EMHG.L vs. EMAU.L
EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) and EMAU.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMHG.L tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core while EMAU.L tracks the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. Both are passively managed. Over the past 3 years, EMHG.L returned 8.37%/yr vs 5.13%/yr for EMAU.L. At a 0.06 correlation, their price movements are largely independent. EMHG.L charges 0.50%/yr vs 0.35%/yr for EMAU.L.
Performance
EMHG.L vs. EMAU.L - Performance Comparison
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Different Trading Currencies
EMHG.L is traded in GBP, while EMAU.L is traded in USD. To make them comparable, the EMAU.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMHG.L achieves a 1.82% return, which is significantly higher than EMAU.L's 0.88% return.
EMHG.L
- 1D
- 0.30%
- 1M
- -0.56%
- 6M
- 2.08%
- YTD
- 1.82%
- 1Y
- 9.87%
- 3Y*
- 8.37%
- 5Y*
- 0.93%
- 10Y*
- —
EMAU.L
- 1D
- -1.04%
- 1M
- -1.15%
- 6M
- 0.30%
- YTD
- 0.88%
- 1Y
- 4.45%
- 3Y*
- 5.13%
- 5Y*
- —
- 10Y*
- —
EMHG.L vs. EMAU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 1.82% | 13.40% | 5.31% | 8.97% | -19.93% | -1.49% |
EMAU.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.88% | 0.36% | 7.52% | 1.50% | -0.80% | 0.88% |
Correlation
The correlation between EMHG.L and EMAU.L is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.06 |
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Return for Risk
EMHG.L vs. EMAU.L — Risk / Return Rank
EMHG.L
EMAU.L
EMHG.L vs. EMAU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) and L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAU.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMHG.L | EMAU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.12 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.91 | +1.36 |
| Martin ratioReturn relative to average drawdown | 9.28 | 2.39 | +6.89 |
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Drawdowns
EMHG.L vs. EMAU.L - Drawdown Comparison
The maximum EMHG.L drawdown since its inception was -29.64%, which is greater than EMAU.L's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for EMHG.L and EMAU.L.
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Drawdown Indicators
| EMHG.L | EMAU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.64% | -12.44% | -17.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -4.84% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -8.77% | +1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -2.84% | +2.28% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -4.47% | -3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.86% | -0.77% |
Volatility
EMHG.L vs. EMAU.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) is 1.37%, while L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAU.L) has a volatility of 2.21%. This indicates that EMHG.L experiences smaller price fluctuations and is considered to be less risky than EMAU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHG.L | EMAU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 2.21% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 5.38% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 6.67% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.00% | 8.44% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 8.44% | +1.58% |
EMHG.L vs. EMAU.L - Expense Ratio Comparison
EMHG.L has a 0.50% expense ratio, which is higher than EMAU.L's 0.35% expense ratio.
Dividends
EMHG.L vs. EMAU.L - Dividend Comparison
EMHG.L's dividend yield for the trailing twelve months is around 6.17%, while EMAU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMAU.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 6.17% | 5.71% | 5.74% | 5.61% | 5.64% | 3.93% | 3.85% | 4.73% | 3.64% |
Frequently Asked Questions
EMHG.L and EMAU.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMAU.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMAU.L is cheaper with a 0.35% expense ratio, compared with 0.50% for EMHG.L.
EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while EMAU.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.50% for EMHG.L and 0.35% for EMAU.L.
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