EMGA.L vs. XUEB.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and XUEB.L (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) are both Emerging Markets Bonds funds - EMGA.L tracks the JPM GBI-EM Global Diversified TR USD while XUEB.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 3 years, EMGA.L returned 7.03%/yr vs 10.31%/yr for XUEB.L. A 0.60 correlation means they provide meaningful diversification when combined. EMGA.L charges 0.50%/yr vs 0.25%/yr for XUEB.L.
Performance
EMGA.L vs. XUEB.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EMGA.L achieves a 0.79% return, which is significantly lower than XUEB.L's 2.70% 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*
- —
XUEB.L
- 1D
- 0.35%
- 1M
- 1.05%
- YTD
- 2.70%
- 6M
- 3.15%
- 1Y
- 12.65%
- 3Y*
- 10.31%
- 5Y*
- —
- 10Y*
- —
EMGA.L vs. XUEB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMGA.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) | 0.79% | 18.25% | -2.74% | 11.65% | 6.94% |
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 2.70% | 13.61% | 6.10% | 11.06% | 5.53% |
Correlation
The correlation between EMGA.L and XUEB.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 | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022 | 0.60 |
The correlation between EMGA.L and XUEB.L has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMGA.L vs. XUEB.L — Risk / Return Rank
EMGA.L
XUEB.L
EMGA.L vs. XUEB.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 Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.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 | XUEB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.45 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.08 | -1.58 |
| Martin ratioReturn relative to average drawdown | 5.01 | 12.93 | -7.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EMGA.L | XUEB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 2.28 | -1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 1.17 | -1.01 |
Drawdowns
EMGA.L vs. XUEB.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, which is greater than XUEB.L's maximum drawdown of -14.08%. Use the drawdown chart below to compare losses from any high point for EMGA.L and XUEB.L.
Loading charts...
Drawdown Indicators
| EMGA.L | XUEB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -14.08% | -14.10% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -4.09% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -7.91% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | — | — |
Current DrawdownCurrent decline from peak | -2.52% | -0.01% | -2.51% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -2.09% | -6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 0.98% | +0.80% |
Volatility
EMGA.L vs. XUEB.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 Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) at 1.98%. This indicates that EMGA.L's price experiences larger fluctuations and is considered to be riskier than XUEB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMGA.L | XUEB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 1.98% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 4.67% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 5.54% | +1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 8.60% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 8.60% | +1.64% |
EMGA.L vs. XUEB.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is higher than XUEB.L's 0.25% expense ratio.
Dividends
EMGA.L vs. XUEB.L - Dividend Comparison
Neither EMGA.L nor XUEB.L has paid dividends to shareholders.
Frequently Asked Questions
EMGA.L and XUEB.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, XUEB.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEB.L is cheaper with a 0.25% expense ratio, compared with 0.50% for EMGA.L.
EMGA.L tracks JPM GBI-EM Global Diversified TR USD, while XUEB.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.50% for EMGA.L and 0.25% for XUEB.L.
Find the right allocation for EMGA.L and XUEB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer