EMGA.L vs. USFR.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both exchange-traded funds - EMGA.L is a Emerging Markets Bonds fund tracking the JPM GBI-EM Global Diversified TR USD, while USFR.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs 3.59%/yr for USFR.L. At a 0.05 correlation, their price movements are largely independent. EMGA.L charges 0.50%/yr vs 0.15%/yr for USFR.L.
Performance
EMGA.L vs. USFR.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 USFR.L's 1.59% 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*
- —
USFR.L
- 1D
- 0.01%
- 1M
- 0.33%
- YTD
- 1.59%
- 6M
- 1.90%
- 1Y
- 3.96%
- 3Y*
- 4.69%
- 5Y*
- 3.59%
- 10Y*
- —
EMGA.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 7.51% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 1.59% | 4.13% | 5.41% | 4.94% | 2.05% | -0.16% | 0.57% | 1.47% |
Correlation
The correlation between EMGA.L and USFR.L is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2019 | 0.05 |
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Return for Risk
EMGA.L vs. USFR.L — Risk / Return Rank
EMGA.L
USFR.L
EMGA.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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 | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.93 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 14.72 | -13.22 |
| Martin ratioReturn relative to average drawdown | 5.01 | 58.09 | -53.08 |
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 | USFR.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 3.60 | -2.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 2.39 | -2.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 1.51 | -1.35 |
Drawdowns
EMGA.L vs. USFR.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, which is greater than USFR.L's maximum drawdown of -2.99%. Use the drawdown chart below to compare losses from any high point for EMGA.L and USFR.L.
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Drawdown Indicators
| EMGA.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -2.99% | -25.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -0.27% | -5.66% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -0.89% | -8.23% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | -0.89% | -25.71% |
Current DrawdownCurrent decline from peak | -2.52% | 0.00% | -2.52% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -0.09% | -8.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 0.07% | +1.71% |
Volatility
EMGA.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) at 0.28%. This indicates that EMGA.L's price experiences larger fluctuations and is considered to be riskier than USFR.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 | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 0.28% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 0.86% | +5.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 1.10% | +6.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 1.50% | +7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 1.84% | +8.40% |
EMGA.L vs. USFR.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is higher than USFR.L's 0.15% expense ratio.
Dividends
EMGA.L vs. USFR.L - Dividend Comparison
EMGA.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 3.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.99% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
EMGA.L and USFR.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USFR.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USFR.L is cheaper with a 0.15% expense ratio, compared with 0.50% for EMGA.L.
EMGA.L is categorized as Emerging Markets Bonds, while USFR.L is Government Bonds. EMGA.L tracks JPM GBI-EM Global Diversified TR USD, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EMGA.L and 0.15% for USFR.L.
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