EMHY vs SPY
iShares JP Morgan Emerging Market High Yield Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. EMHY offers more diversification with 684 holdings.
Side-by-Side Comparison
| Metric | EMHY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $642M | $821.1B | |
| Dividend Yield | 6.49% | 1.01% | |
| Holdings | 684 | 505 | |
| YTD Return | -0.33% | +12.22% | |
| 1Y Return | +4.16% | +20.83% | |
| 3Y Return (annualized) | +11.20% | +21.70% | |
| 5Y Return (annualized) | +3.59% | +12.98% | |
| Volatility (annualized) | 9.9% | 15.3% | |
| Max Drawdown | -58.8% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 3, 2012 | Jan 22, 1993 |
EMHY vs SPY Performance
iShares JP Morgan Emerging Market High Yield Bond ETF (EMHY) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EMHY returned +4.16% while SPY returned +20.83%. Year to date, EMHY is down 0.33% versus a gain of 12.22% for SPY.
Over three years, EMHY compounded at +11.20% per year against +21.70% for SPY; over five years the annualized figures are +3.59% and +12.98% respectively. Across the full 14-year window we track, SPY has the edge at +8.79% annualized vs +4.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.9% for EMHY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -58.8% for EMHY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EMHY charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, EMHY currently yields 6.49% against 1.01% for SPY.
Holdings Overlap
EMHY and SPY share 0 holdings out of 641 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EMHY or SPY?
EMHY has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, EMHY or SPY?
Over the past year EMHY returned +4.16% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), EMHY annualized +4.54% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, EMHY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.9% for EMHY. Worst drawdown: EMHY -58.8% vs SPY -56.5%.
Should I hold both EMHY and SPY?
EMHY and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EMHY and SPY?
EMHY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 641 unique securities.
Which pays a higher dividend, EMHY or SPY?
EMHY yields 6.49% while SPY yields 1.01%, so EMHY currently pays the higher dividend yield.
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