Emerging markets vs developed: the monitor
How emerging markets are doing against developed markets across stocks, hard- and local-currency bonds, corporate credit and currencies, plus a country grid of currency, bonds and stocks side by side with descriptive stress and opportunity labels.
Weekly snapshot · data to Fri 30 Oct 2026 · built Saturday 31 October 2026, 10:06 CET
What stands out
- EM high-yield minus US high-yield spread 48 bp (1-year pct 78)
- Hong Kong: DATA CHECK: index in USD -5.3 % vs ETF +1.9 % over 1m - not verified
- Indonesia: DOUBLE STRESS: two of currency / bonds / stocks under pressure
- Taiwan: DOUBLE STRESS: two of currency / bonds / stocks under pressure
- Egypt: DOUBLE STRESS: two of currency / bonds / stocks under pressure
- Israel: DOUBLE STRESS: two of currency / bonds / stocks under pressure
- Brazil: TRIPLE STRESS: currency, bonds and stocks all down over the month
- Chile: DOUBLE STRESS: two of currency / bonds / stocks under pressure
Changes: 1m / 3m / YTD in % for prices, bp for yields and spreads. Pct = where today sits in its 1-year range (100 = highest). Currency columns: + = the EM currency STRONGER against USD. Flags are descriptive context, not trading signals.
EM vs developed: the scoreboard
| Asset class | EM | 1m | 3m | YTD | Developed benchmark | 1m | YTD | EM vs DM 1m | EM vs DM YTD | pct 1y |
|---|---|---|---|---|---|---|---|---|---|---|
| Equities | MME1!MSCI Emerging Markets index future (ICE US) | -8.8 % | -2.9 % | +10.3 % | MWL1!MSCI World index future (ICE US, developed markets) | -0.0 % | +9.5 % | -7.3 % | +2.1 % | 19 |
| Equities | EEMiShares MSCI Emerging Markets ETF | -8.6 % | -4.8 % | +12.1 % | SPYSPDR S&P 500 ETF (US stocks) | -0.9 % | +11.7 % | -7.8 % | +0.4 % | 15 |
| Hard-currency bonds | EMBiShares J.P. Morgan USD Emerging Markets Bond ETF | +1.8 % | -1.4 % | -0.5 % | IEFiShares 7-10 Year Treasury Bond ETF | +3.1 % | -1.7 % | -1.2 % | +1.2 % | 50 |
| Local-currency bonds | EMLCVanEck J.P. Morgan EM Local Currency Bond ETF | -0.5 % | -2.0 % | -0.2 % | IEFiShares 7-10 Year Treasury Bond ETF | +3.1 % | -1.7 % | -3.5 % | +1.5 % | 47 |
| High yield | EMHYiShares J.P. Morgan EM High Yield Bond ETF | +0.5 % | -2.1 % | +0.8 % | HYGiShares iBoxx $ High Yield Corporate Bond ETF | +0.7 % | +0.4 % | -0.3 % | +0.4 % | 37 |
| Currencies | EMFXEmerging-market currencies vs USD (our equal-weight index of the currencies below) | -1.4 % | -2.4 % | -3.3 % | 1/DXYDeveloped-market currencies vs USD (the US dollar index inverted) | -0.8 % | -4.3 % | -0.3 % | +1.8 % | 78 |
Credit spreads: EM corporates vs US
| Option-adjusted spread | bp | 1w | 1m | YTD | pct 1y |
|---|---|---|---|---|---|
| BAMLEMCBPIOASEM corporate bond spread over Treasuries (ICE BofA, all ratings) | 173 | +0 | +26 | +17 | 96 |
| BAMLEMIBHGCRPIOASEM investment-grade corporate bond spread (ICE BofA) | 100 | -2 | +14 | +14 | 98 |
| BAMLEMHBHYCRPIOASEM high-yield corporate bond spread (ICE BofA) | 374 | +9 | +64 | +29 | 96 |
| BAMLEMRACRPIASIAOASEM Asia corporate bond spread (ICE BofA) | 105 | +0 | +20 | +13 | 100 |
| BAMLEMRLCRPILAOASEM Latin America corporate bond spread (ICE BofA) | 255 | +4 | +40 | -6 | 61 |
| BAMLEMRECRPIEMEAOASEM Europe, Middle East and Africa corporate bond spread (ICE BofA) | 183 | -2 | +24 | +38 | 97 |
| BAMLC0A0CMUS investment-grade corporate bond spread (ICE BofA) | 89 | +0 | +5 | +10 | 96 |
| BAMLH0A0HYM2US high-yield corporate bond spread (ICE BofA) | 326 | -14 | +18 | +45 | 95 |
Country grid: currency, bonds, stocks
FX: + = the currency stronger vs USD; pct = 1-year range. 10y: yield %, 1-month change in bp, spread to US Treasuries in bp. Carry: 2y yield minus US 2y, bp. Stocks: 1 month in local currency and in USD, YTD in USD, USD pct 1y.
