LEMB
iShares J.P. Morgan EM Local Currency Bond ETF
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Works if ISHG or LEMB have a higher div in late Dec and the money returns to SGOV.
Interesting idea - there is definitely some mismatch in dividend dates between iShares fixed income - say SGOV vs. ISHG or LEMB - although those 2 skip some years entirely. If the account is not taxable it could make sense but also seems like some extra work that might not amount to anything. Would be wild if big hedge funds or that math guy that died recently, Jim Simons, had some massive play around year-end fixed income divs.
I think both BEMB and EMB invest in USD denominated bonds so they should not have currency risk exposure. LEMB invest in local currency and does have currency risk. Both EMB and HYG have higher correlation to US equity than investment grade corp or treasury bonds. It's on the order of 0.6-0.7 for both depending on the time period. If you want to see extended historical data look at PREMX for EM bond history back to 1994, VWEHX or FAHYX for high yield bond history back to 1980, and VWESX or VFICX for investment grade corp bond back to 1980.