EMLB.L vs. EMCA.L
EMLB.L (PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMLB.L tracks the PIMCO Emerging Markets Advantage Local Currency Bond Index while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, EMLB.L returned 3.98%/yr vs 1.91%/yr for EMCA.L. At a 0.34 correlation, their price movements are largely independent. EMLB.L charges 0.39%/yr vs 0.50%/yr for EMCA.L.
Performance
EMLB.L vs. EMCA.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMLB.L achieves a 2.92% return, which is significantly higher than EMCA.L's 1.55% return.
EMLB.L
- 1D
- 0.25%
- 1M
- 0.05%
- 6M
- 2.30%
- YTD
- 2.92%
- 1Y
- 8.68%
- 3Y*
- 5.90%
- 5Y*
- 3.98%
- 10Y*
- 3.11%
EMCA.L
- 1D
- -0.09%
- 1M
- -0.38%
- 6M
- 1.25%
- YTD
- 1.55%
- 1Y
- 5.99%
- 3Y*
- 6.97%
- 5Y*
- 1.91%
- 10Y*
- —
EMLB.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMLB.L PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) | 2.92% | 17.08% | -3.25% | 13.74% | -5.70% | -5.53% | 1.91% | 13.10% | -3.23% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.55% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 7.04% | 13.77% | 0.89% |
Correlation
The correlation between EMLB.L and EMCA.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.34 |
The correlation between EMLB.L and EMCA.L shifts across timeframes, from 0.28 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMLB.L vs. EMCA.L — Risk / Return Rank
EMLB.L
EMCA.L
EMLB.L vs. EMCA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.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.
| EMLB.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 2.63 | -1.09 |
| Martin ratioReturn relative to average drawdown | 5.03 | 10.19 | -5.16 |
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Drawdowns
EMLB.L vs. EMCA.L - Drawdown Comparison
The maximum EMLB.L drawdown since its inception was -29.75%, which is greater than EMCA.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for EMLB.L and EMCA.L.
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Drawdown Indicators
| EMLB.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.75% | -24.69% | -5.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.48% | -2.21% | -3.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.50% | -3.58% | -3.92% |
Max Drawdown (5Y)Largest decline over 5 years | -20.09% | -20.14% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -21.37% | — | — |
Current DrawdownCurrent decline from peak | -1.04% | -0.53% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -9.33% | -4.05% | -5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 0.57% | +1.11% |
Volatility
EMLB.L vs. EMCA.L - Volatility Comparison
PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) has a higher volatility of 2.03% compared to iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) at 1.06%. This indicates that EMLB.L's price experiences larger fluctuations and is considered to be riskier 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
| EMLB.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.06% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 3.26% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.00% | 3.82% | +3.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 5.25% | +4.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.58% | 8.79% | +0.79% |
EMLB.L vs. EMCA.L - Expense Ratio Comparison
EMLB.L has a 0.39% expense ratio, which is lower than EMCA.L's 0.50% expense ratio.
Dividends
EMLB.L vs. EMCA.L - Dividend Comparison
Neither EMLB.L nor EMCA.L has paid dividends to shareholders.
Frequently Asked Questions
EMLB.L and EMCA.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMLB.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMLB.L is cheaper with a 0.39% expense ratio, compared with 0.50% for EMCA.L.
EMLB.L tracks PIMCO Emerging Markets Advantage Local Currency Bond Index, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for EMLB.L and 0.50% for EMCA.L.
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