XEM.TO vs. EMHY
XEM.TO (iShares MSCI Emerging Markets Index ETF) and EMHY (iShares J.P. Morgan EM High Yield Bond ETF) are both exchange-traded funds - XEM.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD, while EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index. Both are passively managed. Over the past 10 years, XEM.TO returned 10.35%/yr vs 5.76%/yr for EMHY. At a 0.33 correlation, their price movements are largely independent. XEM.TO charges 0.81%/yr vs 0.50%/yr for EMHY.
Performance
XEM.TO vs. EMHY - Performance Comparison
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Different Trading Currencies
XEM.TO is traded in CAD, while EMHY is traded in USD. To make them comparable, the EMHY values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XEM.TO achieves a 27.52% return, which is significantly higher than EMHY's 7.33% return. Over the past 10 years, XEM.TO has outperformed EMHY with an annualized return of 10.35%, while EMHY has yielded a comparatively lower 5.76% annualized return.
XEM.TO
- 1D
- 0.06%
- 1M
- 2.01%
- YTD
- 27.52%
- 6M
- 28.74%
- 1Y
- 47.35%
- 3Y*
- 25.08%
- 5Y*
- 9.01%
- 10Y*
- 10.35%
EMHY
- 1D
- 0.53%
- 1M
- 5.02%
- YTD
- 7.33%
- 6M
- 7.19%
- 1Y
- 15.97%
- 3Y*
- 15.60%
- 5Y*
- 7.42%
- 10Y*
- 5.76%
XEM.TO vs. EMHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEM.TO iShares MSCI Emerging Markets Index ETF | 27.52% | 27.25% | 14.98% | 6.49% | -15.74% | -4.09% | 14.12% | 11.47% | -8.06% | 27.79% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 7.33% | 8.51% | 21.45% | 8.82% | -7.52% | -1.95% | 1.36% | 8.33% | 2.76% | 1.19% |
Correlation
The correlation between XEM.TO and EMHY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2012 | 0.33 |
The correlation between XEM.TO and EMHY shifts across timeframes, from 0.33 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XEM.TO vs. EMHY — Risk / Return Rank
XEM.TO
EMHY
XEM.TO vs. EMHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Index ETF (XEM.TO) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY). 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.
| XEM.TO | EMHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.42 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 4.31 | -0.43 |
| Martin ratioReturn relative to average drawdown | 13.48 | 14.85 | -1.37 |
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Drawdowns
XEM.TO vs. EMHY - Drawdown Comparison
The maximum XEM.TO drawdown since its inception was -35.27%, which is greater than EMHY's maximum drawdown of -24.97%. Use the drawdown chart below to compare losses from any high point for XEM.TO and EMHY.
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Drawdown Indicators
| XEM.TO | EMHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.27% | -24.97% | -10.30% |
Max Drawdown (1Y)Largest decline over 1 year | -12.27% | -3.72% | -8.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.30% | -8.55% | -6.75% |
Max Drawdown (5Y)Largest decline over 5 years | -31.06% | -23.10% | -7.96% |
Max Drawdown (10Y)Largest decline over 10 years | -35.27% | -24.97% | -10.30% |
Current DrawdownCurrent decline from peak | -5.31% | 0.00% | -5.31% |
Average DrawdownAverage peak-to-trough decline | -10.47% | -4.22% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.52% | 1.08% | +2.44% |
Volatility
XEM.TO vs. EMHY - Volatility Comparison
iShares MSCI Emerging Markets Index ETF (XEM.TO) has a higher volatility of 11.82% compared to iShares J.P. Morgan EM High Yield Bond ETF (EMHY) at 2.01%. This indicates that XEM.TO's price experiences larger fluctuations and is considered to be riskier than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEM.TO | EMHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.82% | 2.01% | +9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 20.02% | 5.18% | +14.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.00% | 6.84% | +15.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.40% | 11.11% | +6.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.30% | 12.39% | +5.91% |
XEM.TO vs. EMHY - Expense Ratio Comparison
XEM.TO has a 0.81% expense ratio, which is higher than EMHY's 0.50% expense ratio.
Dividends
XEM.TO vs. EMHY - Dividend Comparison
XEM.TO's dividend yield for the trailing twelve months is around 1.49%, less than EMHY's 6.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.37% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
XEM.TO iShares MSCI Emerging Markets Index ETF | 1.49% | 1.90% | 2.08% | 2.39% | 2.10% | 1.91% | 1.28% | 2.56% | 1.95% | 1.78% | 1.97% | 2.24% |
Frequently Asked Questions
XEM.TO and EMHY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMHY is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMHY is cheaper with a 0.50% expense ratio, compared with 0.81% for XEM.TO.
XEM.TO is categorized as Emerging Markets Equities, while EMHY is Emerging Markets Bonds. XEM.TO tracks Morningstar EM GR CAD, while EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index. Their fees differ too: 0.81% for XEM.TO and 0.50% for EMHY.
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