# EMB ETF: fees, returns, drawdowns and holdings

> What EMB holds, its 0.39% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds bonds sold in US dollars by governments and government linked companies in emerging market countries. It charges 0.39% a year. From December 2007 to October 2026 it returned about 4.4% a year, and its worst drop was −34.7%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.39% a year (about $39 on $10,000).
- Started trading on December 17, 2007.
- Last close: $91.52 on October 16, 2026.
- Return over the last year: 0.7%.
- Worst drop since 2007: −34.7%.
- 2 Tactfolio classic strategies hold it.

## How has EMB done since 2007?

From December 2007 to October 2026, EMB returned about 4.4% a year. The S&P 500 returned about 11.2% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $22,558 at the end, with every dividend reinvested.

| Period | EMB | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −1.2% | 1.5% |
| 3 months | −2.9% | 1.9% |
| 6 months | −2.1% | 9.3% |
| Year to date | −1.1% | 12.8% |
| 1 year | 0.7% | 16.8% |
| 3 years, per year | 9.7% | 22.0% |
| 5 years, per year | 1.4% | 12.8% |
| 10 years, per year | 2.5% | 15.4% |
| Since 2007, per year | 4.4% | 11.2% |

Periods longer than a year show the return per year (CAGR). 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.

## EMB returns by month and year

EMB rose in 146 of its 227 months (64%). Its best month was December 2008, at 17.7%. Its worst was October 2008, at −19.4%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 0.3% | 1.6% | −3.5% | 2.5% | 1.1% | 0.4% | −1.4% | 0.6% | −3.7% | 1.2% |  |  | −1.1% |
| 2025 | 1.7% | 2.1% | −1.1% | −0.3% | 1.2% | 2.7% | 0.7% | 1.8% | 1.6% | 2.0% | 0.5% | 0.3% | 13.9% |
| 2024 | −1.2% | 0.8% | 2.0% | −2.4% | 2.6% | −0.2% | 2.7% | 2.3% | 2.0% | −2.4% | 1.8% | −2.2% | 5.5% |
| 2023 | 3.9% | −2.7% | 1.7% | 0.3% | −1.2% | 2.5% | 1.7% | −1.8% | −3.3% | −1.2% | 6.2% | 4.5% | 10.6% |
| 2022 | −3.4% | −5.5% | −1.1% | −6.7% | 0.8% | −6.2% | 3.6% | −2.7% | −6.6% | −0.2% | 10.1% | −1.4% | −18.6% |
| 2021 | −1.8% | −3.0% | −0.7% | 2.4% | 1.0% | 0.9% | 0.6% | 0.9% | −2.6% | 0.2% | −1.9% | 2.2% | −2.2% |
| 2020 | 1.2% | −1.3% | −15.0% | 4.4% | 6.3% | 3.0% | 3.9% | 0.7% | −2.1% | −0.5% | 4.2% | 2.2% | 5.4% |
| 2019 | 4.8% | 0.4% | 1.5% | 0.2% | 0.5% | 3.5% | 0.7% | 1.6% | −1.1% | 0.6% | −0.9% | 2.9% | 15.5% |
| 2018 | −0.6% | −2.2% | 0.5% | −2.1% | −0.8% | −1.5% | 2.6% | −2.3% | 2.0% | −2.5% | −0.5% | 1.9% | −5.5% |
| 2017 | 1.7% | 1.7% | 0.5% | 1.7% | 0.8% | −0.7% | 1.2% | 2.0% | −0.2% | 0.2% | −0.3% | 1.3% | 10.3% |
| 2016 | 0.0% | 1.8% | 3.3% | 1.6% | −0.2% | 4.2% | 1.4% | 1.3% | 0.4% | −1.7% | −4.3% | 1.5% | 9.3% |
| 2015 | 1.9% | 1.0% | 0.0% | 1.2% | −0.3% | −1.8% | 0.1% | −1.1% | −1.1% | 2.4% | 0.3% | −1.5% | 1.0% |
| 2014 | −0.8% | 3.4% | 1.2% | 1.1% | 3.5% | 0.0% | −0.3% | 1.3% | −2.2% | 2.0% | −0.4% | −2.7% | 6.0% |
| 2013 | −2.9% | 0.3% | −0.9% | 3.6% | −4.9% | −4.4% | 0.2% | −2.4% | 3.1% | 2.5% | −2.0% | 0.3% | −7.8% |
| 2012 | 1.1% | 2.5% | −0.1% | 1.8% | −2.8% | 4.1% | 3.7% | 1.2% | 1.8% | 0.6% | 0.9% | 0.7% | 16.5% |
| 2011 | −1.0% | −0.1% | 1.6% | 1.7% | 1.5% | 0.6% | 2.0% | 0.5% | −4.8% | 5.1% | −1.3% | 1.9% | 7.6% |
| 2010 | −0.5% | 1.3% | 2.6% | 0.5% | −1.8% | 2.4% | 4.0% | 2.6% | 1.6% | 1.9% | −4.4% | 0.4% | 10.8% |
| 2009 | −7.0% | −5.6% | 5.1% | 7.7% | 2.9% | 1.0% | 3.1% | 2.4% | 5.2% | −0.5% | 0.8% | 0.2% | 15.4% |
| 2008 | 0.9% | −0.4% | 0.1% | 1.2% | 0.1% | −2.0% | 0.8% | 0.7% | −7.1% | −19.4% | 9.6% | 17.7% | −2.1% |
| 2007 (part) |  |  |  |  |  |  |  |  |  |  |  | 0.3% | 0.3% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is EMB compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.34.** When the S&P 500 moved 1% in a day, EMB tended to move about 0.34%.
- **Correlation 0.59.** EMB moved with the S&P 500 some of the time.
- **Up and down months.** In months the S&P 500 rose, EMB rose 45% as much on average. In months it fell, EMB fell 70% as much.

