EMES.L vs. CSP1.L
EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - EMES.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, EMES.L returned 1.35%/yr vs 13.73%/yr for CSP1.L. At a 0.48 correlation, their price movements are largely independent. EMES.L charges 0.45%/yr vs 0.07%/yr for CSP1.L.
Performance
EMES.L vs. CSP1.L - Performance Comparison
Loading charts...
Different Trading Currencies
EMES.L is traded in USD, while CSP1.L is traded in GBp. To make them comparable, the CSP1.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMES.L achieves a 1.50% return, which is significantly lower than CSP1.L's 10.28% return.
EMES.L
- 1D
- 0.06%
- 1M
- 1.02%
- YTD
- 1.50%
- 6M
- 2.10%
- 1Y
- 10.68%
- 3Y*
- 9.03%
- 5Y*
- 1.35%
- 10Y*
- —
CSP1.L
- 1D
- 0.10%
- 1M
- 4.65%
- YTD
- 10.28%
- 6M
- 11.29%
- 1Y
- 27.90%
- 3Y*
- 22.09%
- 5Y*
- 13.73%
- 10Y*
- 15.23%
EMES.L vs. CSP1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 1.50% | 13.10% | 5.45% | 9.57% | -18.82% | -2.59% | 5.41% | 15.66% | -0.48% |
CSP1.L iShares Core S&P 500 UCITS ETF | 10.28% | 17.63% | 25.22% | 26.11% | -18.77% | 29.88% | 17.14% | 31.49% | -13.99% |
Correlation
The correlation between EMES.L and CSP1.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.48 |
The correlation between EMES.L and CSP1.L shifts across timeframes, from 0.42 (3 years) to 0.53 (1 year), reflecting how their relationship changes across market environments.
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
EMES.L vs. CSP1.L — Risk / Return Rank
EMES.L
CSP1.L
EMES.L vs. CSP1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) and iShares Core S&P 500 UCITS ETF (CSP1.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.
| EMES.L | CSP1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.44 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 3.20 | -0.82 |
| Martin ratioReturn relative to average drawdown | 9.84 | 13.82 | -3.97 |
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
| EMES.L | CSP1.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.48 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.88 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.94 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 1.00 | -0.65 |
Drawdowns
EMES.L vs. CSP1.L - Drawdown Comparison
The maximum EMES.L drawdown since its inception was -28.84%, smaller than the maximum CSP1.L drawdown of -33.51%. Use the drawdown chart below to compare losses from any high point for EMES.L and CSP1.L.
Loading charts...
Drawdown Indicators
| EMES.L | CSP1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.84% | -33.51% | +4.67% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -8.68% | +4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -18.69% | +11.47% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -25.16% | -3.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.51% | — |
Current DrawdownCurrent decline from peak | -0.35% | -0.55% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -3.87% | -3.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.01% | -0.93% |
Volatility
EMES.L vs. CSP1.L - Volatility Comparison
The current volatility for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) is 2.26%, while iShares Core S&P 500 UCITS ETF (CSP1.L) has a volatility of 2.58%. This indicates that EMES.L experiences smaller price fluctuations and is considered to be less risky than CSP1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMES.L | CSP1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 2.58% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 7.99% | -3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 11.21% | -5.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.28% | 15.68% | -7.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 16.12% | -6.88% |
EMES.L vs. CSP1.L - Expense Ratio Comparison
EMES.L has a 0.45% expense ratio, which is higher than CSP1.L's 0.07% expense ratio.
Dividends
EMES.L vs. CSP1.L - Dividend Comparison
EMES.L's dividend yield for the trailing twelve months is around 5.78%, while CSP1.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CSP1.L iShares Core S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.78% | 5.78% | 5.45% | 5.41% | 5.03% | 3.48% | 3.49% | 4.60% | 0.50% |
Frequently Asked Questions
EMES.L and CSP1.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSP1.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.45% for EMES.L.
EMES.L is categorized as Emerging Markets Bonds, while CSP1.L is S&P 500. EMES.L tracks JPM EMBI Global Diversified TR USD, while CSP1.L tracks S&P 500 Index. Their fees differ too: 0.45% for EMES.L and 0.07% for CSP1.L.
Find the right allocation for EMES.L and CSP1.L
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