EMDL.L vs. EMB
EMDL.L (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both Emerging Markets Bonds funds - EMDL.L tracks the JPM GBI-EM Global Diversified TR USD while EMB tracks the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, EMDL.L returned 2.73%/yr vs 4.06%/yr for EMB. A 0.56 correlation means they provide meaningful diversification when combined. EMDL.L charges 0.55%/yr vs 0.39%/yr for EMB.
Performance
EMDL.L vs. EMB - Performance Comparison
Loading charts...
Different Trading Currencies
EMDL.L is traded in GBP, while EMB is traded in USD. To make them comparable, the EMB values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMDL.L achieves a -0.66% return, which is significantly lower than EMB's 2.43% return. Over the past 10 years, EMDL.L has underperformed EMB with an annualized return of 2.73%, while EMB has yielded a comparatively higher 4.06% annualized return.
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%
EMB
- 1D
- 0.21%
- 1M
- 1.96%
- YTD
- 2.43%
- 6M
- 1.52%
- 1Y
- 12.46%
- 3Y*
- 6.94%
- 5Y*
- 3.00%
- 10Y*
- 4.06%
EMDL.L vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | -0.66% | 7.85% | -1.25% | 3.50% | 0.26% | -7.31% | 0.02% | 8.55% | -0.27% | 4.06% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.43% | 5.74% | 7.38% | 5.09% | -8.95% | -1.30% | 2.32% | 11.08% | 0.13% | 0.75% |
Correlation
The correlation between EMDL.L and EMB is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.56 |
The correlation between EMDL.L and EMB has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMDL.L vs. EMB — Risk / Return Rank
EMDL.L
EMB
EMDL.L vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| EMDL.L | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.89 | -1.69 |
| Martin ratioReturn relative to average drawdown | 3.34 | 8.75 | -5.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EMDL.L | EMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.91 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.31 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.36 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.55 | -0.42 |
Drawdowns
EMDL.L vs. EMB - Drawdown Comparison
The maximum EMDL.L drawdown since its inception was -27.54%, roughly equal to the maximum EMB drawdown of -28.68%. Use the drawdown chart below to compare losses from any high point for EMDL.L and EMB.
Loading charts...
Drawdown Indicators
| EMDL.L | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.54% | -28.68% | +1.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -4.33% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -4.91% | -9.94% | +5.03% |
Max Drawdown (5Y)Largest decline over 5 years | -8.41% | -14.69% | +6.28% |
Max Drawdown (10Y)Largest decline over 10 years | -16.87% | -20.36% | +3.49% |
Current DrawdownCurrent decline from peak | -3.44% | 0.00% | -3.44% |
Average DrawdownAverage peak-to-trough decline | -9.41% | -6.19% | -3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.43% | +0.34% |
Volatility
EMDL.L vs. EMB - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) has a higher volatility of 2.00% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.66%. This indicates that EMDL.L's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMDL.L | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 1.66% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.52% | 5.07% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.45% | 6.56% | -1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 9.63% | -2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | 11.39% | -2.32% |
EMDL.L vs. EMB - Expense Ratio Comparison
EMDL.L has a 0.55% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
EMDL.L vs. EMB - Dividend Comparison
EMDL.L's dividend yield for the trailing twelve months is around 5.09%, which matches EMB's 5.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.04% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
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
EMDL.L and EMB have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMB is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMB is cheaper with a 0.39% expense ratio, compared with 0.55% for EMDL.L.
EMDL.L tracks JPM GBI-EM Global Diversified TR USD, while EMB tracks JPMorgan EMBI Global Core Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMDL.L and 0.39% for EMB.
Find the right allocation for EMDL.L and EMB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer