EMCR.L vs. IRCP.L
EMCR.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist)) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both exchange-traded funds - EMCR.L is a Emerging Markets Bonds fund tracking the J.P. Morgan CEMBI Broad Diversified Core Index, while IRCP.L is a Global Bonds fund tracking the iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist). Both are passively managed. Over the past 10 years, EMCR.L returned 3.52%/yr vs 1.94%/yr for IRCP.L. At a 0.18 correlation, their price movements are largely independent. EMCR.L charges 0.50%/yr vs 0.25%/yr for IRCP.L.
Performance
EMCR.L vs. IRCP.L - Performance Comparison
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Different Trading Currencies
EMCR.L is traded in USD, while IRCP.L is traded in EUR. To make them comparable, the IRCP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMCR.L achieves a 1.80% return, which is significantly higher than IRCP.L's -0.94% return. Over the past 10 years, EMCR.L has outperformed IRCP.L with an annualized return of 3.52%, while IRCP.L has yielded a comparatively lower 1.94% annualized return.
EMCR.L
- 1D
- 0.29%
- 1M
- 0.23%
- 6M
- 1.61%
- YTD
- 1.80%
- 1Y
- 6.43%
- 3Y*
- 7.10%
- 5Y*
- 1.97%
- 10Y*
- 3.52%
IRCP.L
- 1D
- 0.00%
- 1M
- -1.00%
- 6M
- -0.08%
- YTD
- -0.94%
- 1Y
- 1.81%
- 3Y*
- 5.92%
- 5Y*
- 2.15%
- 10Y*
- 1.94%
EMCR.L vs. IRCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 1.80% | 8.43% | 6.66% | 7.85% | -12.39% | -0.65% | 7.22% | 13.82% | -2.71% | 7.74% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | -0.94% | 18.21% | -0.11% | 8.46% | -8.58% | -7.04% | 9.77% | 1.98% | -8.13% | 15.81% |
Correlation
The correlation between EMCR.L and IRCP.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2012 | 0.18 |
The correlation between EMCR.L and IRCP.L shifts across timeframes, from 0.18 (all time) to 0.29 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMCR.L vs. IRCP.L — Risk / Return Rank
EMCR.L
IRCP.L
EMCR.L vs. IRCP.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 (Dist) (EMCR.L) and iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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.
| EMCR.L | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.04 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 0.28 | +1.98 |
| Martin ratioReturn relative to average drawdown | 9.69 | 0.65 | +9.05 |
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Drawdowns
EMCR.L vs. IRCP.L - Drawdown Comparison
The maximum EMCR.L drawdown since its inception was -22.67%, smaller than the maximum IRCP.L drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for EMCR.L and IRCP.L.
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Drawdown Indicators
| EMCR.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -33.94% | +11.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -5.66% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -6.44% | +2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -20.20% | -24.27% | +4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | -27.61% | +4.94% |
Current DrawdownCurrent decline from peak | -0.16% | -3.68% | +3.52% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -15.21% | +11.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 2.47% | -1.83% |
Volatility
EMCR.L vs. IRCP.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCR.L) is 1.02%, while iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) has a volatility of 1.62%. This indicates that EMCR.L experiences smaller price fluctuations and is considered to be less risky than IRCP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCR.L | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.62% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 5.35% | -1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 7.00% | -2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 8.79% | -3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 8.45% | -0.95% |
EMCR.L vs. IRCP.L - Expense Ratio Comparison
EMCR.L has a 0.50% expense ratio, which is higher than IRCP.L's 0.25% expense ratio.
Dividends
EMCR.L vs. IRCP.L - Dividend Comparison
EMCR.L's dividend yield for the trailing twelve months is around 5.59%, more than IRCP.L's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 5.59% | 5.56% | 5.44% | 5.04% | 4.28% | 3.62% | 3.93% | 4.58% | 4.70% | 4.35% | 4.61% | 5.13% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
EMCR.L and IRCP.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IRCP.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IRCP.L is cheaper with a 0.25% expense ratio, compared with 0.50% for EMCR.L.
EMCR.L is categorized as Emerging Markets Bonds, while IRCP.L is Global Bonds. EMCR.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, while IRCP.L tracks iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist). Their fees differ too: 0.50% for EMCR.L and 0.25% for IRCP.L.
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