
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Drawdown Indicators
| PBOG | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.45% | -28.03% | +16.58% |
Max Drawdown (1Y)Largest decline over 1 year | — | -4.37% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.67% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.03% | — |
Current DrawdownCurrent decline from peak | -6.81% | -0.32% | -6.49% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -9.91% | +6.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.04% | — |
Volatility
PBOG vs. EMHC - Volatility Comparison
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Volatility by Period
| PBOG | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.89% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 4.16% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 23.67% | 5.43% | +18.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.67% | 9.06% | +14.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.67% | 8.96% | +14.71% |
PBOG vs. EMHC - Expense Ratio Comparison
PBOG has a 0.13% expense ratio, which is lower than EMHC's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PBOG vs. EMHC - Dividend Comparison
PBOG's dividend yield for the trailing twelve months is around 0.13%, less than EMHC's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.11% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBOG and EMHC have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.23% for EMHC.
EMHC has the higher dividend yield at 6.11%, compared with 0.13% for PBOG.
PBOG is categorized as Oil & Gas, while EMHC is Emerging Markets Bonds. PBOG tracks BITA Global Oil & Gas Select Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: Portfolio Building Blocks and State Street. Their fees differ too: 0.13% for PBOG and 0.23% for EMHC.
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