EMCA.L vs. EMHG.L
EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) and EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds from iShares - EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index while EMHG.L tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core. Both are passively managed. Over the past 5 years, EMCA.L returned 1.90%/yr vs 0.40%/yr for EMHG.L. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
EMCA.L vs. EMHG.L - Performance Comparison
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Different Trading Currencies
EMCA.L is traded in USD, while EMHG.L is traded in GBP. To make them comparable, the EMHG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with EMCA.L having a 1.49% return and EMHG.L slightly lower at 1.42%.
EMCA.L
- 1D
- -0.15%
- 1M
- -0.44%
- 6M
- 1.04%
- YTD
- 1.49%
- 1Y
- 5.60%
- 3Y*
- 6.82%
- 5Y*
- 1.90%
- 10Y*
- —
EMHG.L
- 1D
- -0.21%
- 1M
- 0.55%
- 6M
- 2.30%
- YTD
- 1.42%
- 1Y
- 9.54%
- 3Y*
- 9.17%
- 5Y*
- 0.40%
- 10Y*
- —
EMCA.L vs. EMHG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.49% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 7.04% | 13.77% | 0.89% |
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 1.42% | 21.96% | 3.55% | 14.71% | -28.49% | -3.39% | 6.66% | 18.35% | -6.01% |
Correlation
The correlation between EMCA.L and EMHG.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.49 |
The correlation between EMCA.L and EMHG.L shifts across timeframes, from 0.36 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMCA.L vs. EMHG.L — Risk / Return Rank
EMCA.L
EMHG.L
EMCA.L vs. EMHG.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 iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.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 | EMHG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.17 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.30 | +1.23 |
| Martin ratioReturn relative to average drawdown | 9.78 | 4.23 | +5.55 |
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Drawdowns
EMCA.L vs. EMHG.L - Drawdown Comparison
The maximum EMCA.L drawdown since its inception was -24.69%, smaller than the maximum EMHG.L drawdown of -44.35%. Use the drawdown chart below to compare losses from any high point for EMCA.L and EMHG.L.
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Drawdown Indicators
| EMCA.L | EMHG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.69% | -44.35% | +19.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -7.32% | +5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -3.58% | -13.08% | +9.50% |
Max Drawdown (5Y)Largest decline over 5 years | -20.14% | -43.78% | +23.64% |
Current DrawdownCurrent decline from peak | -0.59% | -1.65% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -13.87% | +9.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 2.25% | -1.68% |
Volatility
EMCA.L vs. EMHG.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) is 1.06%, while iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) has a volatility of 1.98%. This indicates that EMCA.L experiences smaller price fluctuations and is considered to be less risky than EMHG.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 | EMHG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.98% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 7.76% | -4.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 10.00% | -6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 14.59% | -9.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.78% | 15.23% | -6.45% |
EMCA.L vs. EMHG.L - Expense Ratio Comparison
Both EMCA.L and EMHG.L have an expense ratio of 0.50%.
Dividends
EMCA.L vs. EMHG.L - Dividend Comparison
EMCA.L has not paid dividends to shareholders, while EMHG.L's dividend yield for the trailing twelve months is around 5.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 5.72% | 5.71% | 5.74% | 5.61% | 5.64% | 3.93% | 3.85% | 4.73% | 3.64% |
Frequently Asked Questions
EMCA.L and EMHG.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMCA.L and EMHG.L have the same expense ratio: 0.50% per year.
EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, while EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core.
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