EMGA.L vs. WCOB.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and WCOB.L (WisdomTree Enhanced Commodity UCITS ETF USD Acc) are both exchange-traded funds - EMGA.L is a Emerging Markets Bonds fund tracking the JPM GBI-EM Global Diversified TR USD, while WCOB.L is a Commodities fund tracking the Optimised Roll Commodity. Both are passively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs 11.56%/yr for WCOB.L. At a 0.19 correlation, their price movements are largely independent. EMGA.L charges 0.50%/yr vs 0.35%/yr for WCOB.L.
Performance
EMGA.L vs. WCOB.L - Performance Comparison
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Different Trading Currencies
EMGA.L is traded in USD, while WCOB.L is traded in GBp. To make them comparable, the WCOB.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 WCOB.L's 30.97% 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*
- —
WCOB.L
- 1D
- -1.10%
- 1M
- -2.15%
- YTD
- 30.97%
- 6M
- 32.53%
- 1Y
- 44.01%
- 3Y*
- 16.12%
- 5Y*
- 11.56%
- 10Y*
- —
EMGA.L vs. WCOB.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% |
WCOB.L WisdomTree Enhanced Commodity UCITS ETF USD Acc | 30.97% | 15.86% | 2.76% | -7.43% | 12.73% | 27.42% | 1.20% | 7.40% | -12.62% |
Correlation
The correlation between EMGA.L and WCOB.L is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.19 |
The correlation between EMGA.L and WCOB.L shifts across timeframes, from -0.14 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMGA.L vs. WCOB.L — Risk / Return Rank
EMGA.L
WCOB.L
EMGA.L vs. WCOB.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 Enhanced Commodity UCITS ETF USD Acc (WCOB.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 | WCOB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.46 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 7.06 | -5.56 |
| Martin ratioReturn relative to average drawdown | 5.01 | 16.52 | -11.51 |
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 | WCOB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 2.60 | -1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.74 | -0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.75 | -0.59 |
Drawdowns
EMGA.L vs. WCOB.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, roughly equal to the maximum WCOB.L drawdown of -28.21%. Use the drawdown chart below to compare losses from any high point for EMGA.L and WCOB.L.
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Drawdown Indicators
| EMGA.L | WCOB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -28.21% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -6.21% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -9.66% | +0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | -24.44% | -2.16% |
Current DrawdownCurrent decline from peak | -2.52% | -3.97% | +1.45% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -10.84% | +1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 2.66% | -0.88% |
Volatility
EMGA.L vs. WCOB.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 WisdomTree Enhanced Commodity UCITS ETF USD Acc (WCOB.L) has a volatility of 5.98%. This indicates that EMGA.L experiences smaller price fluctuations and is considered to be less risky than WCOB.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 | WCOB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 5.98% | -3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 15.11% | -8.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 16.86% | -9.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 15.76% | -6.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 16.26% | -6.02% |
EMGA.L vs. WCOB.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is higher than WCOB.L's 0.35% expense ratio.
Dividends
EMGA.L vs. WCOB.L - Dividend Comparison
Neither EMGA.L nor WCOB.L has paid dividends to shareholders.
Frequently Asked Questions
EMGA.L and WCOB.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WCOB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WCOB.L is cheaper with a 0.35% expense ratio, compared with 0.50% for EMGA.L.
EMGA.L is categorized as Emerging Markets Bonds, while WCOB.L is Commodities. EMGA.L tracks JPM GBI-EM Global Diversified TR USD, while WCOB.L tracks Optimised Roll Commodity. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EMGA.L and 0.35% for WCOB.L.
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