EMD5.L vs. FSEM.L
EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) and FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) are both Emerging Markets Bonds funds. EMD5.L is passively managed, while FSEM.L is actively managed. Over the past 5 years, EMD5.L returned 2.39%/yr vs 0.96%/yr for FSEM.L. A 0.59 correlation means they provide meaningful diversification when combined. EMD5.L charges 0.25%/yr vs 0.45%/yr for FSEM.L.
Performance
EMD5.L vs. FSEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMD5.L achieves a -0.96% return, which is significantly lower than FSEM.L's 1.39% return.
EMD5.L
- 1D
- 0.11%
- 1M
- -0.21%
- 6M
- 1.53%
- YTD
- -0.96%
- 1Y
- 3.67%
- 3Y*
- 7.13%
- 5Y*
- 2.39%
- 10Y*
- —
FSEM.L
- 1D
- -0.24%
- 1M
- -0.73%
- 6M
- 1.63%
- YTD
- 1.39%
- 1Y
- 9.58%
- 3Y*
- 7.64%
- 5Y*
- 0.96%
- 10Y*
- —
EMD5.L vs. FSEM.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% | -0.28% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 1.39% | 13.59% | 3.43% | 8.85% | -17.96% | 3.23% |
Correlation
The correlation between EMD5.L and FSEM.L is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021 | 0.59 |
The correlation between EMD5.L and FSEM.L has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.
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Return for Risk
EMD5.L vs. FSEM.L — Risk / Return Rank
EMD5.L
FSEM.L
EMD5.L vs. FSEM.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 Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.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 | FSEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.37 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.33 | -1.23 |
| Martin ratioReturn relative to average drawdown | 2.76 | 9.23 | -6.47 |
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Drawdowns
EMD5.L vs. FSEM.L - Drawdown Comparison
The maximum EMD5.L drawdown since its inception was -16.04%, smaller than the maximum FSEM.L drawdown of -27.88%. Use the drawdown chart below to compare losses from any high point for EMD5.L and FSEM.L.
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Drawdown Indicators
| EMD5.L | FSEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.04% | -27.88% | +11.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -4.09% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -7.07% | +3.78% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -27.88% | +11.84% |
Current DrawdownCurrent decline from peak | -1.06% | -0.97% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -9.88% | +5.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 1.03% | +0.28% |
Volatility
EMD5.L vs. FSEM.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 Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) has a volatility of 1.08%. This indicates that EMD5.L experiences smaller price fluctuations and is considered to be less risky than FSEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMD5.L | FSEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.08% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 4.65% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 5.58% | -1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 8.59% | -3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 8.42% | -3.80% |
EMD5.L vs. FSEM.L - Expense Ratio Comparison
EMD5.L has a 0.25% expense ratio, which is lower than FSEM.L's 0.45% expense ratio.
Dividends
EMD5.L vs. FSEM.L - Dividend Comparison
EMD5.L has not paid dividends to shareholders, while FSEM.L's dividend yield for the trailing twelve months is around 6.44%.
| 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% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 6.44% | 6.30% | 6.49% | 5.74% | 5.01% | 2.41% |
Frequently Asked Questions
EMD5.L and FSEM.L have a correlation of 0.67, 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 0.45% for FSEM.L.
They also come from different issuers: L&G and Fidelity. Their fees differ too: 0.25% for EMD5.L and 0.45% for FSEM.L.
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