EMD5.L vs. EMUG.L

Last updated Jul 17, 2026

EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) and EMUG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds from L&G - EMD5.L tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index while EMUG.L tracks the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. Both are passively managed. Over the past 5 years, EMD5.L returned 2.39%/yr vs 0.49%/yr for EMUG.L. At a 0.36 correlation, their price movements are largely independent. EMD5.L charges 0.25%/yr vs 0.35%/yr for EMUG.L.

Performance

EMD5.L vs. EMUG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) and L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMD5.L is traded in USD, while EMUG.L is traded in GBp. To make them comparable, the EMUG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMD5.L achieves a -0.96% return, which is significantly higher than EMUG.L's -4.57% return.

EMD5.L

• 1D: 0.11%
• 1M: -0.21%
• 6M: 1.41%
• YTD: -0.96%
• 1Y: 3.53%
• 3Y*: 7.13%
• 5Y*: 2.39%
• 10Y*: —

EMUG.L

• 1D: -3.42%
• 1M: -3.43%
• 6M: -2.23%
• YTD: -4.57%
• 1Y: 0.34%
• 3Y*: 4.43%
• 5Y*: 0.49%
• 10Y*: —

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

EMD5.L vs. EMUG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
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%	-0.38%
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)	-4.57%	8.73%	5.56%	6.37%	-11.48%	-25.61%

Correlation

The correlation between EMD5.L and EMUG.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.36

The correlation between EMD5.L and EMUG.L shifts across timeframes, from 0.24 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EMD5.L vs. EMUG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMD5.L

EMD5.L Risk / Return Rank: 29
EMD5.L Sharpe Ratio Rank: 30
EMD5.L Sortino Ratio Rank: 26
EMD5.L Omega Ratio Rank: 37
EMD5.L Calmar Ratio Rank: 27
EMD5.L Martin Ratio Rank: 26

EMUG.L

EMUG.L Risk / Return Rank: 9
EMUG.L Sharpe Ratio Rank: 10
EMUG.L Sortino Ratio Rank: 9
EMUG.L Omega Ratio Rank: 9
EMUG.L Calmar Ratio Rank: 10
EMUG.L Martin Ratio Rank: 10

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.

EMD5.L vs. EMUG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) and L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.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.

	EMD5.L	EMUG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.05	+0.86
Sortino ratio: Return per unit of downside risk	1.23	0.10	+1.13
Omega ratio: Gain probability vs. loss probability	1.21	1.02	+0.19
Calmar ratio: Return relative to maximum drawdown	1.10	0.07	+1.03
Martin ratio: Return relative to average drawdown	2.76	0.19	+2.57

EMD5.L vs. EMUG.L - Sharpe Ratio Comparison

The current EMD5.L Sharpe Ratio is 0.91, which is higher than the EMUG.L Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of EMD5.L and EMUG.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.

Drawdowns

EMD5.L vs. EMUG.L - Drawdown Comparison

The maximum EMD5.L drawdown since its inception was -16.04%, smaller than the maximum EMUG.L drawdown of -39.59%. Use the drawdown chart below to compare losses from any high point for EMD5.L and EMUG.L.

Drawdown Indicators

	EMD5.L	EMUG.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-39.59%	+23.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-4.82%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	-4.82%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-19.63%	+3.59%
Current Drawdown Current decline from peak	-1.06%	-23.72%	+22.66%
Average Drawdown Average peak-to-trough decline	-4.32%	-28.13%	+23.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.73%	-0.42%

Volatility

EMD5.L vs. EMUG.L - Volatility Comparison

The current volatility for L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) is 0.95%, while L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.L) has a volatility of 3.74%. This indicates that EMD5.L experiences smaller price fluctuations and is considered to be less risky than EMUG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMD5.L	EMUG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	3.74%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	5.35%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	6.45%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	6.93%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.62%	13.12%	-8.50%

EMD5.L vs. EMUG.L - Expense Ratio Comparison

EMD5.L has a 0.25% expense ratio, which is lower than EMUG.L's 0.35% expense ratio.

Dividends

EMD5.L vs. EMUG.L - Dividend Comparison

EMD5.L's dividend yield for the trailing twelve months is around 2.87%, less than EMUG.L's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)	0.00%	5.66%	6.09%	4.60%	3.04%	1.25%
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)	0.03%	5.99%	4.86%	4.67%	3.61%	1.14%

Frequently Asked Questions

Can I hold both EMD5.L and EMUG.L in my portfolio?

EMD5.L and EMUG.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMD5.L or EMUG.L?

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.

Which ETF is cheaper, EMD5.L or EMUG.L?

EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.35% for EMUG.L.

What is the main difference between EMD5.L and EMUG.L?

EMD5.L tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index, while EMUG.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. Their fees differ too: 0.25% for EMD5.L and 0.35% for EMUG.L.