AIAI.L vs. EMDG.L

Last updated Jun 26, 2026

AIAI.L (L&G Artificial Intelligence UCITS ETF) and EMDG.L (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) are both exchange-traded funds - AIAI.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while EMDG.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, AIAI.L returned 15.12%/yr vs 2.91%/yr for EMDG.L. At a 0.15 correlation, their price movements are largely independent. AIAI.L charges 0.49%/yr vs 0.25%/yr for EMDG.L.

Performance

AIAI.L vs. EMDG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Artificial Intelligence UCITS ETF (AIAI.L) and L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AIAI.L is traded in USD, while EMDG.L is traded in GBp. To make them comparable, the EMDG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AIAI.L achieves a 34.10% return, which is significantly higher than EMDG.L's 1.35% return.

AIAI.L

• 1D: -0.45%
• 1M: -0.24%
• YTD: 34.10%
• 6M: 32.42%
• 1Y: 61.25%
• 3Y*: 34.86%
• 5Y*: 15.12%
• 10Y*: —

EMDG.L

• 1D: -0.17%
• 1M: 0.44%
• YTD: 1.35%
• 6M: 1.53%
• 1Y: 5.92%
• 3Y*: 8.25%
• 5Y*: 2.91%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AIAI.L vs. EMDG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AIAI.L L&G Artificial Intelligence UCITS ETF	34.10%	30.31%	18.47%	59.57%	-40.29%	9.81%	6.21%
EMDG.L L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF	1.35%	10.07%	8.59%	7.37%	-10.44%	0.04%	-24.94%

Correlation

The correlation between AIAI.L and EMDG.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.15

Return for Risk

AIAI.L vs. EMDG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIAI.L

AIAI.L Risk / Return Rank: 74
AIAI.L Sharpe Ratio Rank: 80
AIAI.L Sortino Ratio Rank: 74
AIAI.L Omega Ratio Rank: 69
AIAI.L Calmar Ratio Rank: 80
AIAI.L Martin Ratio Rank: 67

EMDG.L

EMDG.L Risk / Return Rank: 55
EMDG.L Sharpe Ratio Rank: 54
EMDG.L Sortino Ratio Rank: 61
EMDG.L Omega Ratio Rank: 52
EMDG.L Calmar Ratio Rank: 59
EMDG.L Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AIAI.L vs. EMDG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Artificial Intelligence UCITS ETF (AIAI.L) and L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AIAI.L	EMDG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.21	+1.00
Sortino ratio: Return per unit of downside risk	2.87	1.78	+1.09
Omega ratio: Gain probability vs. loss probability	1.36	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	3.63	2.52	+1.11
Martin ratio: Return relative to average drawdown	10.72	10.03	+0.68

AIAI.L vs. EMDG.L - Sharpe Ratio Comparison

The current AIAI.L Sharpe Ratio is 2.21, which is higher than the EMDG.L Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of AIAI.L and EMDG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIAI.L vs. EMDG.L - Drawdown Comparison

The maximum AIAI.L drawdown since its inception was -49.61%, which is greater than EMDG.L's maximum drawdown of -36.10%. Use the drawdown chart below to compare losses from any high point for AIAI.L and EMDG.L.

Drawdown Indicators

	AIAI.L	EMDG.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.61%	-36.10%	-13.51%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-2.34%	-14.46%
Max Drawdown (3Y) Largest decline over 3 years	-29.94%	-2.34%	-27.60%
Max Drawdown (5Y) Largest decline over 5 years	-49.61%	-16.34%	-33.27%
Current Drawdown Current decline from peak	-7.50%	-12.53%	+5.03%
Average Drawdown Average peak-to-trough decline	-14.03%	-24.74%	+10.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	0.59%	+5.11%

Volatility

AIAI.L vs. EMDG.L - Volatility Comparison

L&G Artificial Intelligence UCITS ETF (AIAI.L) has a higher volatility of 10.54% compared to L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) at 2.03%. This indicates that AIAI.L's price experiences larger fluctuations and is considered to be riskier than EMDG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIAI.L	EMDG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.54%	2.03%	+8.51%
Volatility (6M) Calculated over the trailing 6-month period	21.86%	4.00%	+17.86%
Volatility (1Y) Calculated over the trailing 1-year period	27.63%	4.88%	+22.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.80%	6.65%	+22.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.79%	12.35%	+16.44%

AIAI.L vs. EMDG.L - Expense Ratio Comparison

AIAI.L has a 0.49% expense ratio, which is higher than EMDG.L's 0.25% expense ratio.

Dividends

AIAI.L vs. EMDG.L - Dividend Comparison

AIAI.L has not paid dividends to shareholders, while EMDG.L's dividend yield for the trailing twelve months is around 5.24%.

Position	TTM	2025	2024	2023	2022	2021
AIAI.L L&G Artificial Intelligence UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMDG.L L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF	5.24%	5.95%	5.95%	4.65%	2.91%	1.21%

Frequently Asked Questions

Can I hold both AIAI.L and EMDG.L in my portfolio?

AIAI.L and EMDG.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIAI.L or EMDG.L?

On fees, EMDG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIAI.L or EMDG.L?

EMDG.L is cheaper with a 0.25% expense ratio, compared with 0.49% for AIAI.L.

What is the main difference between AIAI.L and EMDG.L?

AIAI.L is categorized as Technology Equities, while EMDG.L is Emerging Markets Bonds. AIAI.L tracks MSCI World/Information Tech NR USD, while EMDG.L tracks JPM EMBI Global Diversified TR USD. Their fees differ too: 0.49% for AIAI.L and 0.25% for EMDG.L.