PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EMGA.L vs. EMBE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMGA.L vs. EMBE.L

Last updated Jun 5, 2026

EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both Emerging Markets Bonds funds from iShares - EMGA.L tracks the JPM GBI-EM Global Diversified TR USD while EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs -1.25%/yr for EMBE.L. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EMGA.L vs. EMBE.L - Performance Comparison

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

Loading charts...

Different Trading Currencies

EMGA.L is traded in USD, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMGA.L achieves a 0.79% return, which is significantly higher than EMBE.L's -0.14% return.

EMGA.L

1D
-0.12%
1M
0.75%
YTD
0.79%
6M
1.63%
1Y
8.91%
3Y*
7.03%
5Y*
1.03%
10Y*
—

EMBE.L

1D
0.36%
1M
0.12%
YTD
-0.14%
6M
0.93%
1Y
10.65%
3Y*
10.44%
5Y*
-1.25%
10Y*
1.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMGA.L vs. EMBE.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EMGA.L
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)		0.79%18.25%-2.74%11.65%-10.95%-10.50%1.84%11.71%-2.92%
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		-0.14%25.90%-2.43%11.05%-25.61%-9.87%12.50%10.09%-4.37%

Correlation

The correlation between EMGA.L and EMBE.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

0.73

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

0.73

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2018

0.69

The correlation between EMGA.L and EMBE.L has been stable across timeframes, ranging from 0.69 to 0.73 - 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 Emerging Markets Local Government Bond UCITS ETF USD (Acc)

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)

Often compared with EMGA.L:
EMGA.L vs. EMLCEMGA.L vs. SEML.LEMGA.L vs. VDEA.LEMGA.L vs. EMLI.LEMGA.L vs. SBEM.LEMGA.L vs. GLDEMGA.L vs. EIMI.L
Often compared with EMBE.L:
EMBE.L vs. EMBEMBE.L vs. CEMBEMBE.L vs. SEMB.LEMBE.L vs. XUHY.LEMBE.L vs. VWOBEMBE.L vs. PCYEMBE.L vs. JEPQ

Return for Risk

EMGA.L vs. EMBE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMGA.L
EMGA.L Risk / Return Rank: 3434
Overall Rank
EMGA.L Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
EMGA.L Sortino Ratio Rank: 3434
Sortino Ratio Rank
EMGA.L Omega Ratio Rank: 3636
Omega Ratio Rank
EMGA.L Calmar Ratio Rank: 3131
Calmar Ratio Rank
EMGA.L Martin Ratio Rank: 3434
Martin Ratio Rank
EMBE.L
EMBE.L Risk / Return Rank: 4545
Overall Rank
EMBE.L Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EMBE.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
EMBE.L Omega Ratio Rank: 4545
Omega Ratio Rank
EMBE.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
EMBE.L Martin Ratio Rank: 4545
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.

EMGA.L vs. EMBE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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.

EMGA.LEMBE.LDifference
Sharpe ratioReturn per unit of total volatility
1.19
1.09

+0.10

Sortino ratioReturn per unit of downside risk
1.77
1.65

+0.12

Omega ratioGain probability vs. loss probability

1.23

1.20

+0.03

Calmar ratioReturn relative to maximum drawdown

1.50

1.32

+0.17

Martin ratioReturn relative to average drawdown

5.01

4.37

+0.64

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

EMGA.L vs. EMBE.L - Sharpe Ratio Comparison

The current EMGA.L Sharpe Ratio is 1.19, which is comparable to the EMBE.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of EMGA.L and EMBE.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.

Loading charts...

Sharpe Ratios by Period

EMGA.LEMBE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.19

1.09

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

-0.09

+0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.09

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.08

+0.08

Drawdowns

EMGA.L vs. EMBE.L - Drawdown Comparison

The maximum EMGA.L drawdown since its inception was -28.18%, smaller than the maximum EMBE.L drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for EMGA.L and EMBE.L.

Loading charts...

Drawdown Indicators

EMGA.LEMBE.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.18%

-44.54%

+16.36%

Max Drawdown (1Y)

Largest decline over 1 year

-5.93%

-8.00%

+2.07%

Max Drawdown (3Y)

Largest decline over 3 years

-9.12%

-13.39%

+4.27%

Max Drawdown (5Y)

Largest decline over 5 years

-26.60%

-43.18%

+16.58%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.54%

—

Current Drawdown

Current decline from peak

-2.52%

-9.05%

+6.53%

Average Drawdown

Average peak-to-trough decline

-8.98%

-15.04%

+6.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

2.43%

-0.65%

Volatility

EMGA.L vs. EMBE.L - Volatility Comparison

The current volatility for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) is 2.63%, while iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a volatility of 3.01%. This indicates that EMGA.L experiences smaller price fluctuations and is considered to be less risky than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EMGA.LEMBE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

3.01%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

6.52%

7.34%

-0.82%

Volatility (1Y)

Calculated over the trailing 1-year period

7.49%

9.79%

-2.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.03%

13.66%

-4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.24%

13.35%

-3.11%

EMGA.L vs. EMBE.L - Expense Ratio Comparison

Both EMGA.L and EMBE.L have an expense ratio of 0.50%.

Dividends

EMGA.L vs. EMBE.L - Dividend Comparison

EMGA.L has not paid dividends to shareholders, while EMBE.L's dividend yield for the trailing twelve months is around 5.63%.

PositionTTM20252024202320222021202020192018201720162015
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		5.63%5.44%5.64%5.50%5.39%3.92%3.85%4.77%5.75%3.88%5.36%4.72%
EMGA.L
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EMGA.L and EMBE.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 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EMGA.L and EMBE.L have the same expense ratio: 0.50% per year.

EMGA.L tracks JPM GBI-EM Global Diversified TR USD, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR.

Portfolio Optimizer

Find the right allocation for EMGA.L and EMBE.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