At a glance
EMHY charges 0.5% a year, above the 0.29% average of the 7 funds most like it (the most expensive of 8). It has $623.4M in assets, the 8th largest of that group; it paid 6.83% of its price in distributions over the past 12 months, monthly. Over the past year it returned +2.1% with distributions reinvested, 2nd of those 8 funds; over three years it returned +12.3% a year. At its worst it fell 30.1% in the 2020 crash (S&P 500: 33.7%) and 21.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 17 months after the lows. Its ten largest positions make up 7.8% of the fund, out of 690 in all.
The short version
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) tracks a J.P. Morgan index of U.S. dollar-denominated junk bonds issued by emerging market governments and companies. Its main draw is income: the trailing 12-month yield was 6.83% as of October 27, 2026, and it pays monthly. The trade-offs are cost and risk. Its 0.50% expense ratio is the highest of the eight funds in its comparison group, and it fell 30.1% in early 2020.
Price history
The interactive chart needs JavaScript.
EMHY +2.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EMHY official prospectus, to Dec 31, 2025 | — | +13.27% | — | +3.96% | +5.36% | — |
| JP Morgan EMBI Global Diversified Index index, same period | — | +14.30% | — | +1.78% | +4.40% | — |
| EMHY price data to Oct 27, 2026 | +0.6% | +2.1% | +12.3% | +4.2% | +3.8% | +4.7% |
- Over the year to Oct 27, 2026, EMHY returned +2.1%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +4.2% and its 10-year +3.8%.
- In the 2020 COVID crash it fell 30.1% and regained its old high 8.6 months after the low.
- Its worst full calendar year was 2022 (-13.1%); its best was 2016 (+15.3%).
- The deepest fall in its price history was 30.1% (Feb 14, 2020 to Mar 18, 2020), recovered by Dec 4, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.6% | — |
| 2025 | +13.7% | +13.27% |
| 2024 | +12.0% | +12.65% |
| 2023 | +11.5% | +11.43% |
| 2022 | -13.1% | -12.38% |
| 2021 | -1.9% | -2.54% |
| 2020 | +3.9% | +4.02% |
| 2019 | +13.0% | +12.51% |
| 2018 | -5.2% | -5.10% |
| 2017 | +8.5% | +9.01% |
| 2016 | +15.3% | +14.72% |
| 2015 | +2.0% | — |
| 2014 | +1.7% | — |
| 2013 | -6.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.6% over that stretch · deepest drop along the way 30.1%, back to its old high 8.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.8% over that stretch · deepest drop along the way 21.3%, back to its old high 17.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.0000 | |
| 2025 | $2.6300 | +1.2% |
| 2024 | $2.6000 | +5.7% |
| 2023 | $2.4600 | -0.8% |
| 2022 | $2.4800 | +2.9% |
| 2021 | $2.4100 | -4.7% |
| 2020 | $2.5300 | -7.0% |
| 2019 | $2.7200 | -9.9% |
| 2018 | $3.0200 | +8.6% |
| 2017 | $2.7800 | -11.5% |
| 2016 | $3.1400 | -0.3% |
| 2015 | $3.1500 | +4.7% |
| 2014 | $3.0100 | +0.7% |
| 2013 | $2.9900 |
What's inside
As of Jul 31, 2026, the fund held 690 securities; the ten largest made up 7.79% of assets, and 9.8% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| IND & COMM BK OF CHINA Bonds and notes | 1.33% | |
| Ecuador Government International Bonds Bonds and notes | 1.19% | |
| Argentina Republic Government International Bonds Bonds and notes | 1.08% | |
| Ghana Government International Bonds Bonds and notes | 0.87% | |
| Argentina Republic Government International Bonds Bonds and notes | 0.63% | |
| REPUBLIC OF ECUADOR Bonds and notes | 0.58% | |
| Argentina Republic Government International Bonds Bonds and notes | 0.57% | |
| Ecuador Government International Bonds Bonds and notes | 0.52% | |
| REPUBLIC OF ECUADOR Bonds and notes | 0.52% | |
| Jamaica Government International Bonds Bonds and notes | 0.50% | |
| Argentina Republic Government International Bonds Bonds and notes | 0.49% | |
| UKRAINE GOVERNMENT Bonds and notes | 0.49% | |
| PETROLEOS MEXICANOS Bonds and notes | 0.49% | |
| Ghana Government International Bonds Bonds and notes | 0.48% | |
| Sri Lanka Government International Bonds Bonds and notes | 0.47% |
By country
Cayman Islands 8.28%Turkey 5.82%Argentina 4.06%Mexico 3.91%Colombia 3.66%By issuer
Foreign governments 48.82%Companies 47.68%Other 0.03%The bonds mature in 7.9 years on average (weighted by size), with an average coupon of 6.65%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $42.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.07%, +0.82%, -0.75%.
How it works
EMHY tracks the J.P. Morgan USD Emerging Markets High Yield Bond Index. The index takes the below-investment-grade bonds from two other J.P. Morgan indexes: the EMBI Global Diversified Core, which holds government debt, and the CEMBI Broad Diversified Core, which holds corporate debt. Below investment grade means "high yield" or "junk" bonds, which rating agencies see as more likely to default. A bond counts as high yield when the middle of its ratings from Moody's, S&P and Fitch is below investment grade. Bonds are weighted by market value. However, the two parent indexes cap countries with large amounts of debt and shift that weight to issuers in smaller countries. The index rebalances on the last business day of each month.
