TEDNX vs. CEMB

Last updated Jun 3, 2026

TEDNX (TIAA-CREF Emerging Markets Debt Fund) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both funds - TEDNX is a Emerging Markets Bonds fund managed by TIAA Investments, while CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified. Over the past 10 years, TEDNX returned 5.05%/yr vs 3.51%/yr for CEMB. At a 0.48 correlation, their price movements are largely independent. TEDNX charges 0.62%/yr vs 0.50%/yr for CEMB.

Performance

TEDNX vs. CEMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Emerging Markets Debt Fund (TEDNX) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEDNX achieves a 0.77% return, which is significantly lower than CEMB's 1.69% return. Over the past 10 years, TEDNX has outperformed CEMB with an annualized return of 5.05%, while CEMB has yielded a comparatively lower 3.51% annualized return.

TEDNX

• 1D: 0.00%
• 1M: 0.66%
• YTD: 0.77%
• 6M: 1.78%
• 1Y: 11.14%
• 3Y*: 11.11%
• 5Y*: 3.43%
• 10Y*: 5.05%

CEMB

• 1D: -0.04%
• 1M: 0.38%
• YTD: 1.69%
• 6M: 2.21%
• 1Y: 7.72%
• 3Y*: 7.38%
• 5Y*: 2.08%
• 10Y*: 3.51%

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

TEDNX vs. CEMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEDNX TIAA-CREF Emerging Markets Debt Fund	0.77%	13.84%	8.61%	12.56%	-14.41%	-0.86%	6.13%	17.49%	-5.95%	12.07%
CEMB iShares J.P. Morgan EM Corporate Bond ETF	1.69%	8.86%	5.81%	8.37%	-12.58%	-0.59%	6.77%	13.90%	-2.57%	7.11%

Correlation

The correlation between TEDNX and CEMB is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.48

The correlation between TEDNX and CEMB shifts across timeframes, from 0.48 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TEDNX vs. CEMB — Risk / Return Rank

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

TEDNX

TEDNX Risk / Return Rank: 65
TEDNX Sharpe Ratio Rank: 84
TEDNX Sortino Ratio Rank: 80
TEDNX Omega Ratio Rank: 92
TEDNX Calmar Ratio Rank: 32
TEDNX Martin Ratio Rank: 40

CEMB

CEMB Risk / Return Rank: 71
CEMB Sharpe Ratio Rank: 77
CEMB Sortino Ratio Rank: 84
CEMB Omega Ratio Rank: 83
CEMB Calmar Ratio Rank: 51
CEMB Martin Ratio Rank: 61

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.

TEDNX vs. CEMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Emerging Markets Debt Fund (TEDNX) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.

	TEDNX	CEMB	Difference
Sharpe ratio Return per unit of total volatility	2.73	2.54	+0.20
Sortino ratio Return per unit of downside risk	3.78	3.82	-0.04
Omega ratio Gain probability vs. loss probability	1.67	1.50	+0.17
Calmar ratio Return relative to maximum drawdown	2.15	2.59	-0.44
Martin ratio Return relative to average drawdown	8.71	11.23	-2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEDNX vs. CEMB - Sharpe Ratio Comparison

The current TEDNX Sharpe Ratio is 2.73, which is comparable to the CEMB Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of TEDNX and CEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TEDNX	CEMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.54	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.37	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.56	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.49	+0.34

Drawdowns

TEDNX vs. CEMB - Drawdown Comparison

The maximum TEDNX drawdown since its inception was -25.65%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for TEDNX and CEMB.

Drawdown Indicators

	TEDNX	CEMB	Difference
Max Drawdown Largest peak-to-trough decline	-25.65%	-20.84%	-4.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-2.88%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-5.77%	-3.85%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-20.48%	-5.17%
Max Drawdown (10Y) Largest decline over 10 years	-25.65%	-20.84%	-4.81%
Current Drawdown Current decline from peak	-1.39%	-0.04%	-1.35%
Average Drawdown Average peak-to-trough decline	-4.67%	-3.66%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.66%	+0.66%

Volatility

TEDNX vs. CEMB - Volatility Comparison

TIAA-CREF Emerging Markets Debt Fund (TEDNX) has a higher volatility of 1.27% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.10%. This indicates that TEDNX's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEDNX	CEMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.10%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	2.45%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	3.07%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	5.63%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.07%	6.30%	-0.23%

TEDNX vs. CEMB - Expense Ratio Comparison

TEDNX has a 0.62% expense ratio, which is higher than CEMB's 0.50% expense ratio.

Dividends

TEDNX vs. CEMB - Dividend Comparison

TEDNX's dividend yield for the trailing twelve months is around 4.64%, less than CEMB's 5.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMB iShares J.P. Morgan EM Corporate Bond ETF	5.12%	5.14%	5.11%	4.77%	4.29%	3.51%	3.86%	4.19%	4.66%	4.06%	4.26%	4.76%
TEDNX TIAA-CREF Emerging Markets Debt Fund	4.64%	5.80%	6.58%	5.03%	6.15%	4.81%	4.27%	5.28%	5.58%	5.93%	5.56%	5.18%

Frequently Asked Questions

Can I hold both TEDNX and CEMB in my portfolio?

TEDNX and CEMB have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEDNX or CEMB?

TEDNX has higher volatility (1.27%) compared to CEMB (1.10%). In terms of maximum drawdown, TEDNX dropped -25.65% vs CEMB's -20.84%.

Which has better risk-adjusted returns?

TEDNX currently has the higher Sharpe Ratio (2.73 vs 2.54), 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.