EMA5.DE vs. ZPR6.DE
EMA5.DE (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and ZPR6.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc) are both Emerging Markets Bonds funds - EMA5.DE tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity while ZPR6.DE tracks the ICE BofAML 0-5 EM USD Government Bond (EUR Hedged). Both are passively managed. Over the past 5 years, EMA5.DE returned 3.38%/yr vs 0.23%/yr for ZPR6.DE. At a 0.07 correlation, their price movements are largely independent. EMA5.DE charges 0.25%/yr vs 0.47%/yr for ZPR6.DE.
Performance
EMA5.DE vs. ZPR6.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EMA5.DE achieves a 2.33% return, which is significantly higher than ZPR6.DE's 0.15% return.
EMA5.DE
- 1D
- -0.04%
- 1M
- 1.24%
- YTD
- 2.33%
- 6M
- 1.80%
- 1Y
- 4.57%
- 3Y*
- 5.12%
- 5Y*
- 3.38%
- 10Y*
- —
ZPR6.DE
- 1D
- 0.04%
- 1M
- -0.09%
- YTD
- 0.15%
- 6M
- 0.47%
- 1Y
- 3.13%
- 3Y*
- 4.05%
- 5Y*
- 0.23%
- 10Y*
- —
EMA5.DE vs. ZPR6.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% |
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc | 0.15% | 5.62% | 3.09% | 3.99% | -9.09% | -1.17% | 0.39% |
Correlation
The correlation between EMA5.DE and ZPR6.DE is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.07 |
The correlation between EMA5.DE and ZPR6.DE shifts across timeframes, from -0.03 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMA5.DE vs. ZPR6.DE — Risk / Return Rank
EMA5.DE
ZPR6.DE
EMA5.DE vs. ZPR6.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 SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.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 | ZPR6.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.74 | -0.35 |
| Martin ratioReturn relative to average drawdown | 3.47 | 7.22 | -3.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMA5.DE | ZPR6.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 1.26 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.05 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.07 | +0.40 |
Drawdowns
EMA5.DE vs. ZPR6.DE - Drawdown Comparison
The maximum EMA5.DE drawdown since its inception was -10.01%, smaller than the maximum ZPR6.DE drawdown of -13.50%. Use the drawdown chart below to compare losses from any high point for EMA5.DE and ZPR6.DE.
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Drawdown Indicators
| EMA5.DE | ZPR6.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.01% | -13.50% | +3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -1.80% | -1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -10.01% | -1.80% | -8.21% |
Max Drawdown (5Y)Largest decline over 5 years | -10.01% | -13.50% | +3.49% |
Current DrawdownCurrent decline from peak | -3.17% | -0.37% | -2.80% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -4.62% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 0.43% | +0.79% |
Volatility
EMA5.DE vs. ZPR6.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 SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.DE) at 0.61%. This indicates that EMA5.DE's price experiences larger fluctuations and is considered to be riskier than ZPR6.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMA5.DE | ZPR6.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 0.61% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 2.11% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.86% | 2.48% | +3.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 4.41% | +2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 5.13% | +1.81% |
EMA5.DE vs. ZPR6.DE - Expense Ratio Comparison
EMA5.DE has a 0.25% expense ratio, which is lower than ZPR6.DE's 0.47% expense ratio.
Dividends
EMA5.DE vs. ZPR6.DE - Dividend Comparison
EMA5.DE's dividend yield for the trailing twelve months is around 4.59%, while ZPR6.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
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% |
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMA5.DE and ZPR6.DE have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
EMA5.DE is cheaper with a 0.25% expense ratio, compared with 0.47% for ZPR6.DE.
EMA5.DE tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity, while ZPR6.DE tracks ICE BofAML 0-5 EM USD Government Bond (EUR Hedged). They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.25% for EMA5.DE and 0.47% for ZPR6.DE.
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