EMDG.L vs. EMBE.L

Last updated Apr 2, 2026

Compare and contrast key facts about L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L).

EMDG.L and EMBE.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMDG.L is a passively managed fund by Legal & General that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Dec 3, 2020. EMBE.L is a passively managed fund by iShares that tracks the performance of the JPM EMBI Global Diversified Hedge TR EUR. It was launched on Jul 8, 2013. Both EMDG.L and EMBE.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMDG.L vs. EMBE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). The values are adjusted to include any dividend payments, if applicable.

EMDG.L vs. EMBE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMDG.L L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF	0.83%	2.35%	10.43%	1.99%	0.28%	0.96%	-1.56%
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	-1.26%	16.93%	-0.73%	5.50%	-16.76%	-9.01%	0.77%

Different Trading Currencies

EMDG.L is traded in GBp, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMDG.L achieves a 0.83% return, which is significantly higher than EMBE.L's -1.26% return.

EMDG.L

• 1D: -0.43%
• 1M: -0.73%
• YTD: 0.83%
• 6M: 3.41%
• 1Y: 4.14%
• 3Y*: 5.45%
• 5Y*: 3.58%
• 10Y*: —

EMBE.L

• 1D: 1.34%
• 1M: -2.23%
• YTD: -1.26%
• 6M: 1.08%
• 1Y: 11.99%
• 3Y*: 6.21%
• 5Y*: 0.32%
• 10Y*: 1.89%

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

EMDG.L vs. EMBE.L - Expense Ratio Comparison

EMDG.L has a 0.25% expense ratio, which is lower than EMBE.L's 0.50% expense ratio.

EMBE.L

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)

EMDG.L

L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF

Return for Risk

EMDG.L vs. EMBE.L — Risk / Return Rank

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

EMDG.L

EMDG.L Risk / Return Rank: 31
EMDG.L Sharpe Ratio Rank: 31
EMDG.L Sortino Ratio Rank: 30
EMDG.L Omega Ratio Rank: 26
EMDG.L Calmar Ratio Rank: 40
EMDG.L Martin Ratio Rank: 28

EMBE.L

EMBE.L Risk / Return Rank: 57
EMBE.L Sharpe Ratio Rank: 55
EMBE.L Sortino Ratio Rank: 57
EMBE.L Omega Ratio Rank: 53
EMBE.L Calmar Ratio Rank: 57
EMBE.L Martin Ratio Rank: 61

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.

EMDG.L vs. EMBE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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.

	EMDG.L	EMBE.L	Difference
Sharpe ratio Return per unit of total volatility	0.64	1.54	-0.90
Sortino ratio Return per unit of downside risk	0.96	2.35	-1.38
Omega ratio Gain probability vs. loss probability	1.11	1.32	-0.21
Calmar ratio Return relative to maximum drawdown	1.19	2.37	-1.19
Martin ratio Return relative to average drawdown	2.60	9.52	-6.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDG.L vs. EMBE.L - Sharpe Ratio Comparison

The current EMDG.L Sharpe Ratio is 0.64, which is lower than the EMBE.L Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of EMDG.L and EMBE.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMDG.L	EMBE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	1.54	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.03	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.17	+0.19

Correlation

The correlation between EMDG.L and EMBE.L is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EMDG.L vs. EMBE.L - Dividend Comparison

EMDG.L's dividend yield for the trailing twelve months is around 5.37%, less than EMBE.L's 5.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDG.L L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF	5.37%	5.95%	5.95%	4.65%	2.91%	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	5.62%	5.44%	5.64%	5.50%	5.39%	3.92%	3.85%	4.77%	5.75%	3.88%	5.36%	4.72%

Drawdowns

EMDG.L vs. EMBE.L - Drawdown Comparison

The maximum EMDG.L drawdown since its inception was -12.32%, smaller than the maximum EMBE.L drawdown of -33.24%. Use the drawdown chart below to compare losses from any high point for EMDG.L and EMBE.L.

Drawdown Indicators

	EMDG.L	EMBE.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.32%	-30.73%	+18.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.76%	-4.95%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-12.32%	-30.47%	+18.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.73%	—
Current Drawdown Current decline from peak	-1.05%	-6.40%	+5.35%
Average Drawdown Average peak-to-trough decline	-4.43%	-7.44%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.11%	+0.61%

Volatility

EMDG.L vs. EMBE.L - Volatility Comparison

The current volatility for L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) is 1.86%, while iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a volatility of 3.13%. This indicates that EMDG.L experiences smaller price fluctuations and is considered to be less risky than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDG.L	EMBE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	3.13%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	4.64%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	6.44%	7.74%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.89%	9.85%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	11.20%	-3.31%