EMBE.L vs. EMAU.L
EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and EMAU.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR while EMAU.L tracks the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. Both are passively managed. Over the past 3 years, EMBE.L returned 6.43%/yr vs 5.56%/yr for EMAU.L. At a 0.11 correlation, their price movements are largely independent. EMBE.L charges 0.50%/yr vs 0.35%/yr for EMAU.L.
Performance
EMBE.L vs. EMAU.L - Performance Comparison
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Different Trading Currencies
EMBE.L is traded in EUR, while EMAU.L is traded in USD. To make them comparable, the EMAU.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMBE.L achieves a 0.46% return, which is significantly lower than EMAU.L's 3.80% return.
EMBE.L
- 1D
- -0.19%
- 1M
- -1.04%
- 6M
- 1.07%
- YTD
- 0.46%
- 1Y
- 6.27%
- 3Y*
- 6.43%
- 5Y*
- -0.60%
- 10Y*
- 0.56%
- ALL TIME*
- 2.01%
EMAU.L
- 1D
- -0.39%
- 1M
- -0.23%
- 6M
- 2.72%
- YTD
- 3.80%
- 1Y
- 6.53%
- 3Y*
- 5.56%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.20%
EMBE.L vs. EMAU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 0.46% | 10.99% | 4.00% | 7.66% | -20.86% | -1.70% |
EMAU.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 3.80% | -4.76% | 12.65% | 3.64% | -5.85% | 2.55% |
Correlation
The correlation between EMBE.L and EMAU.L is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.11 |
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Return for Risk
EMBE.L vs. EMAU.L — Risk / Return Rank
EMBE.L
EMAU.L
EMBE.L vs. EMAU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) and L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAU.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.
| EMBE.L | EMAU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.94 | -0.58 |
| Martin ratioReturn relative to average drawdown | 5.18 | 5.94 | -0.76 |
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Drawdowns
EMBE.L vs. EMAU.L - Drawdown Comparison
The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than EMAU.L's maximum drawdown of -11.19%. Use the drawdown chart below to compare losses from any high point for EMBE.L and EMAU.L.
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Drawdown Indicators
| EMBE.L | EMAU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.73% | -11.19% | -19.54% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -3.50% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -11.19% | +3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.73% | — | — |
Current DrawdownCurrent decline from peak | -4.43% | -3.24% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -4.11% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.15% | +0.06% |
Volatility
EMBE.L vs. EMAU.L - Volatility Comparison
The current volatility for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) is 1.04%, while L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAU.L) has a volatility of 1.65%. This indicates that EMBE.L experiences smaller price fluctuations and is considered to be less risky than EMAU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMBE.L | EMAU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.65% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 4.68% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 6.14% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.90% | 7.81% | +1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 7.81% | +1.65% |
EMBE.L vs. EMAU.L - Expense Ratio Comparison
EMBE.L has a 0.50% expense ratio, which is higher than EMAU.L's 0.35% expense ratio.
Dividends
EMBE.L vs. EMAU.L - Dividend Comparison
EMBE.L's dividend yield for the trailing twelve months is around 5.67%, while EMAU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMAU.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.67% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
Frequently Asked Questions
EMBE.L and EMAU.L have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMAU.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMAU.L is cheaper with a 0.35% expense ratio, compared with 0.50% for EMBE.L.
EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while EMAU.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.50% for EMBE.L and 0.35% for EMAU.L.
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