PICB vs. EMB
PICB (Invesco International Corporate Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while EMB is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, PICB returned 0.79%/yr vs 2.91%/yr for EMB. At a 0.44 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.39%/yr for EMB.
Performance
PICB vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -1.64% return, which is significantly lower than EMB's 2.32% return. Over the past 10 years, PICB has underperformed EMB with an annualized return of 0.79%, while EMB has yielded a comparatively higher 2.91% annualized return.
PICB
- 1D
- 0.00%
- 1M
- -1.08%
- 6M
- -1.22%
- YTD
- -1.64%
- 1Y
- 0.18%
- 3Y*
- 5.20%
- 5Y*
- -2.17%
- 10Y*
- 0.79%
EMB
- 1D
- 0.03%
- 1M
- 0.03%
- 6M
- 2.24%
- YTD
- 2.32%
- 1Y
- 10.08%
- 3Y*
- 9.51%
- 5Y*
- 1.87%
- 10Y*
- 2.91%
PICB vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.64% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.32% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between PICB and EMB is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.44 |
Over the past year, PICB and EMB have become more correlated (0.64) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
PICB vs. EMB — Risk / Return Rank
PICB
EMB
PICB vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) 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.
| PICB | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.33 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.12 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.08 | 9.08 | -9.17 |
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Drawdowns
PICB vs. EMB - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for PICB and EMB.
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Drawdown Indicators
| PICB | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -34.70% | -2.40% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -4.51% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -7.95% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -28.74% | -7.49% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -28.74% | -8.36% |
Current DrawdownCurrent decline from peak | -12.73% | -0.44% | -12.29% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -5.03% | -4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 1.05% | +1.53% |
Volatility
PICB vs. EMB - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.01% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.56%. This indicates that PICB'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
| PICB | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 1.56% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 4.72% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 5.59% | +2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.17% | 9.76% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 9.95% | +0.02% |
PICB vs. EMB - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
PICB vs. EMB - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.40%, less than EMB's 5.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.07% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
PICB Invesco International Corporate Bond ETF | 3.40% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
Frequently Asked Questions
PICB and EMB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.01%) compared to EMB (1.56%). In terms of maximum drawdown, PICB dropped -37.10% vs EMB's -34.70%.
On 10-year performance, EMB leads with 2.91% vs 0.79% for PICB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMB has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMB has performed better with a 2.91% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.50% for PICB.
EMB has the higher dividend yield at 5.07%, compared with 3.40% for PICB.
PICB is categorized as Corporate Bonds, while EMB is Emerging Markets Bonds. PICB tracks S&P International Corporate Bond Index, while EMB tracks J.P. Morgan EMBI Global Core Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (1.71 vs -0.03), 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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