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EMBE.L vs. EMGA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMBE.L vs. EMGA.L

Last updated Jun 6, 2026

EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds from iShares - EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR while EMGA.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMBE.L returned -0.44%/yr vs 1.90%/yr for EMGA.L. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

EMBE.L vs. EMGA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) and iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMBE.L is traded in EUR, while EMGA.L is traded in USD. To make them comparable, the EMGA.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 0.43% return, which is significantly lower than EMGA.L's 1.60% return.

EMBE.L

1D
-0.57%
1M
-0.45%
YTD
0.43%
6M
0.60%
1Y
8.31%
3Y*
7.26%
5Y*
-0.44%
10Y*
0.89%

EMGA.L

1D
-0.44%
1M
0.54%
YTD
1.60%
6M
1.96%
1Y
6.55%
3Y*
3.99%
5Y*
1.90%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMBE.L vs. EMGA.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		0.43%10.99%4.00%7.66%-20.86%-3.27%3.35%12.27%-2.19%
EMGA.L
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)		1.60%4.24%3.56%8.41%-5.44%-3.79%-6.55%14.23%-1.97%

Correlation

The correlation between EMBE.L and EMGA.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Jun 1, 2018

0.42

Compare stocks, funds, or ETFs

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iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)

iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)

Often compared with EMBE.L:
EMBE.L vs. EMBEMBE.L vs. CEMBEMBE.L vs. SEMB.LEMBE.L vs. XUHY.LEMBE.L vs. VWOBEMBE.L vs. PCYEMBE.L vs. JEPQ
Often compared with EMGA.L:
EMGA.L vs. EMLCEMGA.L vs. SEML.LEMGA.L vs. VDEA.LEMGA.L vs. EMLI.LEMGA.L vs. SBEM.LEMGA.L vs. GLDEMGA.L vs. EIMI.L

Return for Risk

EMBE.L vs. EMGA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMBE.L
EMBE.L Risk / Return Rank: 4545
Overall Rank
EMBE.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EMBE.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
EMBE.L Omega Ratio Rank: 4545
Omega Ratio Rank
EMBE.L Calmar Ratio Rank: 4040
Calmar Ratio Rank
EMBE.L Martin Ratio Rank: 4646
Martin Ratio Rank
EMGA.L
EMGA.L Risk / Return Rank: 2929
Overall Rank
EMGA.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
EMGA.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
EMGA.L Omega Ratio Rank: 3030
Omega Ratio Rank
EMGA.L Calmar Ratio Rank: 2828
Calmar Ratio Rank
EMGA.L Martin Ratio Rank: 3131
Martin Ratio Rank
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.

EMBE.L vs. EMGA.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 iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.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.

EMBE.LEMGA.LDifference
Sharpe ratioReturn per unit of total volatility
1.41
0.93

+0.47

Sortino ratioReturn per unit of downside risk
2.26
1.42

+0.84

Omega ratioGain probability vs. loss probability

1.26

1.18

+0.09

Calmar ratioReturn relative to maximum drawdown

1.81

1.73

+0.08

Martin ratioReturn relative to average drawdown

6.95

6.05

+0.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMBE.L vs. EMGA.L - Sharpe Ratio Comparison

The current EMBE.L Sharpe Ratio is 1.41, which is higher than the EMGA.L Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of EMBE.L and EMGA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMBE.LEMGA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.41

0.93

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.05

0.24

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.09

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.16

+0.07

Drawdowns

EMBE.L vs. EMGA.L - Drawdown Comparison

The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than EMGA.L's maximum drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for EMBE.L and EMGA.L.

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Drawdown Indicators

EMBE.LEMGA.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.73%

-19.23%

-11.50%

Max Drawdown (1Y)

Largest decline over 1 year

-4.58%

-3.77%

-0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-7.94%

-7.08%

-0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-30.46%

-10.54%

-19.92%

Max Drawdown (10Y)

Largest decline over 10 years

-30.73%

—

—

Current Drawdown

Current decline from peak

-4.46%

-1.53%

-2.93%

Average Drawdown

Average peak-to-trough decline

-7.39%

-8.83%

+1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

1.08%

+0.11%

Volatility

EMBE.L vs. EMGA.L - Volatility Comparison

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) and iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) have volatilities of 2.08% and 2.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMBE.LEMGA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.08%

2.18%

-0.10%

Volatility (6M)

Calculated over the trailing 6-month period

4.89%

6.03%

-1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

5.89%

7.00%

-1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.89%

7.87%

+1.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.47%

9.50%

-0.03%

EMBE.L vs. EMGA.L - Expense Ratio Comparison

Both EMBE.L and EMGA.L have an expense ratio of 0.50%.

Dividends

EMBE.L vs. EMGA.L - Dividend Comparison

EMBE.L's dividend yield for the trailing twelve months is around 5.66%, while EMGA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		5.66%5.44%5.64%5.50%5.39%3.92%3.85%4.77%5.75%3.88%5.36%4.72%
EMGA.L
iShares J.P. Morgan Emerging Markets Local Government Bond 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%

Frequently Asked Questions

EMBE.L and EMGA.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EMBE.L and EMGA.L have the same expense ratio: 0.50% per year.

EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while EMGA.L tracks JPM GBI-EM Global Diversified TR USD.

Portfolio Optimizer

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