EMHG.L vs. GAGG.L
EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) and GAGG.L (Amundi Index Barclays Global Agg 500M) are both exchange-traded funds - EMHG.L is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while GAGG.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, EMHG.L returned 0.86%/yr vs -1.44%/yr for GAGG.L. At a 0.05 correlation, their price movements are largely independent. EMHG.L charges 0.50%/yr vs 0.03%/yr for GAGG.L.
Performance
EMHG.L vs. GAGG.L - Performance Comparison
Loading charts...
Different Trading Currencies
EMHG.L is traded in GBP, while GAGG.L is traded in GBp. To make them comparable, the GAGG.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 1.47% return, which is significantly higher than GAGG.L's -0.84% return.
EMHG.L
- 1D
- 0.00%
- 1M
- -0.64%
- 6M
- 1.75%
- YTD
- 1.47%
- 1Y
- 9.27%
- 3Y*
- 8.05%
- 5Y*
- 0.86%
- 10Y*
- —
GAGG.L
- 1D
- 0.30%
- 1M
- -1.46%
- 6M
- -0.95%
- YTD
- -0.84%
- 1Y
- 1.09%
- 3Y*
- 1.60%
- 5Y*
- -1.44%
- 10Y*
- —
EMHG.L vs. GAGG.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) | 1.47% | 13.40% | 5.31% | 8.97% | -19.93% | -2.50% | 3.49% | 13.78% | -3.63% |
GAGG.L Amundi Index Barclays Global Agg 500M | -0.84% | 0.42% | 0.19% | -0.73% | -5.96% | -3.91% | 5.63% | 2.75% | 9.31% |
Correlation
The correlation between EMHG.L and GAGG.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2018 | 0.05 |
The correlation between EMHG.L and GAGG.L shifts across timeframes, from 0.05 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.
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
EMHG.L vs. GAGG.L — Risk / Return Rank
EMHG.L
GAGG.L
EMHG.L vs. GAGG.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 Amundi Index Barclays Global Agg 500M (GAGG.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 | GAGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.04 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 0.30 | +1.78 |
| Martin ratioReturn relative to average drawdown | 8.44 | 0.57 | +7.87 |
Loading charts...
Drawdowns
EMHG.L vs. GAGG.L - Drawdown Comparison
The maximum EMHG.L drawdown since its inception was -29.64%, which is greater than GAGG.L's maximum drawdown of -21.52%. Use the drawdown chart below to compare losses from any high point for EMHG.L and GAGG.L.
Loading charts...
Drawdown Indicators
| EMHG.L | GAGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.64% | -21.52% | -8.12% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -3.67% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -4.94% | -2.68% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | -14.17% | -15.47% |
Current DrawdownCurrent decline from peak | -0.90% | -16.68% | +15.78% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -13.53% | +5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.90% | -0.80% |
Volatility
EMHG.L vs. GAGG.L - Volatility Comparison
iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) has a higher volatility of 1.32% compared to Amundi Index Barclays Global Agg 500M (GAGG.L) at 1.25%. This indicates that EMHG.L's price experiences larger fluctuations and is considered to be riskier than GAGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMHG.L | GAGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.25% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.87% | 3.33% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.89% | 4.49% | +1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.99% | 6.54% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 7.96% | +2.06% |
EMHG.L vs. GAGG.L - Expense Ratio Comparison
EMHG.L has a 0.50% expense ratio, which is higher than GAGG.L's 0.03% expense ratio.
Dividends
EMHG.L vs. GAGG.L - Dividend Comparison
EMHG.L's dividend yield for the trailing twelve months is around 5.72%, while GAGG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 5.72% | 5.71% | 5.74% | 5.61% | 5.64% | 3.93% | 3.85% | 4.73% | 3.64% |
GAGG.L Amundi Index Barclays Global Agg 500M | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMHG.L and GAGG.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GAGG.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GAGG.L is cheaper with a 0.03% expense ratio, compared with 0.50% for EMHG.L.
EMHG.L is categorized as Emerging Markets Bonds, while GAGG.L is Global Bonds. EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while GAGG.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.50% for EMHG.L and 0.03% for GAGG.L.
Find the right allocation for EMHG.L and GAGG.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