| Measure | EMB | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 1.5% | 12.8% |
| Volatility | 9.8% | 17.1% |
| Worst drop | −27.5% | −24.5% |
| Sharpe ratio | 0.20 | 0.79 |
| Sortino ratio | 0.29 | 1.15 |
| Calmar ratio | 0.05 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is EMB above its 200-day average?

EMB closed 1.8% below its 200-day average on October 16, 2026. A rule that holds EMB only above that average would be out of it today.

- Its 50-day average is 0.5% below its 200-day average.
- It closed 3.8% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for EMB](https://tactfolio.com/builder) and backtest it in a minute.

## What was EMB's worst drop?

A drawdown is how far a fund falls from its last high point. EMB's worst fall was −34.7%, from May 21, 2008 to October 28, 2008. It got back to that high on July 21, 2009. On October 16, 2026 it was 3.8% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −34.7% | May 21, 2008 | Oct 28, 2008 | Jul 21, 2009 | 5 months | 9 months |
| −28.7% | Sep 2, 2021 | Oct 20, 2022 | Aug 7, 2025 | 14 months | 2.8 years |
| −26.6% | Mar 4, 2020 | Mar 18, 2020 | Nov 13, 2020 | 14 days | 8 months |
| −14.5% | May 2, 2013 | Jun 24, 2013 | Jul 8, 2014 | 2 months | 12 months |
| −8.9% | Jan 5, 2018 | Nov 27, 2018 | Mar 20, 2019 | 11 months | 4 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does EMB hold?

This fund holds bonds sold in US dollars by governments and government linked companies in emerging market countries. These bonds often pay more interest than US government bonds, but there is more risk the borrower may not pay back. The fund's price can also move with interest rates.

It tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core. It had 616 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | EMB |
| --- | --- |
| Full name | iShares J.P. Morgan USD Emerging Markets Bond ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.39% a year |
| Started trading | December 17, 2007 |
| Tracks | J.P. Morgan Emerging Markets Bond Index Global Diversified Core |
| Type | International bonds, ETF |
| Holdings | 616 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) |

## What is the EMB expense ratio?

EMB charges 0.39% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.39% fee comes to about $39 a year. Of the 162 ETFs on Tactfolio, 14% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold EMB?

2 classic strategies hold EMB at least some of the time. Each is a set of written rules you can open, test and copy.

- [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014
- [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019

## How does EMB compare with similar ETFs?

Funds that can stand in for EMB:

- [BNDX](https://tactfolio.com/etf/BNDX.md): Vanguard Total International Bond ETF, 0.07% a year
- [BWX](https://tactfolio.com/etf/BWX.md): State Street SPDR Bloomberg International Treasury Bond ETF, 0.35% a year
- [IGOV](https://tactfolio.com/etf/IGOV.md): iShares International Treasury Bond ETF, 0.35% a year
- [USHY](https://tactfolio.com/etf/USHY.md): iShares Broad USD High Yield Corporate Bond ETF, 0.08% a year

See [all 6 EMB alternatives](https://tactfolio.com/alternatives/EMB.md), compared on the same dates as EMB.

## Test EMB in your own rules

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](https://tactfolio.com/builder), add EMB, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for EMB and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of EMB?

EMB charges 0.39% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $39 a year for every $10,000 you hold.

### When did EMB start trading?

EMB started trading on December 17, 2007. It is run by iShares (BlackRock).

### What does EMB track?

EMB tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core. This fund holds bonds sold in US dollars by governments and government linked companies in emerging market countries.

### How much has EMB returned per year?

From December 2007 to October 2026, EMB returned about 4.4% a year with dividends reinvested. Its worst drop was −34.7%. Past returns do not tell you what it will do next.

### Is EMB above its 200-day moving average?

On October 16, 2026, EMB closed 1.8% below its 200-day moving average. This page updates after each US market close.

### Which strategies use EMB?

2 of Tactfolio's classic strategies hold EMB, including Paul Novell's Tactical Bond Strategy, Bond UI1 (Paul Novell’s unemployment bond strategy).

## Sources

- [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.