EMDG.L vs. SEMC.L

Last updated Jun 5, 2026

EMDG.L (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF) and SEMC.L (UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Legal & General and UBS respectively. Both are passively managed. Over the past 5 years, EMDG.L returned 3.95%/yr vs 4.04%/yr for SEMC.L. Their correlation of 0.93 suggests significant overlap in exposure. EMDG.L charges 0.25%/yr vs 0.42%/yr for SEMC.L.

Performance

EMDG.L vs. SEMC.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 UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.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 SEMC.L's 2.30% 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*: —

SEMC.L

• 1D: 0.03%
• 1M: 1.31%
• YTD: 2.30%
• 6M: 2.17%
• 1Y: 9.29%
• 3Y*: 5.66%
• 5Y*: 4.04%
• 10Y*: —

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

EMDG.L vs. SEMC.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%
SEMC.L UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis	2.30%	2.50%	9.09%	2.06%	0.58%	1.54%	-1.51%

Correlation

The correlation between EMDG.L and SEMC.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.93

The correlation between EMDG.L and SEMC.L has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

EMDG.L vs. SEMC.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

SEMC.L

SEMC.L Risk / Return Rank: 49
SEMC.L Sharpe Ratio Rank: 47
SEMC.L Sortino Ratio Rank: 50
SEMC.L Omega Ratio Rank: 45
SEMC.L Calmar Ratio Rank: 55
SEMC.L Martin Ratio Rank: 48

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. SEMC.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 UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.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	SEMC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.61	-0.25
Sortino ratio: Return per unit of downside risk	2.09	2.43	-0.34
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.10	2.69	-0.59
Martin ratio: Return relative to average drawdown	6.03	7.88	-1.85
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. SEMC.L - Sharpe Ratio Comparison

The current EMDG.L Sharpe Ratio is 1.36, which is comparable to the SEMC.L Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of EMDG.L and SEMC.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	SEMC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.61	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.53	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.35	+0.02

Drawdowns

EMDG.L vs. SEMC.L - Drawdown Comparison

The maximum EMDG.L drawdown since its inception was -12.32%, roughly equal to the maximum SEMC.L drawdown of -12.52%. Use the drawdown chart below to compare losses from any high point for EMDG.L and SEMC.L.

Drawdown Indicators

	EMDG.L	SEMC.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.32%	-12.52%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.76%	-3.43%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-7.93%	-7.69%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-12.32%	-11.89%	-0.43%
Current Drawdown Current decline from peak	-0.29%	-0.29%	0.00%
Average Drawdown Average peak-to-trough decline	-4.33%	-4.98%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.18%	+0.13%

Volatility

EMDG.L vs. SEMC.L - Volatility Comparison

L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EMDG.L) has a higher volatility of 1.78% compared to UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.L) at 1.50%. This indicates that EMDG.L's price experiences larger fluctuations and is considered to be riskier than SEMC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDG.L	SEMC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	1.50%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	4.15%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	5.74%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.86%	7.61%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	8.18%	-0.36%

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

EMDG.L has a 0.25% expense ratio, which is lower than SEMC.L's 0.42% expense ratio.

Dividends

EMDG.L vs. SEMC.L - Dividend Comparison

EMDG.L's dividend yield for the trailing twelve months is around 5.33%, less than SEMC.L's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SEMC.L UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis	5.78%	6.51%	5.02%	5.04%	3.98%	3.97%	4.77%	5.18%	1.98%

Frequently Asked Questions

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

With a correlation of 0.94, EMDG.L and SEMC.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

EMDG.L is cheaper with a 0.25% expense ratio, compared with 0.42% for SEMC.L.

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

Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Legal & General and UBS. Their fees differ too: 0.25% for EMDG.L and 0.42% for SEMC.L.