EMDG.L vs. EMDL.L
EMDG.L (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and EMDL.L (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) are both Emerging Markets Bonds funds - EMDG.L tracks the JPM EMBI Global Diversified TR USD while EMDL.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMDG.L returned 3.95%/yr vs 1.57%/yr for EMDL.L. A 0.56 correlation means they provide meaningful diversification when combined. EMDG.L charges 0.25%/yr vs 0.55%/yr for EMDL.L.
Performance
EMDG.L vs. EMDL.L - Performance Comparison
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Different Trading Currencies
EMDG.L is traded in GBp, while EMDL.L is traded in GBP. To make them comparable, the EMDL.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 1.60% return, which is significantly higher than EMDL.L's -0.66% return.
EMDG.L
- 1D
- 0.12%
- 1M
- 1.49%
- YTD
- 1.60%
- 6M
- 1.41%
- 1Y
- 7.92%
- 3Y*
- 5.79%
- 5Y*
- 3.95%
- 10Y*
- —
EMDL.L
- 1D
- 0.02%
- 1M
- 0.48%
- YTD
- -0.66%
- 6M
- -0.55%
- 1Y
- 5.93%
- 3Y*
- 2.66%
- 5Y*
- 1.57%
- 10Y*
- 2.73%
EMDG.L vs. EMDL.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 | 1.60% | 2.35% | 10.43% | 1.99% | 0.28% | 0.96% | -1.56% |
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | -0.66% | 7.85% | -1.25% | 3.50% | 0.26% | -7.31% | -0.76% |
Correlation
The correlation between EMDG.L and EMDL.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 | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.56 |
The correlation between EMDG.L and EMDL.L has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
EMDG.L vs. EMDL.L — Risk / Return Rank
EMDG.L
EMDL.L
EMDG.L vs. EMDL.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 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.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 | EMDL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.20 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.20 | +0.90 |
| Martin ratioReturn relative to average drawdown | 6.03 | 3.34 | +2.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMDG.L | EMDL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 1.08 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.22 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.12 | +0.24 |
Drawdowns
EMDG.L vs. EMDL.L - Drawdown Comparison
The maximum EMDG.L drawdown since its inception was -12.32%, smaller than the maximum EMDL.L drawdown of -27.54%. Use the drawdown chart below to compare losses from any high point for EMDG.L and EMDL.L.
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Drawdown Indicators
| EMDG.L | EMDL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.32% | -27.54% | +15.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.76% | -4.91% | +1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -7.93% | -4.91% | -3.02% |
Max Drawdown (5Y)Largest decline over 5 years | -12.32% | -8.41% | -3.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.87% | — |
Current DrawdownCurrent decline from peak | -0.29% | -3.44% | +3.15% |
Average DrawdownAverage peak-to-trough decline | -4.33% | -9.41% | +5.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 1.77% | -0.46% |
Volatility
EMDG.L vs. EMDL.L - Volatility Comparison
The current volatility for L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) is 1.78%, while SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) has a volatility of 2.00%. This indicates that EMDG.L experiences smaller price fluctuations and is considered to be less risky than EMDL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMDG.L | EMDL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 2.00% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.08% | 4.52% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.81% | 5.45% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.86% | 7.22% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.82% | 9.07% | -1.25% |
EMDG.L vs. EMDL.L - Expense Ratio Comparison
EMDG.L has a 0.25% expense ratio, which is lower than EMDL.L's 0.55% expense ratio.
Dividends
EMDG.L vs. EMDL.L - Dividend Comparison
EMDG.L's dividend yield for the trailing twelve months is around 5.33%, more than EMDL.L's 5.09% yield.
| Position | 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 | 5.33% | 5.95% | 5.95% | 4.65% | 2.91% | 1.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 5.09% | 4.87% | 4.87% | 4.23% | 4.03% | 4.01% | 3.97% | 4.56% | 4.06% | 4.92% | 4.02% | 5.26% |
Frequently Asked Questions
EMDG.L and EMDL.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, EMDG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMDG.L is cheaper with a 0.25% expense ratio, compared with 0.55% for EMDL.L.
EMDG.L tracks JPM EMBI Global Diversified TR USD, while EMDL.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.25% for EMDG.L and 0.55% for EMDL.L.
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