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

EMBE.L vs. UTIL.L

Last updated Jun 5, 2026

EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and UTIL.L (SPDR MSCI Europe Utilities UCITS ETF) are both exchange-traded funds - EMBE.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified Hedge TR EUR, while UTIL.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD. Both are passively managed. Over the past 10 years, EMBE.L returned 0.99%/yr vs 10.69%/yr for UTIL.L. At a 0.37 correlation, their price movements are largely independent. EMBE.L charges 0.50%/yr vs 0.18%/yr for UTIL.L.

Performance

EMBE.L vs. UTIL.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 SPDR MSCI Europe Utilities UCITS ETF (UTIL.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMBE.L achieves a 1.00% return, which is significantly lower than UTIL.L's 12.98% return. Over the past 10 years, EMBE.L has underperformed UTIL.L with an annualized return of 0.99%, while UTIL.L has yielded a comparatively higher 10.69% annualized return.

EMBE.L

1D
0.24%
1M
0.12%
YTD
1.00%
6M
1.18%
1Y
8.93%
3Y*
7.51%
5Y*
-0.33%
10Y*
0.99%

UTIL.L

1D
-0.22%
1M
-3.44%
YTD
12.98%
6M
14.75%
1Y
27.11%
3Y*
16.59%
5Y*
11.83%
10Y*
10.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%-8.41%8.13%
UTIL.L
SPDR MSCI Europe Utilities UCITS ETF		12.98%33.98%1.33%13.09%-6.77%8.27%11.82%29.32%3.35%9.30%

Correlation

The correlation between EMBE.L and UTIL.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

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

0.34

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

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Dec 10, 2014

0.37

The correlation between EMBE.L and UTIL.L shifts across timeframes, from 0.23 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

EMBE.L vs. UTIL.L - Sectors Allocation Comparison

Sectors
EMBE.L
UTIL.L

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

4.6%

Real Estate

-

-

Technology

-

-

Utilities

-

95.4%

Financial Services

-0.7%

-

Basic Materials

EMBE.L

-

UTIL.L

-

Communication Services

EMBE.L

-

UTIL.L

-

Consumer Cyclical

EMBE.L

-

UTIL.L

-

Consumer Defensive

EMBE.L

-

UTIL.L

-

Energy

EMBE.L

-

UTIL.L

-

Healthcare

EMBE.L

-

UTIL.L

-

Industrials

EMBE.L

-

UTIL.L
4.6%

Real Estate

EMBE.L

-

UTIL.L

-

Technology

EMBE.L

-

UTIL.L

-

Utilities

EMBE.L

-

UTIL.L
95.4%

Financial Services

EMBE.L
-0.7%
UTIL.L

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

SPDR MSCI Europe Utilities UCITS ETF

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 UTIL.L:
UTIL.L vs. GLDUTIL.L vs. UTES.TOUTIL.L vs. ESIS.LUTIL.L vs. XLVUTIL.L vs. XLUP.LUTIL.L vs. TDGB.LUTIL.L vs. VFMV

Return for Risk

EMBE.L vs. UTIL.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: 4343
Sharpe Ratio Rank
EMBE.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
EMBE.L Omega Ratio Rank: 4545
Omega Ratio Rank
EMBE.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
EMBE.L Martin Ratio Rank: 4545
Martin Ratio Rank
UTIL.L
UTIL.L Risk / Return Rank: 5757
Overall Rank
UTIL.L Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
UTIL.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
UTIL.L Omega Ratio Rank: 5353
Omega Ratio Rank
UTIL.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
UTIL.L Martin Ratio Rank: 5858
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. UTIL.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 SPDR MSCI Europe Utilities UCITS ETF (UTIL.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.LUTIL.LDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.80

-0.31

Sortino ratioReturn per unit of downside risk
2.41
2.35

+0.05

Omega ratioGain probability vs. loss probability

1.28

1.33

-0.04

Calmar ratioReturn relative to maximum drawdown

1.91

3.65

-1.74

Martin ratioReturn relative to average drawdown

7.36

10.27

-2.91

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. UTIL.L - Sharpe Ratio Comparison

The current EMBE.L Sharpe Ratio is 1.49, which is comparable to the UTIL.L Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EMBE.L and UTIL.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.LUTIL.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.49

1.80

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.04

0.73

-0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

0.61

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

0.50

-0.28

Drawdowns

EMBE.L vs. UTIL.L - Drawdown Comparison

The maximum EMBE.L drawdown since its inception was -30.73%, smaller than the maximum UTIL.L drawdown of -34.59%. Use the drawdown chart below to compare losses from any high point for EMBE.L and UTIL.L.

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Drawdown Indicators

EMBE.LUTIL.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.73%

-34.59%

+3.86%

Max Drawdown (1Y)

Largest decline over 1 year

-4.58%

-7.30%

+2.72%

Max Drawdown (3Y)

Largest decline over 3 years

-7.93%

-13.48%

+5.55%

Max Drawdown (5Y)

Largest decline over 5 years

-30.47%

-22.12%

-8.35%

Max Drawdown (10Y)

Largest decline over 10 years

-30.73%

-34.59%

+3.86%

Current Drawdown

Current decline from peak

-3.92%

-5.13%

+1.21%

Average Drawdown

Average peak-to-trough decline

-7.40%

-5.98%

-1.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

2.60%

-1.41%

Volatility

EMBE.L vs. UTIL.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 SPDR MSCI Europe Utilities UCITS ETF (UTIL.L) has a volatility of 5.83%. This indicates that EMBE.L experiences smaller price fluctuations and is considered to be less risky than UTIL.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.LUTIL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.11%

5.83%

-3.72%

Volatility (6M)

Calculated over the trailing 6-month period

4.85%

12.89%

-8.04%

Volatility (1Y)

Calculated over the trailing 1-year period

5.89%

14.80%

-8.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.88%

16.22%

-7.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.47%

17.71%

-8.24%

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

EMBE.L has a 0.50% expense ratio, which is higher than UTIL.L's 0.18% expense ratio.

Dividends

EMBE.L vs. UTIL.L - Dividend Comparison

EMBE.L's dividend yield for the trailing twelve months is around 5.63%, while UTIL.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
UTIL.L
SPDR MSCI Europe Utilities UCITS ETF		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 UTIL.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UTIL.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UTIL.L is cheaper with a 0.18% expense ratio, compared with 0.50% for EMBE.L.

EMBE.L is categorized as Emerging Markets Bonds, while UTIL.L is Utilities Equities. EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while UTIL.L tracks MSCI World/Utilities NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EMBE.L and 0.18% for UTIL.L.

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