EMDG.L vs. JPEA.L

Last updated Jun 5, 2026

EMDG.L (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and JPEA.L (iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMDG.L tracks the JPM EMBI Global Diversified TR USD while JPEA.L tracks the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 5 years, EMDG.L returned 3.95%/yr vs 3.06%/yr for JPEA.L. A 0.58 correlation means they provide meaningful diversification when combined. EMDG.L charges 0.25%/yr vs 0.45%/yr for JPEA.L.

Performance

EMDG.L vs. JPEA.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 $ EM Bond UCITS ETF USD (Acc) (JPEA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMDG.L is traded in GBp, while JPEA.L is traded in USD. To make them comparable, the JPEA.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 lower than JPEA.L's 2.25% 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*: —

JPEA.L

• 1D: 0.26%
• 1M: 2.00%
• YTD: 2.25%
• 6M: 1.66%
• 1Y: 12.51%
• 3Y*: 7.07%
• 5Y*: 3.06%
• 10Y*: —

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

EMDG.L vs. JPEA.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%
JPEA.L iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc)	2.25%	5.66%	7.56%	5.35%	-8.87%	-1.27%	-0.35%

Correlation

The correlation between EMDG.L and JPEA.L is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.58

The correlation between EMDG.L and JPEA.L has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

Return for Risk

EMDG.L vs. JPEA.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: 40
EMDG.L Sharpe Ratio Rank: 39
EMDG.L Sortino Ratio Rank: 42
EMDG.L Omega Ratio Rank: 37
EMDG.L Calmar Ratio Rank: 43
EMDG.L Martin Ratio Rank: 39

JPEA.L

JPEA.L Risk / Return Rank: 63
JPEA.L Sharpe Ratio Rank: 61
JPEA.L Sortino Ratio Rank: 72
JPEA.L Omega Ratio Rank: 66
JPEA.L Calmar Ratio Rank: 53
JPEA.L Martin Ratio Rank: 62

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. JPEA.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 $ EM Bond UCITS ETF USD (Acc) (JPEA.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	JPEA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.75	-0.39
Sortino ratio: Return per unit of downside risk	2.09	2.51	-0.43
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	2.10	2.77	-0.67
Martin ratio: Return relative to average drawdown	6.03	8.06	-2.03
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. JPEA.L - Sharpe Ratio Comparison

The current EMDG.L Sharpe Ratio is 1.36, which is comparable to the JPEA.L Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of EMDG.L and JPEA.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.

Sharpe Ratios by Period

	EMDG.L	JPEA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.75	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.32	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.20	+0.17

Drawdowns

EMDG.L vs. JPEA.L - Drawdown Comparison

The maximum EMDG.L drawdown since its inception was -12.32%, smaller than the maximum JPEA.L drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for EMDG.L and JPEA.L.

Drawdown Indicators

	EMDG.L	JPEA.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.32%	-21.10%	+8.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.76%	-4.49%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-7.93%	-9.34%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-12.32%	-14.61%	+2.29%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.33%	-7.35%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.55%	-0.24%

Volatility

EMDG.L vs. JPEA.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 iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc) (JPEA.L) has a volatility of 2.39%. This indicates that EMDG.L experiences smaller price fluctuations and is considered to be less risky than JPEA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDG.L	JPEA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	2.39%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	5.76%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	7.13%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	9.51%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	11.11%	-3.29%

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

EMDG.L has a 0.25% expense ratio, which is lower than JPEA.L's 0.45% expense ratio.

Dividends

EMDG.L vs. JPEA.L - Dividend Comparison

EMDG.L's dividend yield for the trailing twelve months is around 5.33%, while JPEA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
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%
JPEA.L iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMDG.L and JPEA.L in my portfolio?

EMDG.L and JPEA.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMDG.L or JPEA.L?

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.

Which ETF is cheaper, EMDG.L or JPEA.L?

EMDG.L is cheaper with a 0.25% expense ratio, compared with 0.45% for JPEA.L.

What is the main difference between EMDG.L and JPEA.L?

EMDG.L tracks JPM EMBI Global Diversified TR USD, while JPEA.L tracks J.P. Morgan EMBI Global Core Index. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.25% for EMDG.L and 0.45% for JPEA.L.