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EMES.L vs. JPEE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMES.L vs. JPEE.L

Last updated Jun 5, 2026

EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and JPEE.L (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)) are both Emerging Markets Bonds funds from iShares tracking the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMES.L returned 1.35%/yr vs 1.94%/yr for JPEE.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.

Performance

EMES.L vs. JPEE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) and iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (JPEE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMES.L is traded in USD, while JPEE.L is traded in EUR. To make them comparable, the JPEE.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 JPEE.L's 1.77% 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*
—

JPEE.L

1D
0.21%
1M
1.09%
YTD
1.77%
6M
2.39%
1Y
11.44%
3Y*
9.76%
5Y*
1.94%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMES.L vs. JPEE.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
JPEE.L
iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)		1.77%14.20%5.65%9.93%-18.63%-1.37%5.06%15.84%-0.84%

Correlation

The correlation between EMES.L and JPEE.L is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2018

0.81

The correlation between EMES.L and JPEE.L has been stable across timeframes, ranging from 0.72 to 0.82 - 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.

iShares J.P. Morgan ESG USD EM Bond UCITS ETF

iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)

Often compared with EMES.L:
EMES.L vs. WQDS.LEMES.L vs. ICBU.LEMES.L vs. FSEM.LEMES.L vs. EWZEMES.L vs. AMLPEMES.L vs. INDAEMES.L vs. FEZ
Often compared with JPEE.L:
JPEE.L vs. CEMBJPEE.L vs. VDEM.LJPEE.L vs. EUNA.DEJPEE.L vs. SXR8.DEJPEE.L vs. BNDXJPEE.L vs. GLDJPEE.L vs. EMDG.L

Return for Risk

EMES.L vs. JPEE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMES.L
EMES.L Risk / Return Rank: 5959
Overall Rank
EMES.L Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EMES.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
EMES.L Omega Ratio Rank: 6565
Omega Ratio Rank
EMES.L Calmar Ratio Rank: 4949
Calmar Ratio Rank
EMES.L Martin Ratio Rank: 5757
Martin Ratio Rank
JPEE.L
JPEE.L Risk / Return Rank: 5252
Overall Rank
JPEE.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
JPEE.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
JPEE.L Omega Ratio Rank: 4949
Omega Ratio Rank
JPEE.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
JPEE.L Martin Ratio Rank: 5353
Martin Ratio Rank
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.

EMES.L vs. JPEE.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 J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (JPEE.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.LJPEE.LDifference
Sharpe ratioReturn per unit of total volatility
1.95
1.94

+0.01

Sortino ratioReturn per unit of downside risk
2.93
2.85

+0.08

Omega ratioGain probability vs. loss probability

1.39

1.35

+0.03

Calmar ratioReturn relative to maximum drawdown

2.38

2.54

-0.17

Martin ratioReturn relative to average drawdown

9.84

10.41

-0.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMES.L vs. JPEE.L - Sharpe Ratio Comparison

The current EMES.L Sharpe Ratio is 1.95, which is comparable to the JPEE.L Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of EMES.L and JPEE.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.

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Sharpe Ratios by Period

EMES.LJPEE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

1.94

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.21

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.27

+0.08

Drawdowns

EMES.L vs. JPEE.L - Drawdown Comparison

The maximum EMES.L drawdown since its inception was -28.84%, roughly equal to the maximum JPEE.L drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for EMES.L and JPEE.L.

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Drawdown Indicators

EMES.LJPEE.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.84%

-28.48%

-0.36%

Max Drawdown (1Y)

Largest decline over 1 year

-4.48%

-4.48%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-7.22%

-7.19%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-28.84%

-28.48%

-0.36%

Current Drawdown

Current decline from peak

-0.35%

-0.16%

-0.19%

Average Drawdown

Average peak-to-trough decline

-7.85%

-7.15%

-0.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.08%

1.10%

-0.02%

Volatility

EMES.L vs. JPEE.L - Volatility Comparison

iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) has a higher volatility of 2.26% compared to iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (JPEE.L) at 1.97%. This indicates that EMES.L's price experiences larger fluctuations and is considered to be riskier than JPEE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMES.LJPEE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.26%

1.97%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

4.55%

4.31%

+0.24%

Volatility (1Y)

Calculated over the trailing 1-year period

5.47%

5.89%

-0.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.28%

9.21%

-0.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.24%

10.07%

-0.83%

EMES.L vs. JPEE.L - Expense Ratio Comparison

Both EMES.L and JPEE.L have an expense ratio of 0.45%.

Dividends

EMES.L vs. JPEE.L - Dividend Comparison

EMES.L's dividend yield for the trailing twelve months is around 5.78%, while JPEE.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
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%
JPEE.L
iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EMES.L and JPEE.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EMES.L and JPEE.L have the same expense ratio: 0.45% per year.

Both ETFs track JPM EMBI Global Diversified TR USD.

Portfolio Optimizer

Find the right allocation for EMES.L and JPEE.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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