EMBE.L vs. XNKY.DE
EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and XNKY.DE (Xtrackers Nikkei 225 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 XNKY.DE is a Japan Equities fund tracking the Nikkei 225®. Both are passively managed. Over the past 5 years, EMBE.L returned -0.43%/yr vs 12.43%/yr for XNKY.DE. At a 0.35 correlation, their price movements are largely independent. EMBE.L charges 0.50%/yr vs 0.09%/yr for XNKY.DE.
Performance
EMBE.L vs. XNKY.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EMBE.L achieves a 1.23% return, which is significantly lower than XNKY.DE's 32.35% return.
EMBE.L
- 1D
- 0.81%
- 1M
- 1.12%
- YTD
- 1.23%
- 6M
- 1.69%
- 1Y
- 8.49%
- 3Y*
- 7.36%
- 5Y*
- -0.43%
- 10Y*
- 1.09%
XNKY.DE
- 1D
- -1.43%
- 1M
- 6.07%
- YTD
- 32.35%
- 6M
- 33.84%
- 1Y
- 59.86%
- 3Y*
- 20.83%
- 5Y*
- 12.43%
- 10Y*
- —
EMBE.L vs. XNKY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 1.23% | 10.99% | 4.00% | 7.66% | -20.86% | -3.27% | 6.07% |
XNKY.DE Xtrackers Nikkei 225 UCITS ETF | 32.35% | 16.16% | 14.34% | 18.03% | -15.35% | 3.16% | 13.56% |
Correlation
The correlation between EMBE.L and XNKY.DE is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020 | 0.35 |
The correlation between EMBE.L and XNKY.DE shifts across timeframes, from 0.35 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMBE.L vs. XNKY.DE — Risk / Return Rank
EMBE.L
XNKY.DE
EMBE.L vs. XNKY.DE - 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 Xtrackers Nikkei 225 UCITS ETF (XNKY.DE). 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 | XNKY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.42 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 4.59 | -2.74 |
| Martin ratioReturn relative to average drawdown | 7.04 | 13.91 | -6.87 |
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Drawdowns
EMBE.L vs. XNKY.DE - Drawdown Comparison
The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than XNKY.DE's maximum drawdown of -21.47%. Use the drawdown chart below to compare losses from any high point for EMBE.L and XNKY.DE.
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Drawdown Indicators
| EMBE.L | XNKY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.73% | -21.47% | -9.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -12.99% | +8.41% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -20.16% | +12.22% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -21.15% | -9.31% |
Max Drawdown (10Y)Largest decline over 10 years | -30.73% | — | — |
Current DrawdownCurrent decline from peak | -3.70% | -1.43% | -2.27% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -7.84% | +0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 4.29% | -3.09% |
Volatility
EMBE.L vs. XNKY.DE - Volatility Comparison
The current volatility for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) is 2.14%, while Xtrackers Nikkei 225 UCITS ETF (XNKY.DE) has a volatility of 6.59%. This indicates that EMBE.L experiences smaller price fluctuations and is considered to be less risky than XNKY.DE 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 | XNKY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 6.59% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 18.61% | -13.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.91% | 23.59% | -17.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.90% | 18.57% | -9.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.48% | 18.41% | -8.93% |
EMBE.L vs. XNKY.DE - Expense Ratio Comparison
EMBE.L has a 0.50% expense ratio, which is higher than XNKY.DE's 0.09% expense ratio.
Dividends
EMBE.L vs. XNKY.DE - Dividend Comparison
EMBE.L's dividend yield for the trailing twelve months is around 5.13%, while XNKY.DE has not paid dividends to shareholders.
| 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) | 5.13% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
XNKY.DE Xtrackers Nikkei 225 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 XNKY.DE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XNKY.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XNKY.DE is cheaper with a 0.09% expense ratio, compared with 0.50% for EMBE.L.
EMBE.L is categorized as Emerging Markets Bonds, while XNKY.DE is Japan Equities. EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while XNKY.DE tracks Nikkei 225®. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.50% for EMBE.L and 0.09% for XNKY.DE.
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