SJB vs. EEM
SJB (ProShares Short High Yield) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, SJB returned -3.86%/yr vs 9.87%/yr for EEM. At a correlation of -0.59, they often move in opposite directions. SJB charges 0.95%/yr vs 0.72%/yr for EEM.
Performance
SJB vs. EEM - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly lower than EEM's 23.41% return. Over the past 10 years, SJB has underperformed EEM with an annualized return of -3.86%, while EEM has yielded a comparatively higher 9.87% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
EEM
- 1D
- -5.67%
- 1M
- 2.49%
- YTD
- 23.41%
- 6M
- 24.32%
- 1Y
- 46.62%
- 3Y*
- 22.58%
- 5Y*
- 6.54%
- 10Y*
- 9.87%
SJB vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
EEM iShares MSCI Emerging Markets ETF | 23.41% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 17.02% | 18.22% | -15.31% | 37.26% |
Correlation
The correlation between SJB and EEM is -0.57, 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 (1Y) Calculated over the trailing 1-year period | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.60 |
The correlation between SJB and EEM has been stable across timeframes, ranging from -0.59 to -0.54 - a consistent structural relationship.
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Return for Risk
SJB vs. EEM — Risk / Return Rank
SJB
EEM
SJB vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and iShares MSCI Emerging Markets ETF (EEM). 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.
| SJB | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.39 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 3.46 | -3.49 |
| Martin ratioReturn relative to average drawdown | -0.05 | 12.70 | -12.75 |
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Drawdowns
SJB vs. EEM - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for SJB and EEM.
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Drawdown Indicators
| SJB | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -66.43% | +8.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -13.52% | +10.78% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -17.29% | +6.75% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -37.49% | +24.19% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -39.82% | +5.25% |
Current DrawdownCurrent decline from peak | -57.40% | -5.67% | -51.73% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -15.99% | -26.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 3.68% | -2.38% |
Volatility
SJB vs. EEM - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.06%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 12.59%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 12.59% | -11.53% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 20.73% | -17.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 22.77% | -18.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 19.55% | -12.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 20.67% | -12.17% |
SJB vs. EEM - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than EEM's 0.72% expense ratio.
Dividends
SJB vs. EEM - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, more than EEM's 1.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 1.66% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SJB and EEM have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEM has higher volatility (12.59%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs EEM's -66.43%.
On 10-year performance, EEM leads with 9.87% vs -3.86% for SJB. On fees, EEM is cheaper at 0.72% per year. On volatility, SJB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EEM has performed better with a 9.87% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEM is cheaper with a 0.72% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.43%, compared with 1.66% for EEM.
SJB is categorized as Inverse Bonds, while EEM is Emerging Markets Diversified. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SJB and 0.72% for EEM.
EEM currently has the higher Sharpe Ratio (2.06 vs -0.02), 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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