EMA5.DE vs. UEFE.DE

Last updated Jun 5, 2026

EMA5.DE (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - EMA5.DE tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity while UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. Both are passively managed. Over the past 5 years, EMA5.DE returned 3.38%/yr vs 4.93%/yr for UEFE.DE. At a 0.47 correlation, their price movements are largely independent. EMA5.DE charges 0.25%/yr vs 0.40%/yr for UEFE.DE.

Performance

EMA5.DE vs. UEFE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.DE) and UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMA5.DE achieves a 2.33% return, which is significantly higher than UEFE.DE's 2.04% return.

EMA5.DE

• 1D: -0.04%
• 1M: 1.09%
• YTD: 2.33%
• 6M: 2.03%
• 1Y: 4.26%
• 3Y*: 5.12%
• 5Y*: 3.38%
• 10Y*: —

UEFE.DE

• 1D: -0.42%
• 1M: 1.32%
• YTD: 2.04%
• 6M: 2.08%
• 1Y: 8.10%
• 3Y*: 7.16%
• 5Y*: 4.93%
• 10Y*: —

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

EMA5.DE vs. UEFE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMA5.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF	2.33%	-2.57%	14.01%	3.79%	-5.07%	7.86%	-1.26%
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis	2.04%	5.88%	6.93%	15.75%	-6.22%	2.54%	-0.22%

Correlation

The correlation between EMA5.DE and UEFE.DE is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.47

Return for Risk

EMA5.DE vs. UEFE.DE — Risk / Return Rank

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

EMA5.DE

EMA5.DE Risk / Return Rank: 24
EMA5.DE Sharpe Ratio Rank: 22
EMA5.DE Sortino Ratio Rank: 21
EMA5.DE Omega Ratio Rank: 21
EMA5.DE Calmar Ratio Rank: 29
EMA5.DE Martin Ratio Rank: 26

UEFE.DE

UEFE.DE Risk / Return Rank: 43
UEFE.DE Sharpe Ratio Rank: 43
UEFE.DE Sortino Ratio Rank: 43
UEFE.DE Omega Ratio Rank: 43
UEFE.DE Calmar Ratio Rank: 43
UEFE.DE Martin Ratio Rank: 45

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.

EMA5.DE vs. UEFE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.DE) and UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE). 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.

	EMA5.DE	UEFE.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.48	-0.75
Sortino ratio: Return per unit of downside risk	1.07	2.13	-1.07
Omega ratio: Gain probability vs. loss probability	1.13	1.27	-0.14
Calmar ratio: Return relative to maximum drawdown	1.38	2.06	-0.67
Martin ratio: Return relative to average drawdown	3.47	7.08	-3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMA5.DE vs. UEFE.DE - Sharpe Ratio Comparison

The current EMA5.DE Sharpe Ratio is 0.72, which is lower than the UEFE.DE Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EMA5.DE and UEFE.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMA5.DE	UEFE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.48	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.58	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.66	-0.20

Drawdowns

EMA5.DE vs. UEFE.DE - Drawdown Comparison

The maximum EMA5.DE drawdown since its inception was -10.01%, smaller than the maximum UEFE.DE drawdown of -23.72%. Use the drawdown chart below to compare losses from any high point for EMA5.DE and UEFE.DE.

Drawdown Indicators

	EMA5.DE	UEFE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-10.01%	-23.72%	+13.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-3.93%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-10.01%	-8.02%	-1.99%
Max Drawdown (5Y) Largest decline over 5 years	-10.01%	-12.46%	+2.45%
Current Drawdown Current decline from peak	-3.17%	-1.03%	-2.14%
Average Drawdown Average peak-to-trough decline	-3.55%	-4.41%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.14%	+0.08%

Volatility

EMA5.DE vs. UEFE.DE - Volatility Comparison

L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMA5.DE) has a higher volatility of 2.25% compared to UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) at 1.93%. This indicates that EMA5.DE's price experiences larger fluctuations and is considered to be riskier than UEFE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMA5.DE	UEFE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	1.93%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	4.64%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.86%	5.46%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	8.44%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	9.82%	-2.88%

EMA5.DE vs. UEFE.DE - Expense Ratio Comparison

EMA5.DE has a 0.25% expense ratio, which is lower than UEFE.DE's 0.40% expense ratio.

Dividends

EMA5.DE vs. UEFE.DE - Dividend Comparison

EMA5.DE's dividend yield for the trailing twelve months is around 4.59%, less than UEFE.DE's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EMA5.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF	4.59%	5.61%	5.39%	4.22%	2.89%	1.01%	0.00%	0.00%
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis	4.67%	5.37%	7.09%	8.64%	6.79%	8.96%	9.53%	9.22%

Frequently Asked Questions

Can I hold both EMA5.DE and UEFE.DE in my portfolio?

EMA5.DE and UEFE.DE have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMA5.DE or UEFE.DE?

On fees, EMA5.DE 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, EMA5.DE or UEFE.DE?

EMA5.DE is cheaper with a 0.25% expense ratio, compared with 0.40% for UEFE.DE.

What is the main difference between EMA5.DE and UEFE.DE?

EMA5.DE tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity, while UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. They also come from different issuers: Legal & General and UBS. Their fees differ too: 0.25% for EMA5.DE and 0.40% for UEFE.DE.