TEDNX vs. CEMB
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 5.01%/yr vs 3.60%/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
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Returns By Period
The year-to-date returns for both stocks are quite close, with TEDNX having a 1.43% return and CEMB slightly lower at 1.38%. Over the past 10 years, TEDNX has outperformed CEMB with an annualized return of 5.01%, while CEMB has yielded a comparatively lower 3.60% annualized return.
TEDNX
- 1D
- -0.11%
- 1M
- 1.76%
- YTD
- 1.43%
- 6M
- 1.76%
- 1Y
- 10.59%
- 3Y*
- 10.66%
- 5Y*
- 3.50%
- 10Y*
- 5.01%
CEMB
- 1D
- -0.24%
- 1M
- 0.37%
- YTD
- 1.38%
- 6M
- 1.67%
- 1Y
- 6.25%
- 3Y*
- 7.04%
- 5Y*
- 1.87%
- 10Y*
- 3.60%
TEDNX vs. CEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TEDNX TIAA-CREF Emerging Markets Debt Fund | 1.43% | 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 | 1.38% | 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 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.48 |
The correlation between TEDNX and CEMB shifts across timeframes, from 0.48 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TEDNX vs. CEMB — Risk / Return Rank
TEDNX
CEMB
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.
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.
| TEDNX | CEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.39 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.18 | -0.17 |
| Martin ratioReturn relative to average drawdown | 7.94 | 9.37 | -1.43 |
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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.
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Drawdown Indicators
| TEDNX | CEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.75% | -0.46% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -4.65% | -3.64% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.67% | +0.69% |
Volatility
TEDNX vs. CEMB - Volatility Comparison
TIAA-CREF Emerging Markets Debt Fund (TEDNX) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB) have volatilities of 1.08% and 1.03%, 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.
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Volatility by Period
| TEDNX | CEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 1.03% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.70% | 2.52% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 3.13% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.44% | 5.63% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 6.29% | -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 4.61%, less than CEMB's 5.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.14% | 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 | 4.61% | 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
TEDNX and CEMB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TEDNX has higher volatility (1.08%) compared to CEMB (1.03%). In terms of maximum drawdown, TEDNX dropped -25.65% vs CEMB's -20.84%.
TEDNX currently has the higher Sharpe Ratio (2.60 vs 2.00), 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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