- ISIN
- IE00B5M4WH52
- Issuer
- iShares
- Inception Date
- Jun 20, 2011
- Region
- Emerging Markets ()
- Category
- Emerging Markets Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index
- Domicile
- Ireland
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
IEML.L Performance Chart
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) is up 2.0% since the beginning of the year. IEML.L is currently trading at $47 per share. Investors who bought $1,000 worth of IEML.L shares 5 years ago would now be looking at an investment worth $1,095.
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Returns By Period
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has returned 1.98% so far this year and 9.55% over the past 12 months. Over the last ten years, IEML.L has returned 2.18% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 1.98%
- 6M
- 2.93%
- 1Y
- 9.55%
- 3Y*
- 6.85%
- 5Y*
- 1.83%
- 10Y*
- 2.18%
Benchmark (S&P 500 Index)
- 1D
- -0.57%
- 1M
- 1.39%
- YTD
- 9.73%
- 6M
- 10.46%
- 1Y
- 24.50%
- 3Y*
- 19.43%
- 5Y*
- 12.21%
- 10Y*
- 13.75%
IEML.L Monthly Returns History
Based on dividend-adjusted daily data since Jun 20, 2011, IEML.L's average daily return is 0.00%, while the average monthly return is +0.03%. At this rate, an investment would double in approximately 192.6 years.
Historically, 54% of months were positive and 46% were negative. The best month was Mar 2016 with a return of +9.0%, while the worst month was Mar 2020 at -10.8%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, IEML.L closed higher 51% of trading days. The best single day was Jul 1, 2015 with a return of +22.0%, while the worst single day was Jul 2, 2015 at -17.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.96% | 1.40% | -5.82% | 2.81% | 0.98% | 0.89% | 1.98% | ||||||
| 2025 | 1.67% | 0.74% | 1.30% | 3.12% | 1.62% | 2.84% | -1.03% | 2.04% | 1.40% | 0.39% | 1.47% | 1.42% | 18.29% |
| 2024 | -1.28% | -0.67% | -0.20% | -2.38% | 1.86% | -1.21% | 2.25% | 3.30% | 3.01% | -4.69% | -0.60% | -1.70% | -2.61% |
| 2023 | 3.94% | -3.25% | 4.17% | 0.69% | -1.69% | 3.41% | 2.50% | -2.91% | -3.83% | -0.45% | 5.53% | 3.21% | 11.29% |
| 2022 | 0.20% | -4.90% | -1.18% | -6.08% | 1.72% | -4.12% | 0.03% | -0.33% | -4.93% | -0.47% | 6.96% | 2.46% | -10.82% |
| 2021 | -1.47% | -3.35% | -2.51% | 2.22% | 2.23% | -1.15% | -0.45% | 0.60% | -3.55% | -1.59% | -3.44% | 1.73% | -10.44% |
Benchmark Metrics
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) has an annualized alpha of -2.68%, beta of 0.24, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since June 20, 2011.
- This ETF participated in 64.69% of S&P 500 Index downside but only 27.87% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.24 may look defensive, but with R2 of 0.10 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.10 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -2.68%
- Beta
- 0.24
- R²
- 0.10
- Upside Capture
- 27.87%
- Downside Capture
- 64.69%
Expense Ratio
IEML.L has an expense ratio of 0.50%, placing it in the medium range.
Return for Risk
Risk / Return Rank
IEML.L ranks 36 for risk / return — below 36% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IEML.L | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.71 | -1.16 |
| Martin ratioReturn relative to average drawdown | 5.09 | 12.15 | -7.06 |
Dividends
Dividend History
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) provided a 6.76% dividend yield over the last twelve months, with an annual payout of $3.16 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.16 | $2.46 | $2.43 | $2.32 | $2.43 | $2.42 | $2.91 | $3.26 | $3.36 | $3.33 | $3.41 | $2.10 |
Dividend yield | 6.76% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist). The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $1.36 | $0.00 | $0.00 | $0.60 | $0.00 | $0.00 | $1.96 | ||||||
| 2025 | $1.27 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.19 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.46 |
| 2024 | $1.22 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.21 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.43 |
| 2023 | $1.13 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.19 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.32 |
| 2022 | $1.28 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.15 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.43 |
| 2021 | $1.19 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.23 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.42 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist). A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) was 36.66%, occurring on Oct 24, 2022. The portfolio has not yet recovered.
The current iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) drawdown is 8.42%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -36.66%Oct 2022 | 11y 2mo | — | 14y 10moAug 2011 - now |
2011 pullback2011 | -2.40%Jul 2011 | 12d | 8d | 20dJul 2011 - Jul 2011 |
2011 pullback2011 | -0.85%Jun 2011 | 1d | 6d | 7dJun 2011 - Jun 2011 |
2011 pullback2011 | -0.44%Jul 2011 | 0s | 3d | 3dJul 2011 - Jul 2011 |
2011 pullback2011 | -0.31%Jul 2011 | 0s | 2d | 2dJul 2011 - Jul 2011 |
Drawdown Indicators
| IEML.L | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -56.78% | +20.12% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -9.10% | +2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -18.90% | +9.86% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -25.43% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | -33.92% | +5.75% |
Current DrawdownCurrent decline from peak | -8.42% | -1.29% | -7.13% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -10.72% | -8.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 2.02% | -0.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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