EMBE.L vs. EMLO.L
EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and EMLO.L (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR while EMLO.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMBE.L returned -0.33%/yr vs 2.96%/yr for EMLO.L. At a 0.28 correlation, their price movements are largely independent. EMBE.L charges 0.50%/yr vs 0.47%/yr for EMLO.L.
Performance
EMBE.L vs. EMLO.L - Performance Comparison
Loading charts...
Different Trading Currencies
EMBE.L is traded in EUR, while EMLO.L is traded in GBp. To make them comparable, the EMLO.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 1.00% return, which is significantly lower than EMLO.L's 2.20% return.
EMBE.L
- 1D
- 0.24%
- 1M
- 0.81%
- YTD
- 1.00%
- 6M
- 1.21%
- 1Y
- 8.78%
- 3Y*
- 7.51%
- 5Y*
- -0.33%
- 10Y*
- 0.99%
EMLO.L
- 1D
- -0.39%
- 1M
- 1.39%
- YTD
- 2.20%
- 6M
- 2.66%
- 1Y
- 9.08%
- 3Y*
- 5.89%
- 5Y*
- 2.96%
- 10Y*
- —
EMBE.L vs. EMLO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 1.00% | 10.99% | 4.00% | 7.65% | -20.85% | -3.28% | 3.35% | 12.28% | 0.01% |
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 2.20% | 6.45% | 4.84% | 10.78% | -9.21% | -0.53% | -6.91% | 16.63% | 7.29% |
Correlation
The correlation between EMBE.L and EMLO.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2018 | 0.28 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMBE.L vs. EMLO.L — Risk / Return Rank
EMBE.L
EMLO.L
EMBE.L vs. EMLO.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 UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.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.L | EMLO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.26 | -0.35 |
| Martin ratioReturn relative to average drawdown | 7.36 | 7.67 | -0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EMBE.L | EMLO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.56 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.39 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.43 | -0.21 |
Drawdowns
EMBE.L vs. EMLO.L - Drawdown Comparison
The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than EMLO.L's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for EMBE.L and EMLO.L.
Loading charts...
Drawdown Indicators
| EMBE.L | EMLO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.73% | -22.04% | -8.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -4.00% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -7.93% | -7.90% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -30.47% | -12.94% | -17.53% |
Max Drawdown (10Y)Largest decline over 10 years | -30.73% | — | — |
Current DrawdownCurrent decline from peak | -3.92% | -1.04% | -2.88% |
Average DrawdownAverage peak-to-trough decline | -7.40% | -8.01% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.18% | +0.01% |
Volatility
EMBE.L vs. EMLO.L - Volatility Comparison
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) and UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L) have volatilities of 2.11% and 2.07%, 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.
Loading charts...
Volatility by Period
| EMBE.L | EMLO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 2.07% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.85% | 4.97% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.89% | 5.79% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.88% | 7.68% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.47% | 8.78% | +0.69% |
EMBE.L vs. EMLO.L - Expense Ratio Comparison
EMBE.L has a 0.50% expense ratio, which is higher than EMLO.L's 0.47% expense ratio.
Dividends
EMBE.L vs. EMLO.L - Dividend Comparison
EMBE.L's dividend yield for the trailing twelve months is around 5.63%, more than EMLO.L's 5.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.63% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 5.51% | 5.66% | 5.13% | 4.54% | 4.40% | 4.95% | 4.94% | 5.12% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMBE.L and EMLO.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMLO.L is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMLO.L is cheaper with a 0.47% expense ratio, compared with 0.50% for EMBE.L.
EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while EMLO.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.50% for EMBE.L and 0.47% for EMLO.L.
Find the right allocation for EMBE.L and EMLO.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer