EMHG.L vs. EMCA.L
EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds from iShares - EMHG.L tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, EMHG.L returned 0.93%/yr vs 2.28%/yr for EMCA.L. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
EMHG.L vs. EMCA.L - Performance Comparison
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Different Trading Currencies
EMHG.L is traded in GBP, while EMCA.L is traded in USD. To make them comparable, the EMCA.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 EMCA.L's 1.23% 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*
- —
EMCA.L
- 1D
- 0.00%
- 1M
- -1.17%
- 6M
- 0.73%
- YTD
- 1.23%
- 1Y
- 4.96%
- 3Y*
- 5.79%
- 5Y*
- 2.28%
- 10Y*
- —
EMHG.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 1.82% | 13.40% | 5.31% | 8.97% | -19.93% | -2.50% | 3.49% | 13.78% | -1.99% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.23% | 0.87% | 8.06% | 2.56% | -1.64% | 0.43% | 3.90% | 9.44% | 5.14% |
Correlation
The correlation between EMHG.L and EMCA.L is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.06 |
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Return for Risk
EMHG.L vs. EMCA.L — Risk / Return Rank
EMHG.L
EMCA.L
EMHG.L vs. EMCA.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 iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.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 | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.13 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.04 | +1.24 |
| Martin ratioReturn relative to average drawdown | 9.28 | 2.97 | +6.31 |
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Drawdowns
EMHG.L vs. EMCA.L - Drawdown Comparison
The maximum EMHG.L drawdown since its inception was -29.64%, which is greater than EMCA.L's maximum drawdown of -16.51%. Use the drawdown chart below to compare losses from any high point for EMHG.L and EMCA.L.
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Drawdown Indicators
| EMHG.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.64% | -16.51% | -13.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -4.84% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -8.21% | +0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | -12.05% | -17.59% |
Current DrawdownCurrent decline from peak | -0.56% | -2.95% | +2.39% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -4.02% | -4.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.70% | -0.61% |
Volatility
EMHG.L vs. EMCA.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) is 1.37%, while iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) has a volatility of 2.14%. This indicates that EMHG.L experiences smaller price fluctuations and is considered to be less risky than EMCA.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 | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 2.14% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 5.56% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 6.98% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.00% | 8.46% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 10.82% | -0.80% |
EMHG.L vs. EMCA.L - Expense Ratio Comparison
Both EMHG.L and EMCA.L have an expense ratio of 0.50%.
Dividends
EMHG.L vs. EMCA.L - Dividend Comparison
EMHG.L's dividend yield for the trailing twelve months is around 6.17%, while EMCA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond 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 EMCA.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMHG.L and EMCA.L have the same expense ratio: 0.50% per year.
EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index.
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