EMB alternatives and similar ETFs

EMB alternatives at a glance#

Each fund below can stand in for EMB, closest first. “Related” funds make a different bet that often moves the same way.

Fees come from each fund company, checked on the dates shown on each fund’s page.

How EMB and its alternatives did over the same dates#

Each row measures the alternative and EMB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

Each EMB alternative, compared#

JNK: State Street SPDR Bloomberg High Yield Bond ETF#

JNK is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries.

It charges 0.4% a year, about $40 on $10,000, against $39 for EMB. It held 1,161 holdings, against 616 for EMB.

From December 2007 to October 2026, JNK returned about 4.8% a year and EMB returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.81).

Read the JNK fund page for its returns by year and worst drop.

HYG: iShares iBoxx $ High Yield Corporate Bond ETF#

HYG is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries.

It charges 0.49% a year, about $49 on $10,000, against $39 for EMB. It held 1,334 holdings, against 616 for EMB.

From December 2007 to October 2026, HYG returned about 4.8% a year and EMB returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.81).

Read the HYG fund page for its returns by year and worst drop.

USHY: iShares Broad USD High Yield Corporate Bond ETF#

USHY is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries.

It charges 0.08% a year, about $8 on $10,000, against $39 for EMB. It held 1,902 holdings, against 616 for EMB.

From October 2017 to October 2026, USHY returned about 4.4% a year and EMB returned about 2.3% a year. Over about the last five years they often moved together, but not always (correlation 0.80).

Read the USHY fund page for its returns by year and worst drop.

IGOV: iShares International Treasury Bond ETF#

IGOV is a looser match. It holds government and company bonds from outside the US, while EMB holds bonds from governments and companies in emerging countries.

It charges 0.35% a year, about $35 on $10,000, against $39 for EMB. It held 981 holdings, against 616 for EMB.

From January 2009 to October 2026, IGOV returned about 0.0% a year and EMB returned about 5.2% a year. Over about the last five years they often moved together, but not always (correlation 0.66).

Read the IGOV fund page for its returns by year and worst drop.

BWX: State Street SPDR Bloomberg International Treasury Bond ETF#

BWX is a looser match. It holds government and company bonds from outside the US, while EMB holds bonds from governments and companies in emerging countries.

It charges 0.35% a year, about $35 on $10,000, against $39 for EMB. It held 1,440 holdings, against 616 for EMB.

From December 2007 to October 2026, BWX returned about 0.3% a year and EMB returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.65).

Read the BWX fund page for its returns by year and worst drop.

BNDX: Vanguard Total International Bond ETF#

BNDX is a looser match. It holds government and company bonds from outside the US, while EMB holds bonds from governments and companies in emerging countries.

It charges 0.07% a year, about $7 on $10,000, against $39 for EMB. It held 6,837 holdings, against 616 for EMB.

From June 2013 to October 2026, BNDX returned about 2.2% a year and EMB returned about 3.1% a year. Over about the last five years they often moved together, but not always (correlation 0.60).

Read the BNDX fund page for its returns by year and worst drop.

EMB versions from other fund companies#

Some people keep all their funds with one company. Here is the closest fund to EMB from each other company on this page:

• SPDR (State Street): JNK, State Street SPDR Bloomberg High Yield Bond ETF (related fund, 0.4% a year)
• Vanguard: BNDX, Vanguard Total International Bond ETF (related fund, 0.07% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company’s index mutual fund, are not listed here.

How to choose between EMB and its alternatives#

• What it tracks. A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix.
• The fee. The difference is often small. On $10,000, EMB costs about $39 a year. BNDX costs about $7.
• History. An older fund has been through more bad markets, so you can see how far it fell.
• What you already own. Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

Swapping EMB to harvest a tax loss#

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a “substantially identical” security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as JNK, HYG or USHY, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in Publication 550.

Test EMB and its alternatives in a backtest#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add EMB and JNK, and see how each would have done on the same dates, or how a mix of both would have done.

The details#

Alternatives are picked from facts, not from returns. First come funds that track the same index as EMB. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like EMB over about the last five years come first. Returns and worst drops use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EMB only on days both traded. Read what a backtest simulates for more on these measures.