EMCA.L vs. VDEA.L
EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) and VDEA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation) are both Emerging Markets Bonds funds - EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index while VDEA.L tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index. Both are passively managed. Over the past 5 years, EMCA.L returned 1.91%/yr vs 2.17%/yr for VDEA.L. A 0.61 correlation means they provide meaningful diversification when combined. EMCA.L charges 0.50%/yr vs 0.23%/yr for VDEA.L.
Performance
EMCA.L vs. VDEA.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 VDEA.L's 1.42% 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*
- —
VDEA.L
- 1D
- -0.03%
- 1M
- -0.51%
- 6M
- 1.64%
- YTD
- 1.42%
- 1Y
- 8.51%
- 3Y*
- 8.05%
- 5Y*
- 2.17%
- 10Y*
- —
EMCA.L vs. VDEA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 7.04% | 9.62% |
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation | 1.42% | 11.45% | 6.35% | 9.71% | -15.28% | -1.74% | 6.10% | 9.44% |
Correlation
The correlation between EMCA.L and VDEA.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.61 |
The correlation between EMCA.L and VDEA.L shifts across timeframes, from 0.48 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMCA.L vs. VDEA.L — Risk / Return Rank
EMCA.L
VDEA.L
EMCA.L vs. VDEA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.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 | VDEA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.31 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 2.31 | +0.31 |
| Martin ratioReturn relative to average drawdown | 10.19 | 9.11 | +1.08 |
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Drawdowns
EMCA.L vs. VDEA.L - Drawdown Comparison
The maximum EMCA.L drawdown since its inception was -24.69%, roughly equal to the maximum VDEA.L drawdown of -24.08%. Use the drawdown chart below to compare losses from any high point for EMCA.L and VDEA.L.
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Drawdown Indicators
| EMCA.L | VDEA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.69% | -24.08% | -0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -3.66% | +1.45% |
Max Drawdown (3Y)Largest decline over 3 years | -3.58% | -6.15% | +2.57% |
Max Drawdown (5Y)Largest decline over 5 years | -20.14% | -24.08% | +3.94% |
Current DrawdownCurrent decline from peak | -0.53% | -0.78% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -5.82% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.93% | -0.36% |
Volatility
EMCA.L vs. VDEA.L - Volatility Comparison
iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) and Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) have volatilities of 1.06% and 1.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCA.L | VDEA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.03% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 4.12% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 5.01% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 7.27% | -2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.79% | 8.20% | +0.59% |
EMCA.L vs. VDEA.L - Expense Ratio Comparison
EMCA.L has a 0.50% expense ratio, which is higher than VDEA.L's 0.23% expense ratio.
Dividends
EMCA.L vs. VDEA.L - Dividend Comparison
Neither EMCA.L nor VDEA.L has paid dividends to shareholders.
Frequently Asked Questions
EMCA.L and VDEA.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDEA.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDEA.L is cheaper with a 0.23% expense ratio, compared with 0.50% for EMCA.L.
EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, while VDEA.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EMCA.L and 0.23% for VDEA.L.
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