EMES.L vs. XQUA.L
EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and XQUA.L (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from iShares and Xtrackers respectively. Both are passively managed. Over the past 5 years, EMES.L returned 1.35%/yr vs -0.11%/yr for XQUA.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.
Performance
EMES.L vs. XQUA.L - 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 higher than XQUA.L's 0.94% 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*
- —
XQUA.L
- 1D
- 0.35%
- 1M
- 0.59%
- YTD
- 0.94%
- 6M
- 0.97%
- 1Y
- 8.08%
- 3Y*
- 5.25%
- 5Y*
- -0.11%
- 10Y*
- 0.95%
EMES.L vs. XQUA.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% |
XQUA.L Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D | 0.94% | 10.82% | -0.40% | 7.51% | -17.76% | -1.45% | 6.97% | 10.02% | 0.26% |
Correlation
The correlation between EMES.L and XQUA.L is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.92 |
The correlation between EMES.L and XQUA.L has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
EMES.L vs. XQUA.L — Risk / Return Rank
EMES.L
XQUA.L
EMES.L vs. XQUA.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 Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.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 | XQUA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.32 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.00 | +0.37 |
| Martin ratioReturn relative to average drawdown | 9.84 | 7.21 | +2.64 |
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 | XQUA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 1.72 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.01 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.11 | +0.23 |
Drawdowns
EMES.L vs. XQUA.L - Drawdown Comparison
The maximum EMES.L drawdown since its inception was -28.84%, which is greater than XQUA.L's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for EMES.L and XQUA.L.
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Drawdown Indicators
| EMES.L | XQUA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.84% | -26.27% | -2.57% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -4.02% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -8.21% | +0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -26.26% | -2.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.27% | — |
Current DrawdownCurrent decline from peak | -0.35% | -2.91% | +2.56% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -7.73% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.12% | -0.04% |
Volatility
EMES.L vs. XQUA.L - Volatility Comparison
iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) has a higher volatility of 2.26% compared to Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.L) at 1.74%. This indicates that EMES.L's price experiences larger fluctuations and is considered to be riskier than XQUA.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.L | XQUA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 1.74% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 3.72% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 4.71% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.28% | 8.01% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 8.65% | +0.59% |
EMES.L vs. XQUA.L - Expense Ratio Comparison
Both EMES.L and XQUA.L have an expense ratio of 0.45%.
Dividends
EMES.L vs. XQUA.L - Dividend Comparison
EMES.L's dividend yield for the trailing twelve months is around 5.78%, more than XQUA.L's 4.61% 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% |
XQUA.L Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D | 4.61% | 4.49% | 4.61% | 4.24% | 6.92% | 4.08% | 4.54% | 0.00% | 0.00% |
Frequently Asked Questions
EMES.L and XQUA.L have a correlation of 0.89, 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 XQUA.L have the same expense ratio: 0.45% per year.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Xtrackers.
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