EMDG.L vs. LDEG.L

Last updated Jun 5, 2026

EMDG.L (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both exchange-traded funds - EMDG.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while LDEG.L is a Europe Equities fund tracking the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, EMDG.L returned 3.95%/yr vs 16.11%/yr for LDEG.L. At a correlation of -0.01, they often move in opposite directions. Both charge a 0.25% expense ratio.

Performance

EMDG.L vs. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMDG.L achieves a 1.60% return, which is significantly lower than LDEG.L's 10.41% 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*: —

LDEG.L

• 1D: 0.89%
• 1M: 1.38%
• YTD: 10.41%
• 6M: 13.94%
• 1Y: 30.52%
• 3Y*: 23.92%
• 5Y*: 16.11%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
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%	2.46%
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	10.41%	44.92%	8.83%	14.32%	3.42%	2.83%

Correlation

The correlation between EMDG.L and LDEG.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 10, 2021	-0.01

Return for Risk

EMDG.L vs. LDEG.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

LDEG.L

LDEG.L Risk / Return Rank: 78
LDEG.L Sharpe Ratio Rank: 82
LDEG.L Sortino Ratio Rank: 80
LDEG.L Omega Ratio Rank: 80
LDEG.L Calmar Ratio Rank: 76
LDEG.L Martin Ratio Rank: 74

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. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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	LDEG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.63	-1.27
Sortino ratio: Return per unit of downside risk	2.09	3.52	-1.43
Omega ratio: Gain probability vs. loss probability	1.24	1.48	-0.24
Calmar ratio: Return relative to maximum drawdown	2.10	3.78	-1.68
Martin ratio: Return relative to average drawdown	6.03	13.82	-7.79
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. LDEG.L - Sharpe Ratio Comparison

The current EMDG.L Sharpe Ratio is 1.36, which is lower than the LDEG.L Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of EMDG.L and LDEG.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	LDEG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.63	-1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.24	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.24	-0.87

Drawdowns

EMDG.L vs. LDEG.L - Drawdown Comparison

The maximum EMDG.L drawdown since its inception was -12.32%, smaller than the maximum LDEG.L drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for EMDG.L and LDEG.L.

Drawdown Indicators

	EMDG.L	LDEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.32%	-15.97%	+3.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.76%	-8.04%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-7.93%	-12.05%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-12.32%	-15.97%	+3.65%
Current Drawdown Current decline from peak	-0.29%	-1.33%	+1.04%
Average Drawdown Average peak-to-trough decline	-4.33%	-2.95%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	2.20%	-0.89%

Volatility

EMDG.L vs. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) has a volatility of 3.57%. This indicates that EMDG.L experiences smaller price fluctuations and is considered to be less risky than LDEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDG.L	LDEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	3.57%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	9.21%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	11.55%	-5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	15.99%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	16.01%	-8.19%

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

Both EMDG.L and LDEG.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EMDG.L vs. LDEG.L - Dividend Comparison

EMDG.L's dividend yield for the trailing twelve months is around 5.33%, more than LDEG.L's 3.13% yield.

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%
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	3.13%	3.43%	4.21%	4.11%	3.70%	3.11%

Frequently Asked Questions

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

EMDG.L and LDEG.L have a correlation of -0.04, 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 LDEG.L?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

EMDG.L and LDEG.L have the same expense ratio: 0.25% per year.

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

EMDG.L is categorized as Emerging Markets Bonds, while LDEG.L is Europe Equities. EMDG.L tracks JPM EMBI Global Diversified TR USD, while LDEG.L tracks MSCI Europe Ex UK NR EUR.