EMGA.L vs. EMDL.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and EMDL.L (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) are both Emerging Markets Bonds funds tracking the JPM GBI-EM Global Diversified TR USD, from iShares and State Street respectively. Both are passively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs 0.51%/yr for EMDL.L. A 0.73 correlation means they provide meaningful diversification when combined. EMGA.L charges 0.50%/yr vs 0.55%/yr for EMDL.L.
Performance
EMGA.L vs. EMDL.L - Performance Comparison
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Different Trading Currencies
EMGA.L is traded in USD, while EMDL.L is traded in GBP. To make them comparable, the EMDL.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 EMDL.L's -0.90% 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*
- —
EMDL.L
- 1D
- 0.07%
- 1M
- -0.37%
- YTD
- -0.90%
- 6M
- 0.19%
- 1Y
- 4.92%
- 3Y*
- 5.30%
- 5Y*
- 0.51%
- 10Y*
- 1.98%
EMGA.L vs. EMDL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | -0.90% | 15.98% | -2.90% | 8.96% | -10.46% | -8.15% | 3.08% | 12.91% | -2.77% |
Correlation
The correlation between EMGA.L and EMDL.L is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.73 |
The correlation between EMGA.L and EMDL.L has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.
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Return for Risk
EMGA.L vs. EMDL.L — Risk / Return Rank
EMGA.L
EMDL.L
EMGA.L vs. EMDL.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 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.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.L | EMDL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.13 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 0.73 | +0.76 |
| Martin ratioReturn relative to average drawdown | 5.01 | 2.41 | +2.60 |
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
| EMGA.L | EMDL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 0.69 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.06 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | -0.02 | +0.18 |
Drawdowns
EMGA.L vs. EMDL.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, roughly equal to the maximum EMDL.L drawdown of -29.52%. Use the drawdown chart below to compare losses from any high point for EMGA.L and EMDL.L.
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Drawdown Indicators
| EMGA.L | EMDL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -29.52% | +1.34% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -6.68% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -8.83% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | -25.09% | -1.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.77% | — |
Current DrawdownCurrent decline from peak | -2.52% | -4.02% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -13.60% | +4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 2.04% | -0.26% |
Volatility
EMGA.L vs. EMDL.L - Volatility Comparison
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) and SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (EMDL.L) have volatilities of 2.63% and 2.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMGA.L | EMDL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.76% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 6.11% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 7.15% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 8.82% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 9.35% | +0.89% |
EMGA.L vs. EMDL.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is lower than EMDL.L's 0.55% expense ratio.
Dividends
EMGA.L vs. EMDL.L - Dividend Comparison
EMGA.L has not paid dividends to shareholders, while EMDL.L's dividend yield for the trailing twelve months is around 5.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMDL.L SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 5.09% | 4.87% | 4.87% | 4.23% | 4.03% | 4.01% | 3.97% | 4.56% | 4.06% | 4.92% | 4.02% | 5.26% |
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 EMDL.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMGA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMGA.L is cheaper with a 0.50% expense ratio, compared with 0.55% for EMDL.L.
Both ETFs track JPM GBI-EM Global Diversified TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EMGA.L and 0.55% for EMDL.L.
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