| Country | FX 1m | FX YTD | FX pct | 10y % | 10y 1m | vs UST | Carry | Stocks 1m | 1m USD | YTD USD | pct USD | Flag |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CNHChinese yuan offshore (currency) · China | +0.9 % | +4.8 % | 100 | 1.63 | -5 | -330 | -335 | -8.5 % | -7.7 % | -9.7 % | 0 | |
| HKDHong Kong dollar (currency) · Hong Kong | +0.0 % | -0.8 % | 12 | 3.85 | -23 | -108 | -122 | -5.4 % | -5.3 % | -9.8 % | 5 | Data check |
| INRIndian rupee (currency) · India | +0.9 % | -5.4 % | 40 | 7.41 | +23 | 248 | 231 | +1.9 % | +2.9 % | -16.5 % | 13 | |
| IDRIndonesian rupiah (currency) · Indonesia | -1.5 % | -7.8 % | 1 | 7.64 | +54 | 271 | - | -16.7 % | -17.9 % | -45.9 % | 1 | Double stress |
| KRWSouth Korean won (currency) · Korea | +1.7 % | +8.0 % | 97 | 4.01 | -39 | -92 | -89 | -16.2 % | -14.7 % | +46.7 % | 51 | |
| MYRMalaysian ringgit (currency) · Malaysia | +0.5 % | +0.0 % | 52 | 3.90 | -14 | -104 | - | -2.2 % | -1.7 % | -3.8 % | 19 | |
| PHPPhilippine peso (currency) · Philippines | -1.5 % | -7.6 % | 2 | 8.15 | +47 | 322 | 261 | +0.0 % | -1.5 % | -13.3 % | 2 | |
| SGDSingapore dollar (currency) · Singapore · stocks: MSCI fut | -0.1 % | +0.6 % | 61 | 2.24 | -23 | -269 | -273 | -7.2 % | -7.1 % | +11.6 % | 70 | |
| TWDTaiwan dollar (currency) · Taiwan · stocks: EWT | -2.2 % | -3.9 % | 0 | 1.99 | +3 | -294 | -303 | -8.4 % | -10.4 % | +59.2 % | 63 | Double stress |
| THBThai baht (currency) · Thailand | -0.7 % | -7.0 % | 2 | 2.09 | -23 | -284 | -332 | -2.6 % | -3.2 % | +12.1 % | 37 | |
| VNDVietnamese dong (currency) · Vietnam | +0.6 % | +1.9 % | 100 | 4.58 | -0 | -36 | -81 | -1.5 % | -0.9 % | -0.5 % | 41 | |
| CZKCzech koruna (currency) · Czechia | -1.2 % | -5.6 % | 2 | 5.36 | +5 | 43 | -21 | -1.8 % | -2.9 % | -7.4 % | 21 | |
| EGPEgyptian pound (currency) · Egypt | -7.0 % | -14.8 % | 1 | - | - | - | - | -5.2 % | -11.8 % | +1.0 % | 25 | Double stress |
| HUFHungarian forint (currency) · Hungary | -1.4 % | -0.2 % | 30 | 5.53 | -29 | 59 | - | +0.1 % | -1.3 % | +31.1 % | 62 | |
| ILSIsraeli shekel (currency) · Israel | -2.6 % | +1.1 % | 24 | 4.16 | +6 | -78 | -122 | -3.4 % | -6.0 % | +12.9 % | 25 | Double stress |
| PLNPolish zloty (currency) · Poland | -2.2 % | -8.8 % | 2 | 6.38 | +1 | 145 | 1 | -0.0 % | -2.2 % | +19.9 % | 77 | |
| RONRomanian leu (currency) · Romania | -2.6 % | -9.3 % | 3 | 7.20 | -48 | 227 | 214 | +13.0 % | +10.0 % | +30.0 % | 79 | |
| SARSaudi riyal (currency) · Saudi Arabia | +0.1 % | -0.0 % | 57 | - | - | - | - | -5.1 % | -5.0 % | -5.4 % | 2 | |
| ZARSouth African rand (currency) · South Africa | -1.7 % | -0.9 % | 23 | 8.73 | -22 | 380 | - | -1.4 % | -3.1 % | -8.8 % | 4 | |
| TRYTurkish lira (currency) · Turkey | -1.9 % | -14.0 % | 1 | 33.03 | +19 | 2810 | 3178 | -9.9 % | -11.6 % | -17.8 % | 0 | |
