EMAG.L vs. EMCA.L
EMAG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc)) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMAG.L tracks the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 3 years, EMAG.L returned 5.31%/yr vs 5.79%/yr for EMCA.L. A 0.68 correlation means they provide meaningful diversification when combined. EMAG.L charges 0.35%/yr vs 0.50%/yr for EMCA.L.
Performance
EMAG.L vs. EMCA.L - Performance Comparison
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Different Trading Currencies
EMAG.L is traded in GBp, while EMCA.L is traded in USD. To make them comparable, the EMCA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMAG.L achieves a 0.97% return, which is significantly lower than EMCA.L's 1.23% return.
EMAG.L
- 1D
- -0.65%
- 1M
- -0.63%
- 6M
- 0.63%
- YTD
- 0.97%
- 1Y
- 4.81%
- 3Y*
- 5.31%
- 5Y*
- —
- 10Y*
- —
EMCA.L
- 1D
- 0.00%
- 1M
- -1.17%
- 6M
- 0.73%
- YTD
- 1.23%
- 1Y
- 4.96%
- 3Y*
- 5.79%
- 5Y*
- 2.28%
- 10Y*
- —
EMAG.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMAG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.97% | 0.75% | 7.46% | 0.98% | -0.82% | 1.27% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.23% | 0.87% | 8.06% | 2.56% | -1.64% | 0.55% |
Correlation
The correlation between EMAG.L and EMCA.L is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.68 |
The correlation between EMAG.L and EMCA.L has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
EMAG.L vs. EMCA.L — Risk / Return Rank
EMAG.L
EMCA.L
EMAG.L vs. EMCA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAG.L) and iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.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.
| EMAG.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.13 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.04 | +0.10 |
| Martin ratioReturn relative to average drawdown | 2.81 | 2.97 | -0.16 |
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Drawdowns
EMAG.L vs. EMCA.L - Drawdown Comparison
The maximum EMAG.L drawdown since its inception was -11.32%, smaller than the maximum EMCA.L drawdown of -16.51%. Use the drawdown chart below to compare losses from any high point for EMAG.L and EMCA.L.
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Drawdown Indicators
| EMAG.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.32% | -16.51% | +5.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.20% | -4.84% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -8.21% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.05% | — |
Current DrawdownCurrent decline from peak | -2.56% | -2.95% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -4.02% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.70% | +0.01% |
Volatility
EMAG.L vs. EMCA.L - Volatility Comparison
The current volatility for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAG.L) is 1.96%, while iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) has a volatility of 2.14%. This indicates that EMAG.L experiences smaller price fluctuations and is considered to be less risky than EMCA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMAG.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 2.14% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 5.56% | -1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 6.98% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.85% | 8.46% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.85% | 10.82% | -2.97% |
EMAG.L vs. EMCA.L - Expense Ratio Comparison
EMAG.L has a 0.35% expense ratio, which is lower than EMCA.L's 0.50% expense ratio.
Dividends
EMAG.L vs. EMCA.L - Dividend Comparison
Neither EMAG.L nor EMCA.L has paid dividends to shareholders.
Frequently Asked Questions
EMAG.L and EMCA.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMAG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMAG.L is cheaper with a 0.35% expense ratio, compared with 0.50% for EMCA.L.
EMAG.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. They also come from different issuers: L&G and iShares. Their fees differ too: 0.35% for EMAG.L and 0.50% for EMCA.L.
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