EMBE.L vs. XUEB.L

Last updated Jun 5, 2026

EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and XUEB.L (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) are both Emerging Markets Bonds funds - EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR while XUEB.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 3 years, EMBE.L returned 7.51%/yr vs 7.38%/yr for XUEB.L. A 0.53 correlation means they provide meaningful diversification when combined. EMBE.L charges 0.50%/yr vs 0.25%/yr for XUEB.L.

Performance

EMBE.L vs. XUEB.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 Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMBE.L is traded in EUR, while XUEB.L is traded in USD. To make them comparable, the XUEB.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 XUEB.L's 3.87% 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%

XUEB.L

• 1D: 0.21%
• 1M: 1.73%
• YTD: 3.87%
• 6M: 3.42%
• 1Y: 10.76%
• 3Y*: 7.38%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	1.00%	10.99%	4.00%	7.65%	3.42%
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C	3.87%	0.12%	13.10%	7.73%	-0.85%

Correlation

The correlation between EMBE.L and XUEB.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022	0.53

The correlation between EMBE.L and XUEB.L shifts across timeframes, from 0.40 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMBE.L vs. XUEB.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: 45
EMBE.L Sharpe Ratio Rank: 43
EMBE.L Sortino Ratio Rank: 50
EMBE.L Omega Ratio Rank: 45
EMBE.L Calmar Ratio Rank: 39
EMBE.L Martin Ratio Rank: 45

XUEB.L

XUEB.L Risk / Return Rank: 72
XUEB.L Sharpe Ratio Rank: 71
XUEB.L Sortino Ratio Rank: 81
XUEB.L Omega Ratio Rank: 76
XUEB.L Calmar Ratio Rank: 63
XUEB.L Martin Ratio Rank: 70

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. XUEB.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 Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.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	XUEB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.51	-0.02
Sortino ratio: Return per unit of downside risk	2.41	2.17	+0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	1.91	3.37	-1.46
Martin ratio: Return relative to average drawdown	7.36	11.67	-4.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current EMBE.L Sharpe Ratio is 1.49, which is comparable to the XUEB.L Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of EMBE.L and XUEB.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.

Sharpe Ratios by Period

	EMBE.L	XUEB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.51	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	—	—
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	0.65	-0.43

Drawdowns

EMBE.L vs. XUEB.L - Drawdown Comparison

The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than XUEB.L's maximum drawdown of -13.89%. Use the drawdown chart below to compare losses from any high point for EMBE.L and XUEB.L.

Drawdown Indicators

	EMBE.L	XUEB.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-13.89%	-16.84%
Max Drawdown (1Y) Largest decline over 1 year	-4.58%	-3.18%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.93%	-13.89%	+5.96%
Max Drawdown (5Y) Largest decline over 5 years	-30.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.73%	—	—
Current Drawdown Current decline from peak	-3.92%	0.00%	-3.92%
Average Drawdown Average peak-to-trough decline	-7.40%	-4.04%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.92%	+0.27%

Volatility

EMBE.L vs. XUEB.L - Volatility Comparison

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a higher volatility of 2.11% compared to Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) at 1.63%. This indicates that EMBE.L's price experiences larger fluctuations and is considered to be riskier than XUEB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMBE.L	XUEB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	1.63%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	5.73%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	7.07%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.88%	9.22%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	9.22%	+0.25%

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

EMBE.L has a 0.50% expense ratio, which is higher than XUEB.L's 0.25% expense ratio.

Dividends

EMBE.L vs. XUEB.L - Dividend Comparison

EMBE.L's dividend yield for the trailing twelve months is around 5.63%, while XUEB.L 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)	5.63%	5.44%	5.64%	5.50%	5.39%	3.92%	3.85%	4.77%	5.75%	3.88%	5.36%	4.72%
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C	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

Can I hold both EMBE.L and XUEB.L in my portfolio?

EMBE.L and XUEB.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMBE.L or XUEB.L?

On fees, XUEB.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMBE.L or XUEB.L?

XUEB.L is cheaper with a 0.25% expense ratio, compared with 0.50% for EMBE.L.

What is the main difference between EMBE.L and XUEB.L?

EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while XUEB.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.50% for EMBE.L and 0.25% for XUEB.L.