EMGA.L vs. SEMC.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and SEMC.L (UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - EMGA.L tracks the JPM GBI-EM Global Diversified TR USD while SEMC.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs 2.95%/yr for SEMC.L. At a 0.20 correlation, their price movements are largely independent. EMGA.L charges 0.50%/yr vs 0.42%/yr for SEMC.L.
Performance
EMGA.L vs. SEMC.L - Performance Comparison
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Different Trading Currencies
EMGA.L is traded in USD, while SEMC.L is traded in GBp. To make them comparable, the SEMC.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 lower than SEMC.L's 2.05% 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*
- —
SEMC.L
- 1D
- 0.08%
- 1M
- 0.45%
- YTD
- 2.05%
- 6M
- 2.92%
- 1Y
- 8.25%
- 3Y*
- 8.38%
- 5Y*
- 2.95%
- 10Y*
- —
EMGA.L vs. SEMC.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% |
SEMC.L UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis | 2.05% | 10.24% | 7.28% | 7.45% | -10.17% | 0.62% | 2.59% | 8.65% | 0.40% |
Correlation
The correlation between EMGA.L and SEMC.L is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.20 |
The correlation between EMGA.L and SEMC.L shifts across timeframes, from 0.08 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMGA.L vs. SEMC.L — Risk / Return Rank
EMGA.L
SEMC.L
EMGA.L vs. SEMC.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 UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.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 | SEMC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.63 | -2.14 |
| Martin ratioReturn relative to average drawdown | 5.01 | 17.37 | -12.35 |
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 | SEMC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 1.80 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.48 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.49 | -0.33 |
Drawdowns
EMGA.L vs. SEMC.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, which is greater than SEMC.L's maximum drawdown of -16.63%. Use the drawdown chart below to compare losses from any high point for EMGA.L and SEMC.L.
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Drawdown Indicators
| EMGA.L | SEMC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -16.63% | -11.55% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -2.26% | -3.67% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -2.61% | -6.51% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | -16.63% | -9.97% |
Current DrawdownCurrent decline from peak | -2.52% | -0.15% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -3.27% | -5.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 0.47% | +1.31% |
Volatility
EMGA.L vs. SEMC.L - Volatility Comparison
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) has a higher volatility of 2.63% compared to UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.L) at 1.45%. This indicates that EMGA.L's price experiences larger fluctuations and is considered to be riskier than SEMC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMGA.L | SEMC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 1.45% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 3.69% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 4.56% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 6.09% | +2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 6.42% | +3.82% |
EMGA.L vs. SEMC.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is higher than SEMC.L's 0.42% expense ratio.
Dividends
EMGA.L vs. SEMC.L - Dividend Comparison
EMGA.L has not paid dividends to shareholders, while SEMC.L's dividend yield for the trailing twelve months is around 5.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SEMC.L UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis | 5.78% | 6.51% | 5.02% | 5.04% | 3.98% | 3.97% | 4.77% | 5.18% | 1.98% |
Frequently Asked Questions
EMGA.L and SEMC.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SEMC.L is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SEMC.L is cheaper with a 0.42% expense ratio, compared with 0.50% for EMGA.L.
EMGA.L tracks JPM GBI-EM Global Diversified TR USD, while SEMC.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.50% for EMGA.L and 0.42% for SEMC.L.
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