USVN vs. CEMB
USVN (US Treasury 7 Year Note ETF) and CEMB (iShares J.P. Morgan EM Corporate Bond ETF) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified. Both are passively managed. Over the past 3 years, USVN returned 2.70%/yr vs 7.31%/yr for CEMB. A 0.75 correlation means they provide meaningful diversification when combined. USVN charges 0.15%/yr vs 0.50%/yr for CEMB.
Performance
USVN vs. CEMB - Performance Comparison
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Returns By Period
In the year-to-date period, USVN achieves a -0.70% return, which is significantly lower than CEMB's 1.49% return.
USVN
- 1D
- -0.22%
- 1M
- -0.18%
- YTD
- -0.70%
- 6M
- -1.08%
- 1Y
- 3.56%
- 3Y*
- 2.70%
- 5Y*
- —
- 10Y*
- —
CEMB
- 1D
- -0.20%
- 1M
- 0.46%
- YTD
- 1.49%
- 6M
- 1.83%
- 1Y
- 7.31%
- 3Y*
- 7.31%
- 5Y*
- 1.97%
- 10Y*
- 3.49%
USVN vs. CEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USVN US Treasury 7 Year Note ETF | -0.70% | 7.66% | 0.03% | 0.67% |
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.49% | 8.86% | 5.81% | 6.77% |
Correlation
The correlation between USVN and CEMB is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.75 |
The correlation between USVN and CEMB has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.
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Return for Risk
USVN vs. CEMB — Risk / Return Rank
USVN
CEMB
USVN vs. CEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) 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.
| USVN | CEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.47 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 2.55 | -1.58 |
| Martin ratioReturn relative to average drawdown | 2.89 | 11.06 | -8.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USVN | CEMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 2.40 | -1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.35 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.49 | -0.09 |
Drawdowns
USVN vs. CEMB - Drawdown Comparison
The maximum USVN drawdown since its inception was -8.27%, smaller than the maximum CEMB drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for USVN and CEMB.
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Drawdown Indicators
| USVN | CEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.27% | -20.84% | +12.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.68% | -2.88% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.89% | -3.85% | -2.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.48% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.84% | — |
Current DrawdownCurrent decline from peak | -2.67% | -0.24% | -2.43% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -3.66% | +1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.66% | +0.58% |
Volatility
USVN vs. CEMB - Volatility Comparison
US Treasury 7 Year Note ETF (USVN) has a higher volatility of 1.37% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.08%. This indicates that USVN'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.
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Volatility by Period
| USVN | CEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.08% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 2.43% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.26% | 3.06% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 5.63% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 6.30% | -0.51% |
USVN vs. CEMB - Expense Ratio Comparison
USVN has a 0.15% expense ratio, which is lower than CEMB's 0.50% expense ratio.
Dividends
USVN vs. CEMB - Dividend Comparison
USVN's dividend yield for the trailing twelve months is around 3.75%, less than CEMB's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.13% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
USVN US Treasury 7 Year Note ETF | 3.75% | 3.81% | 4.07% | 2.91% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USVN and CEMB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USVN has higher volatility (1.37%) compared to CEMB (1.08%). In terms of maximum drawdown, USVN dropped -8.27% vs CEMB's -20.84%.
On 3-year performance, CEMB leads with 7.31% vs 2.70% for USVN. On fees, USVN is cheaper at 0.15% per year. On volatility, CEMB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CEMB has performed better with a 7.31% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USVN is cheaper with a 0.15% expense ratio, compared with 0.50% for CEMB.
CEMB has the higher dividend yield at 5.13%, compared with 3.75% for USVN.
USVN is categorized as Government Bonds, while CEMB is Corporate Bonds. USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while CEMB tracks JP Morgan CEMBI Broad Diversified. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for USVN and 0.50% for CEMB.
CEMB currently has the higher Sharpe Ratio (2.40 vs 0.84), 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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