EMBE.L vs. FSEM.L
EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) are both Emerging Markets Bonds funds. EMBE.L is passively managed, while FSEM.L is actively managed. Over the past 5 years, EMBE.L returned -0.33%/yr vs 2.47%/yr for FSEM.L. At a 0.31 correlation, their price movements are largely independent. EMBE.L charges 0.50%/yr vs 0.45%/yr for FSEM.L.
Performance
EMBE.L vs. FSEM.L - Performance Comparison
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Different Trading Currencies
EMBE.L is traded in EUR, while FSEM.L is traded in USD. To make them comparable, the FSEM.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 FSEM.L's 4.07% 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%
FSEM.L
- 1D
- -0.05%
- 1M
- 1.56%
- YTD
- 4.07%
- 6M
- 3.73%
- 1Y
- 10.64%
- 3Y*
- 5.92%
- 5Y*
- 2.47%
- 10Y*
- —
EMBE.L vs. FSEM.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) | 1.00% | 10.99% | 4.00% | 7.65% | -20.85% | 2.69% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 4.07% | -0.13% | 10.34% | 5.55% | -12.81% | 6.08% |
Correlation
The correlation between EMBE.L and FSEM.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021 | 0.31 |
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Return for Risk
EMBE.L vs. FSEM.L — Risk / Return Rank
EMBE.L
FSEM.L
EMBE.L vs. FSEM.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 Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.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 | FSEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.53 | -0.62 |
| Martin ratioReturn relative to average drawdown | 7.36 | 7.67 | -0.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMBE.L | FSEM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.33 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.25 | -0.29 |
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 | 0.22 | -0.01 |
Drawdowns
EMBE.L vs. FSEM.L - Drawdown Comparison
The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than FSEM.L's maximum drawdown of -16.26%. Use the drawdown chart below to compare losses from any high point for EMBE.L and FSEM.L.
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Drawdown Indicators
| EMBE.L | FSEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.73% | -16.26% | -14.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -4.19% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.93% | -12.90% | +4.97% |
Max Drawdown (5Y)Largest decline over 5 years | -30.47% | -16.26% | -14.21% |
Max Drawdown (10Y)Largest decline over 10 years | -30.73% | — | — |
Current DrawdownCurrent decline from peak | -3.92% | -0.51% | -3.41% |
Average DrawdownAverage peak-to-trough decline | -7.40% | -6.89% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.38% | -0.19% |
Volatility
EMBE.L vs. FSEM.L - Volatility Comparison
The current volatility for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) is 2.11%, while Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) has a volatility of 2.62%. This indicates that EMBE.L experiences smaller price fluctuations and is considered to be less risky than FSEM.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 | FSEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 2.62% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.85% | 6.08% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.89% | 7.94% | -2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.88% | 9.92% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.47% | 9.82% | -0.35% |
EMBE.L vs. FSEM.L - Expense Ratio Comparison
EMBE.L has a 0.50% expense ratio, which is higher than FSEM.L's 0.45% expense ratio.
Dividends
EMBE.L vs. FSEM.L - Dividend Comparison
EMBE.L's dividend yield for the trailing twelve months is around 5.63%, less than FSEM.L's 7.90% 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% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 7.90% | 6.31% | 6.49% | 5.74% | 5.01% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMBE.L and FSEM.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FSEM.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FSEM.L is cheaper with a 0.45% expense ratio, compared with 0.50% for EMBE.L.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.50% for EMBE.L and 0.45% for FSEM.L.
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