EMGA.L vs. FSEM.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) are both Emerging Markets Bonds funds. EMGA.L is passively managed, while FSEM.L is actively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs 1.53%/yr for FSEM.L. At a 0.49 correlation, their price movements are largely independent. EMGA.L charges 0.50%/yr vs 0.45%/yr for FSEM.L.
Performance
EMGA.L vs. FSEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMGA.L achieves a 0.79% return, which is significantly lower than FSEM.L's 2.90% 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*
- —
FSEM.L
- 1D
- 0.09%
- 1M
- 0.89%
- YTD
- 2.90%
- 6M
- 3.45%
- 1Y
- 12.53%
- 3Y*
- 8.81%
- 5Y*
- 1.53%
- 10Y*
- —
EMGA.L vs. FSEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
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% | -3.05% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 2.90% | 13.32% | 3.51% | 8.82% | -17.90% | 2.49% |
Correlation
The correlation between EMGA.L and FSEM.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021 | 0.49 |
The correlation between EMGA.L and FSEM.L has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.
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Return for Risk
EMGA.L vs. FSEM.L — Risk / Return Rank
EMGA.L
FSEM.L
EMGA.L vs. FSEM.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 Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.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 | FSEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.46 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.11 | -1.61 |
| Martin ratioReturn relative to average drawdown | 5.01 | 11.25 | -6.24 |
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 | FSEM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 1.96 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.18 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.23 | -0.07 |
Drawdowns
EMGA.L vs. FSEM.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, roughly equal to the maximum FSEM.L drawdown of -28.00%. Use the drawdown chart below to compare losses from any high point for EMGA.L and FSEM.L.
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Drawdown Indicators
| EMGA.L | FSEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -28.00% | -0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -4.02% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -7.09% | -2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | -28.00% | +1.40% |
Current DrawdownCurrent decline from peak | -2.52% | -1.00% | -1.52% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -10.21% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.11% | +0.67% |
Volatility
EMGA.L vs. FSEM.L - Volatility Comparison
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) have volatilities of 2.63% and 2.72%, 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 | FSEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.72% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 5.22% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 6.39% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 8.58% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 8.47% | +1.77% |
EMGA.L vs. FSEM.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is higher than FSEM.L's 0.45% expense ratio.
Dividends
EMGA.L vs. FSEM.L - Dividend Comparison
EMGA.L has not paid dividends to shareholders, while FSEM.L's dividend yield for the trailing twelve months is around 7.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
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% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 7.90% | 6.31% | 6.49% | 5.74% | 5.01% | 2.41% |
Frequently Asked Questions
EMGA.L and FSEM.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FSEM.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FSEM.L is cheaper with a 0.45% expense ratio, compared with 0.50% for EMGA.L.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.50% for EMGA.L and 0.45% for FSEM.L.
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