| ARSArgentine peso (currency) · Argentina | -0.6 % | -5.4 % | 2 | - | - | - | - | -5.9 % | -6.3 % | -10.7 % | 10 | |
| BRLBrazilian real (currency) · Brazil | -4.7 % | +0.7 % | 6 | 15.45 | +134 | 1052 | 1024 | -9.9 % | -14.1 % | +4.9 % | 21 | Triple stress |
| CLPChilean peso (currency) · Chile | -2.1 % | -9.4 % | 1 | 5.98 | -27 | 105 | 51 | -6.6 % | -8.6 % | - | 2 | Double stress |
| COPColombian peso (currency) · Colombia | +2.1 % | +17.0 % | 75 | 13.02 | +2 | 809 | - | -3.7 % | -1.6 % | +43.3 % | 77 | |
| MXNMexican peso (currency) · Mexico | -3.7 % | -4.0 % | 1 | 9.27 | -35 | 434 | - | +8.7 % | +4.7 % | +4.2 % | 32 | |
| PENPeruvian sol (currency) · Peru · stocks: EPU | -0.7 % | -3.0 % | 7 | 7.13 | +4 | 220 | - | -9.0 % | -9.6 % | +12.6 % | 31 |
EM spreads
| Ratio | 1w | 1m | 3m | YTD | pct 1y |
|---|---|---|---|---|---|
| EEM/SPYEmerging-market stocks vs US stocks (ETF ratio) | -1.0 % | -7.8 % | -6.1 % | +0.4 % | 15 |
| EEM/EFAEmerging-market stocks vs developed markets outside the US (ETF ratio) | -2.3 % | -8.1 % | -2.7 % | +2.6 % | 24 |
| ASN1!/MME1!Emerging Asia vs all emerging-market stocks (MSCI futures ratio) | -0.0 % | -1.7 % | -1.2 % | -0.3 % | 16 |
| MML1!/MME1!Latin America vs all emerging-market stocks (MSCI futures ratio) | +2.0 % | +18.2 % | +13.5 % | +11.2 % | 97 |
| MMM1!/MME1!Emerging Europe, Middle East and Africa vs all emerging markets (MSCI futures ratio) | -1.5 % | +2.6 % | +0.3 % | -10.7 % | 33 |
| MMC1!/MME1!Emerging markets without China vs all emerging markets (MSCI futures ratio) | +0.8 % | -1.4 % | +1.8 % | +9.2 % | 82 |
| MCHI/EEMChina stocks vs all emerging-market stocks (ETF ratio) | +1.7 % | +2.9 % | -7.7 % | -26.7 % | 23 |
| INDA/MCHIIndia stocks vs China stocks (ETF ratio) | +2.6 % | +8.7 % | +9.0 % | +7.4 % | 99 |
| EWZ/EWWBrazil stocks vs Mexico stocks (ETF ratio) | -23.0 % | -16.8 % | -8.6 % | -5.4 % | 0 |
| EMLC/EMBEM local-currency bonds vs EM US-dollar bonds (ETF ratio) | -1.4 % | -2.3 % | -0.6 % | +0.3 % | 55 |
| EMB/IEFEM US-dollar sovereign bonds vs US Treasuries (ETF ratio) | -0.3 % | -1.2 % | -1.2 % | +1.2 % | 50 |
| EMHY/HYGEM high-yield bonds vs US high-yield bonds (ETF ratio) | -0.3 % | -0.3 % | -1.0 % | +0.4 % | 37 |
Important information
Free research, work in progress. We share this page free of charge as part of our research. It is an experimental overview; it may change, be paused or be withdrawn at any time without notice, and it may contain errors.
Data. Government bond yields, currencies, equity indices, ETFs and index futures are publicly quoted market levels from our market data feeds. EM and US corporate spreads are ICE BofA option-adjusted spreads (© ICE Data Indices, LLC) via FRED (Federal Reserve Bank of St. Louis). Third-party data remain the property of their owners and are shown for information only.
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