EMCA.L vs. EMD5.L
EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) and EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index while EMD5.L tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. Both are passively managed. Over the past 5 years, EMCA.L returned 1.91%/yr vs 2.39%/yr for EMD5.L. A 0.53 correlation means they provide meaningful diversification when combined. EMCA.L charges 0.50%/yr vs 0.25%/yr for EMD5.L.
Performance
EMCA.L vs. EMD5.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMCA.L achieves a 1.55% return, which is significantly higher than EMD5.L's -0.96% return.
EMCA.L
- 1D
- -0.09%
- 1M
- -0.38%
- 6M
- 1.25%
- YTD
- 1.55%
- 1Y
- 5.99%
- 3Y*
- 6.97%
- 5Y*
- 1.91%
- 10Y*
- —
EMD5.L
- 1D
- 0.11%
- 1M
- -0.00%
- 6M
- -0.75%
- YTD
- -0.96%
- 1Y
- 3.64%
- 3Y*
- 7.13%
- 5Y*
- 2.39%
- 10Y*
- —
EMCA.L vs. EMD5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.55% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 1.27% |
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | -0.96% | 10.15% | 8.41% | 7.84% | -10.41% | -0.28% | 0.80% |
Correlation
The correlation between EMCA.L and EMD5.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.53 |
The correlation between EMCA.L and EMD5.L shifts across timeframes, from 0.42 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMCA.L vs. EMD5.L — Risk / Return Rank
EMCA.L
EMD5.L
EMCA.L vs. EMD5.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) and L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.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.
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.
| EMCA.L | EMD5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 1.10 | +1.52 |
| Martin ratioReturn relative to average drawdown | 10.19 | 2.76 | +7.42 |
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Drawdowns
EMCA.L vs. EMD5.L - Drawdown Comparison
The maximum EMCA.L drawdown since its inception was -24.69%, which is greater than EMD5.L's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for EMCA.L and EMD5.L.
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Drawdown Indicators
| EMCA.L | EMD5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.69% | -16.04% | -8.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -3.29% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -3.58% | -3.29% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -20.14% | -16.04% | -4.10% |
Current DrawdownCurrent decline from peak | -0.53% | -1.06% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -4.32% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.31% | -0.74% |
Volatility
EMCA.L vs. EMD5.L - Volatility Comparison
iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) has a higher volatility of 1.06% compared to L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) at 0.95%. This indicates that EMCA.L's price experiences larger fluctuations and is considered to be riskier than EMD5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCA.L | EMD5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.95% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 3.51% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 3.97% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 4.85% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.79% | 4.62% | +4.17% |
EMCA.L vs. EMD5.L - Expense Ratio Comparison
EMCA.L has a 0.50% expense ratio, which is higher than EMD5.L's 0.25% expense ratio.
Dividends
EMCA.L vs. EMD5.L - Dividend Comparison
EMCA.L has not paid dividends to shareholders, while EMD5.L's dividend yield for the trailing twelve months is around 2.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | 2.87% | 5.66% | 6.09% | 4.60% | 3.04% | 1.25% |
Frequently Asked Questions
EMCA.L and EMD5.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMD5.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.50% for EMCA.L.
EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, while EMD5.L tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.50% for EMCA.L and 0.25% for EMD5.L.
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