EMAG.L vs. ERNA.L
EMAG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc)) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both exchange-traded funds - EMAG.L is a Emerging Markets Bonds fund tracking the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 3 years, EMAG.L returned 5.31%/yr vs 3.96%/yr for ERNA.L. A 0.64 correlation means they provide meaningful diversification when combined. EMAG.L charges 0.35%/yr vs 0.09%/yr for ERNA.L.
Performance
EMAG.L vs. ERNA.L - Performance Comparison
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Different Trading Currencies
EMAG.L is traded in GBp, while ERNA.L is traded in USD. To make them comparable, the ERNA.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 ERNA.L's 2.04% return.
EMAG.L
- 1D
- -0.65%
- 1M
- -0.94%
- 6M
- 0.08%
- YTD
- 0.97%
- 1Y
- 4.65%
- 3Y*
- 5.31%
- 5Y*
- —
- 10Y*
- —
ERNA.L
- 1D
- 0.00%
- 1M
- -1.09%
- 6M
- 1.15%
- YTD
- 2.04%
- 1Y
- 3.77%
- 3Y*
- 3.96%
- 5Y*
- 4.29%
- 10Y*
- —
EMAG.L vs. ERNA.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% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.22% | -2.62% | 7.50% | 0.17% | 13.52% | 1.45% |
Correlation
The correlation between EMAG.L and ERNA.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.64 |
The correlation between EMAG.L and ERNA.L has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.
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Return for Risk
EMAG.L vs. ERNA.L — Risk / Return Rank
EMAG.L
ERNA.L
EMAG.L vs. ERNA.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 USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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 | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.10 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.76 | +0.38 |
| Martin ratioReturn relative to average drawdown | 2.81 | 2.05 | +0.76 |
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Drawdowns
EMAG.L vs. ERNA.L - Drawdown Comparison
The maximum EMAG.L drawdown since its inception was -11.32%, smaller than the maximum ERNA.L drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for EMAG.L and ERNA.L.
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Drawdown Indicators
| EMAG.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.32% | -15.54% | +4.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.20% | -4.92% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -9.71% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.54% | — |
Current DrawdownCurrent decline from peak | -2.56% | -4.43% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -6.85% | +2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.83% | -0.12% |
Volatility
EMAG.L vs. ERNA.L - Volatility Comparison
L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAG.L) has a higher volatility of 1.96% compared to iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) at 1.59%. This indicates that EMAG.L's price experiences larger fluctuations and is considered to be riskier than ERNA.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 | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.59% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 4.99% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 6.56% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.85% | 8.47% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.85% | 8.73% | -0.88% |
EMAG.L vs. ERNA.L - Expense Ratio Comparison
EMAG.L has a 0.35% expense ratio, which is higher than ERNA.L's 0.09% expense ratio.
Dividends
EMAG.L vs. ERNA.L - Dividend Comparison
Neither EMAG.L nor ERNA.L has paid dividends to shareholders.
Frequently Asked Questions
EMAG.L and ERNA.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.35% for EMAG.L.
EMAG.L is categorized as Emerging Markets Bonds, while ERNA.L is Corporate Bonds. EMAG.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: L&G and iShares. Their fees differ too: 0.35% for EMAG.L and 0.09% for ERNA.L.
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