EMES.L vs. DBA
EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - EMES.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR. Both are passively managed. Over the past 5 years, EMES.L returned 1.35%/yr vs 9.73%/yr for DBA. At a 0.08 correlation, their price movements are largely independent. EMES.L charges 0.45%/yr vs 0.94%/yr for DBA.
Performance
EMES.L vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, EMES.L achieves a 1.50% return, which is significantly lower than DBA's 4.58% 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*
- —
DBA
- 1D
- -0.63%
- 1M
- -5.92%
- YTD
- 4.58%
- 6M
- 4.51%
- 1Y
- 2.80%
- 3Y*
- 13.02%
- 5Y*
- 9.73%
- 10Y*
- 3.35%
EMES.L vs. DBA - 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% |
DBA Invesco DB Agriculture Fund | 4.58% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | 0.95% |
Correlation
The correlation between EMES.L and DBA is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.08 |
The correlation between EMES.L and DBA shifts across timeframes, from -0.05 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMES.L vs. DBA — Risk / Return Rank
EMES.L
DBA
EMES.L vs. DBA - 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 Invesco DB Agriculture Fund (DBA). 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 | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.05 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 0.35 | +2.02 |
| Martin ratioReturn relative to average drawdown | 9.84 | 0.69 | +9.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMES.L | DBA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 0.26 | +1.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.69 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.08 | +0.27 |
Drawdowns
EMES.L vs. DBA - Drawdown Comparison
The maximum EMES.L drawdown since its inception was -28.84%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for EMES.L and DBA.
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Drawdown Indicators
| EMES.L | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.84% | -67.97% | +39.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -7.99% | +3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -12.36% | +5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -15.94% | -12.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.16% | — |
Current DrawdownCurrent decline from peak | -0.35% | -26.37% | +26.02% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -41.10% | +33.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 4.09% | -3.01% |
Volatility
EMES.L vs. DBA - Volatility Comparison
The current volatility for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) is 2.26%, while Invesco DB Agriculture Fund (DBA) has a volatility of 4.15%. This indicates that EMES.L experiences smaller price fluctuations and is considered to be less risky than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMES.L | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 4.15% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 6.48% | -1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 10.78% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.28% | 14.08% | -5.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 13.09% | -3.85% |
EMES.L vs. DBA - Expense Ratio Comparison
EMES.L has a 0.45% expense ratio, which is lower than DBA's 0.94% expense ratio.
Dividends
EMES.L vs. DBA - Dividend Comparison
EMES.L's dividend yield for the trailing twelve months is around 5.78%, more than DBA's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.42% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
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 DBA have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMES.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMES.L is cheaper with a 0.45% expense ratio, compared with 0.94% for DBA.
EMES.L is categorized as Emerging Markets Bonds, while DBA is Agricultural Commodities. EMES.L tracks JPM EMBI Global Diversified TR USD, while DBA tracks DBIQ Diversified Agriculture Index TR. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.45% for EMES.L and 0.94% for DBA.
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