To qualify, corporate bonds need at least $500 million outstanding. Government and government-owned issuers need at least $1 billion. Both need at least 2.5 years left until maturity, and bonds leave the index one year before they mature. As of October 31, 2025, the index held issuers from 59 countries.
BlackRock Fund Advisors uses "representative sampling." That means it buys a sample of bonds chosen to behave like the index instead of every single bond. At least 80% of assets must be in index bonds. As of July 31, 2026, the fund held 690 positions, split roughly evenly between government bonds (48.82%) and corporate bonds (47.68%), with an average maturity of 7.9 years.
What it really costs
- EMHY charges 0.5% a year, versus an average of 0.29% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMHY | $51 | $160 | $280 | $628 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays high monthly income, but its holdings are junk-rated emerging market bonds, and its losses in sell-offs have looked more like stock losses than bond losses.
EMHY can add a high monthly income stream: its trailing 12-month yield was 6.83% as of October 27, 2026. Don't expect it to act like a steady core bond fund, though. In the 2020 COVID crash it fell 30.1% between February 14 and March 18, 2020, and took about 8.6 months to recover. In the 2022 bear market it dropped 21.3% and didn't get back to its old high until March 1, 2024, about 17 months later. Its worst calendar year was 2022, at -12.38%. The fund launched in 2012, so it has no record from the 2008 crisis. Anyone who has to sell shares during a slump to cover spending could lock in losses. Cost is another drag. The 0.50% expense ratio is well above the 0.29% peer average and comes to $51 in the first year in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payouts from emerging market debt; the trailing yield was 6.83% as of October 27, 2026.
- Investors looking for a small allocation to both government and corporate junk bonds, in U.S. dollars, across an index of issuers from 59 countries.
- Holders who can sit through deep drops, like the 30.1% fall in early 2020, and wait months for prices to recover.
Look elsewhere if
- Cost-focused investors: EMHY's 0.50% expense ratio is above EMB's 0.39%, HYG's 0.49% and USHY's 0.08%.
- Retirees who need stable bond values; EMHY lost 12.38% in 2022 and took about 17 months to recover from that year's drop.
- Investors uneasy about heavy exposure to lower-rated countries; Argentina, Ecuador, Ghana and Ukraine bonds were among its largest holdings as of July 31, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EMHY this fund | 7.9 yrs | 0.5% | $623.4M | +2.1% | +12.3% |
| EMLC VanEck J. P. Morgan EM Local Currency Bond … | 7.5 yrs | 0.3% | $4.87B | +2.5% | +7.7% |
| ANGL VanEck Fallen Angel High Yield Bond ETF | 8.7 yrs | 0.25% | $3.05B | -0.3% | +8.2% |
| JNK SPDR Bloomberg High Yield Bond ETF | 5.8 yrs | 0.4% | $7.35B | +1.6% | +8.7% |
| EMB iShares J.P. Morgan USD Emerging Markets Bo… | 11 yrs | 0.39% | $14.61B | 0.0% | +9.0% |
| VWOB Vanguard Emerging Markets Government Bond E… | 11.2 yrs | 0.15% | $6.68B | -0.8% | +9.7% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
Questions investors ask
Does EMHY pay monthly dividends?
Yes. EMHY pays income monthly. Over the 12 months to October 27, 2026, it paid $2.64 per share, for a trailing yield of 6.83%. The payments come from interest on the bonds it holds. The amount can change from month to month as bonds mature, get called or default, or as the fund buys new bonds with different coupons. As of July 31, 2026, the average coupon on its holdings was 6.65%.
What's the difference between EMHY and EMB?
Both are iShares funds that hold U.S. dollar emerging market bonds, but EMHY holds only below-investment-grade bonds from governments and companies. EMB costs less (0.39% vs. 0.50%), is much bigger ($14.6 billion vs. $623 million in net assets, per mid-2026 filings), and holds longer bonds (11 vs. 7.9 years average maturity), so it reacts more to interest rate changes. EMHY's three-year annualized return was 12.3% as of October 27, 2026. EMB's was 9.9% as of October 30, 2026.
Is EMHY good for retirement income?
It can supply high income, but with more risk than most bond funds. The yield was 6.83% as of October 27, 2026, and payments come monthly. The cost of that income is volatility. EMHY fell 30.1% in early 2020 and 21.3% in 2022, and it needed about 17 months to recover from the 2022 drop. For many retirement investors it may work as a small side holding rather than a main bond holding. Comparing it with the whole portfolio's risk is worthwhile.
How risky is EMHY?
For a bond fund, it is quite risky. It holds junk bonds from emerging markets, so it carries default risk along with political, legal and economic instability in the issuing countries. Its worst quarter was -18.81%, in the first quarter of 2020, and its deepest drop was 30.1%. Over the three years to October 27, 2026, volatility was 6.7%. Its largest holdings include bonds from Ecuador, Argentina, Ghana, Ukraine and Sri Lanka.
How has EMHY performed over 10 years?
According to its prospectus, EMHY returned an average of 5.36% a year over the 10 years to December 31, 2025, after fees. It returned 3.96% a year over five years and 13.27% over one year. The broader JP Morgan EMBI Global Diversified Index, which the prospectus uses as a benchmark, returned 4.4%, 1.78% and 14.3% over the same periods. Calendar-year results ranged from a 14.72% gain in 2016 to a 12.38% loss in 2022.