EMES.L vs. UBXX.L
EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and UBXX.L (UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis) are both Emerging Markets Bonds funds - EMES.L tracks the JPM EMBI Global Diversified TR USD while UBXX.L tracks the J.P. Morgan EMBI Global Diversified 1-5 Year Index. Both are passively managed. Over the past 5 years, EMES.L returned 1.35%/yr vs 1.30%/yr for UBXX.L. At a 0.48 correlation, their price movements are largely independent. EMES.L charges 0.45%/yr vs 0.47%/yr for UBXX.L.
Performance
EMES.L vs. UBXX.L - Performance Comparison
Loading charts...
Different Trading Currencies
EMES.L is traded in USD, while UBXX.L is traded in GBp. To make them comparable, the UBXX.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 UBXX.L's 1.89% 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*
- —
UBXX.L
- 1D
- 0.06%
- 1M
- -0.46%
- YTD
- 1.89%
- 6M
- 3.41%
- 1Y
- 6.98%
- 3Y*
- 10.92%
- 5Y*
- 1.30%
- 10Y*
- —
EMES.L vs. UBXX.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% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 1.89% | 17.99% | 5.23% | 12.79% | -20.58% | -1.01% | 4.80% | 10.19% | -3.62% |
Correlation
The correlation between EMES.L and UBXX.L is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.48 |
The correlation between EMES.L and UBXX.L has been stable across timeframes, ranging from 0.48 to 0.54 - 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
EMES.L vs. UBXX.L — Risk / Return Rank
EMES.L
UBXX.L
EMES.L vs. UBXX.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 UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.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 | UBXX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.16 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 1.18 | +1.19 |
| Martin ratioReturn relative to average drawdown | 9.84 | 3.48 | +6.37 |
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 | UBXX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 0.90 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.12 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.18 | +0.17 |
Drawdowns
EMES.L vs. UBXX.L - Drawdown Comparison
The maximum EMES.L drawdown since its inception was -28.84%, smaller than the maximum UBXX.L drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for EMES.L and UBXX.L.
Loading charts...
Drawdown Indicators
| EMES.L | UBXX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.84% | -35.97% | +7.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -5.87% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -9.25% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -35.97% | +7.13% |
Current DrawdownCurrent decline from peak | -0.35% | -1.90% | +1.55% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -10.61% | +2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.00% | -0.92% |
Volatility
EMES.L vs. UBXX.L - Volatility Comparison
iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) has a higher volatility of 2.26% compared to UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.L) at 2.13%. This indicates that EMES.L's price experiences larger fluctuations and is considered to be riskier than UBXX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMES.L | UBXX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 2.13% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 5.90% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 7.76% | -2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.28% | 10.76% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 11.14% | -1.90% |
EMES.L vs. UBXX.L - Expense Ratio Comparison
EMES.L has a 0.45% expense ratio, which is lower than UBXX.L's 0.47% expense ratio.
Dividends
EMES.L vs. UBXX.L - Dividend Comparison
EMES.L's dividend yield for the trailing twelve months is around 5.78%, less than UBXX.L's 6.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 6.47% | 25.71% | 7.05% | 4.76% | 4.40% | 3.91% | 4.43% | 6.18% | 0.21% |
Frequently Asked Questions
EMES.L and UBXX.L have a correlation of 0.51, 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 0.47% for UBXX.L.
EMES.L tracks JPM EMBI Global Diversified TR USD, while UBXX.L tracks J.P. Morgan EMBI Global Diversified 1-5 Year Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.45% for EMES.L and 0.47% for UBXX.L.
Find the right allocation for EMES.L and UBXX.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