EMDL.L vs. EMLO.L

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) and UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L).

EMDL.L and EMLO.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMDL.L is a passively managed fund by State Street that tracks the performance of the JPM GBI-EM Global Diversified TR USD. It was launched on May 13, 2011. EMLO.L is a passively managed fund by UBS that tracks the performance of the JPM GBI-EM Global Diversified TR USD. It was launched on Sep 5, 2018. Both EMDL.L and EMLO.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMDL.L vs. EMLO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) and UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L). The values are adjusted to include any dividend payments, if applicable.

EMDL.L vs. EMLO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF	-0.72%	7.85%	-169.14%	3.50%	0.26%	-7.31%	0.02%	8.55%	6.78%
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis	-0.25%	12.30%	0.01%	8.48%	-4.28%	-6.61%	-1.56%	9.65%	8.46%

Different Trading Currencies

EMDL.L is traded in GBP, while EMLO.L is traded in GBp. To make them comparable, the EMLO.L 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 -0.72% return, which is significantly lower than EMLO.L's -0.25% return.

EMDL.L

• 1D: 0.72%
• 1M: -3.05%
• YTD: -0.72%
• 6M: 1.18%
• 1Y: 6.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMLO.L

• 1D: 0.56%
• 1M: -3.31%
• YTD: -0.25%
• 6M: 3.60%
• 1Y: 10.43%
• 3Y*: 5.82%
• 5Y*: 3.37%
• 10Y*: —

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

EMDL.L vs. EMLO.L - Expense Ratio Comparison

EMDL.L has a 0.55% expense ratio, which is higher than EMLO.L's 0.47% expense ratio.

EMDL.L

SPDR Bloomberg Emerging Markets Local Bond UCITS ETF

EMLO.L

UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis

Return for Risk

EMDL.L vs. EMLO.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMDL.L

EMDL.L Risk / Return Rank: 57
EMDL.L Sharpe Ratio Rank: 67
EMDL.L Sortino Ratio Rank: 69
EMDL.L Omega Ratio Rank: 56
EMDL.L Calmar Ratio Rank: 45
EMDL.L Martin Ratio Rank: 48

EMLO.L

EMLO.L Risk / Return Rank: 82
EMLO.L Sharpe Ratio Rank: 87
EMLO.L Sortino Ratio Rank: 91
EMLO.L Omega Ratio Rank: 85
EMLO.L Calmar Ratio Rank: 74
EMLO.L Martin Ratio Rank: 75

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.

EMDL.L vs. EMLO.L - 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 UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.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.

	EMDL.L	EMLO.L	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.90	-0.66
Sortino ratio Return per unit of downside risk	1.83	2.75	-0.92
Omega ratio Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio Return relative to maximum drawdown	1.32	2.25	-0.93
Martin ratio Return relative to average drawdown	5.27	8.89	-3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDL.L vs. EMLO.L - Sharpe Ratio Comparison

The current EMDL.L Sharpe Ratio is 1.24, which is lower than the EMLO.L Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of EMDL.L and EMLO.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMDL.L	EMLO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.90	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.38	—

Correlation

The correlation between EMDL.L and EMLO.L is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EMDL.L vs. EMLO.L - Dividend Comparison

EMDL.L's dividend yield for the trailing twelve months is around 5.09%, less than EMLO.L's 5.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF	5.09%	4.87%	251.85%	4.23%	4.03%	4.01%	3.97%	4.56%	4.06%	4.92%	4.02%	5.26%
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis	5.60%	5.66%	5.13%	4.54%	4.40%	4.95%	4.94%	5.12%	0.00%	0.00%	0.00%	0.00%

Drawdowns

EMDL.L vs. EMLO.L - Drawdown Comparison

The maximum EMDL.L drawdown since its inception was -162.74%, which is greater than EMLO.L's maximum drawdown of -20.42%. Use the drawdown chart below to compare losses from any high point for EMDL.L and EMLO.L.

Drawdown Indicators

	EMDL.L	EMLO.L	Difference
Max Drawdown Largest peak-to-trough decline	-162.74%	-20.42%	-142.32%
Max Drawdown (1Y) Largest decline over 1 year	-4.91%	-4.77%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-176.16%	-11.88%	-164.28%
Max Drawdown (10Y) Largest decline over 10 years	-170.15%	—	—
Current Drawdown Current decline from peak	-122.82%	-3.69%	-119.13%
Average Drawdown Average peak-to-trough decline	-80.35%	-8.90%	-71.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.21%	+0.01%

Volatility

EMDL.L vs. EMLO.L - Volatility Comparison

SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) has a higher volatility of 2.57% compared to UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L) at 2.31%. This indicates that EMDL.L's price experiences larger fluctuations and is considered to be riskier than EMLO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDL.L	EMLO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.31%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	4.14%	4.20%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	5.19%	5.46%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.75%	7.63%	+68.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.05%	8.57%	+45.48%