EMES.L vs. XUEM.L
EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) 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 1.90%/yr for XUEM.L. Their correlation of 0.93 suggests significant overlap in exposure. EMES.L charges 0.45%/yr vs 0.25%/yr for XUEM.L.
Performance
EMES.L vs. XUEM.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 lower than XUEM.L's 2.60% 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*
- —
XUEM.L
- 1D
- 0.16%
- 1M
- 1.00%
- YTD
- 2.60%
- 6M
- 3.19%
- 1Y
- 12.53%
- 3Y*
- 10.25%
- 5Y*
- 1.90%
- 10Y*
- —
EMES.L vs. XUEM.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% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 2.60% | 13.58% | 6.08% | 10.88% | -19.42% | -2.38% | 3.07% | 15.18% | -0.58% |
Correlation
The correlation between EMES.L and XUEM.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.93 |
The correlation between EMES.L and XUEM.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
EMES.L vs. XUEM.L — Risk / Return Rank
EMES.L
XUEM.L
EMES.L vs. XUEM.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 USD Emerging Markets Bond UCITS ETF 2D (XUEM.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 | XUEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.50 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 3.22 | -0.84 |
| Martin ratioReturn relative to average drawdown | 9.84 | 13.78 | -3.94 |
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 | XUEM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.52 | -0.57 |
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 | 0.28 | +0.06 |
Drawdowns
EMES.L vs. XUEM.L - Drawdown Comparison
The maximum EMES.L drawdown since its inception was -28.84%, roughly equal to the maximum XUEM.L drawdown of -29.94%. Use the drawdown chart below to compare losses from any high point for EMES.L and XUEM.L.
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Drawdown Indicators
| EMES.L | XUEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.84% | -29.94% | +1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -3.88% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -8.08% | +0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -29.94% | +1.10% |
Current DrawdownCurrent decline from peak | -0.35% | -0.02% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -7.83% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 0.91% | +0.17% |
Volatility
EMES.L vs. XUEM.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 USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) at 1.66%. This indicates that EMES.L's price experiences larger fluctuations and is considered to be riskier than XUEM.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 | XUEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 1.66% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 3.97% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 4.97% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.28% | 8.90% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 10.84% | -1.60% |
EMES.L vs. XUEM.L - Expense Ratio Comparison
EMES.L has a 0.45% expense ratio, which is higher than XUEM.L's 0.25% expense ratio.
Dividends
EMES.L vs. XUEM.L - Dividend Comparison
EMES.L's dividend yield for the trailing twelve months is around 5.78%, more than XUEM.L's 5.21% 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% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.21% | 5.30% | 6.79% | 5.27% | 5.92% | 8.49% | 4.18% | 0.61% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, EMES.L and XUEM.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, XUEM.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEM.L is cheaper with a 0.25% expense ratio, compared with 0.45% for EMES.L.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.45% for EMES.L and 0.25% for XUEM.L.
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