SEMB.L vs. SPHY

Last updated Apr 2, 2026

Compare and contrast key facts about iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) and SPDR Portfolio High Yield Bond ETF (SPHY).

SEMB.L and SPHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SEMB.L is a passively managed fund by iShares that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Feb 15, 2008. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. Both SEMB.L and SPHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SEMB.L vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

SEMB.L vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)	0.33%	8.06%	9.19%	6.03%	-7.53%	0.41%	3.12%	13.82%	1.58%	1.51%
SPHY SPDR Portfolio High Yield Bond ETF	1.58%	0.85%	10.43%	7.17%	0.06%	6.61%	3.51%	8.85%	2.39%	-1.93%

Different Trading Currencies

SEMB.L is traded in GBp, while SPHY is traded in USD. To make them comparable, the SPHY values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SEMB.L achieves a 0.33% return, which is significantly lower than SPHY's 1.58% return. Over the past 10 years, SEMB.L has underperformed SPHY with an annualized return of 5.54%, while SPHY has yielded a comparatively higher 6.07% annualized return.

SEMB.L

• 1D: 0.25%
• 1M: -1.59%
• YTD: 0.33%
• 6M: 4.00%
• 1Y: 8.37%
• 3Y*: 7.92%
• 5Y*: 4.40%
• 10Y*: 5.54%

SPHY

• 1D: 0.02%
• 1M: 0.44%
• YTD: 1.58%
• 6M: 2.71%
• 1Y: 4.47%
• 3Y*: 5.92%
• 5Y*: 5.25%
• 10Y*: 6.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SEMB.L vs. SPHY - Expense Ratio Comparison

SEMB.L has a 0.45% expense ratio, which is higher than SPHY's 0.10% expense ratio.

SEMB.L

iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)

SPHY

SPDR Portfolio High Yield Bond ETF

Return for Risk

SEMB.L vs. SPHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SEMB.L

SEMB.L Risk / Return Rank: 61
SEMB.L Sharpe Ratio Rank: 62
SEMB.L Sortino Ratio Rank: 58
SEMB.L Omega Ratio Rank: 54
SEMB.L Calmar Ratio Rank: 75
SEMB.L Martin Ratio Rank: 58

SPHY

SPHY Risk / Return Rank: 75
SPHY Sharpe Ratio Rank: 71
SPHY Sortino Ratio Rank: 75
SPHY Omega Ratio Rank: 79
SPHY Calmar Ratio Rank: 69
SPHY Martin Ratio Rank: 82

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.

SEMB.L vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	SEMB.L	SPHY	Difference
Sharpe ratio Return per unit of total volatility	1.15	0.55	+0.60
Sortino ratio Return per unit of downside risk	1.57	0.81	+0.77
Omega ratio Gain probability vs. loss probability	1.21	1.11	+0.10
Calmar ratio Return relative to maximum drawdown	2.15	0.87	+1.28
Martin ratio Return relative to average drawdown	6.11	2.50	+3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMB.L vs. SPHY - Sharpe Ratio Comparison

The current SEMB.L Sharpe Ratio is 1.15, which is higher than the SPHY Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of SEMB.L and SPHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SEMB.L	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	0.55	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.62	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.57	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.59	+0.23

Correlation

The correlation between SEMB.L and SPHY is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SEMB.L vs. SPHY - Dividend Comparison

SEMB.L's dividend yield for the trailing twelve months is around 7.87%, more than SPHY's 7.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)	7.87%	7.87%	7.27%	7.21%	6.70%	5.35%	5.28%	6.25%	6.15%	6.48%	6.88%	7.10%
SPHY SPDR Portfolio High Yield Bond ETF	7.37%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Drawdowns

SEMB.L vs. SPHY - Drawdown Comparison

The maximum SEMB.L drawdown since its inception was -21.74%, which is greater than SPHY's maximum drawdown of -14.38%. Use the drawdown chart below to compare losses from any high point for SEMB.L and SPHY.

Drawdown Indicators

	SEMB.L	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-21.74%	-21.97%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-4.07%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-13.70%	-15.29%	+1.59%
Max Drawdown (10Y) Largest decline over 10 years	-20.43%	-21.97%	+1.54%
Current Drawdown Current decline from peak	-1.77%	-1.06%	-0.71%
Average Drawdown Average peak-to-trough decline	-4.55%	-2.32%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.78%	+0.66%

Volatility

SEMB.L vs. SPHY - Volatility Comparison

iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 2.19% and 2.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMB.L	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	2.20%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	4.68%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	7.27%	8.12%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.83%	8.54%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.71%	10.69%	+0.02%