EMLB.L vs. STHE.L
EMLB.L (PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)) and STHE.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged) are both exchange-traded funds - EMLB.L is a Emerging Markets Bonds fund tracking the PIMCO Emerging Markets Advantage Local Currency Bond Index, while STHE.L is a High Yield Bonds fund tracking the ICE BofA 0-5 Year US High Yield Constrained Index. Both are passively managed. Over the past 10 years, EMLB.L returned 3.11%/yr vs 3.53%/yr for STHE.L. At a 0.46 correlation, their price movements are largely independent. EMLB.L charges 0.39%/yr vs 0.60%/yr for STHE.L.
Performance
EMLB.L vs. STHE.L - Performance Comparison
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Different Trading Currencies
EMLB.L is traded in USD, while STHE.L is traded in EUR. To make them comparable, the STHE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMLB.L achieves a 2.92% return, which is significantly higher than STHE.L's -1.48% return. Over the past 10 years, EMLB.L has underperformed STHE.L with an annualized return of 3.11%, while STHE.L has yielded a comparatively higher 3.53% annualized 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%
STHE.L
- 1D
- 0.68%
- 1M
- -1.03%
- 6M
- -1.02%
- YTD
- -1.48%
- 1Y
- 2.96%
- 3Y*
- 7.06%
- 5Y*
- 2.57%
- 10Y*
- 3.53%
EMLB.L vs. STHE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -6.90% | 12.55% |
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged | -1.48% | 20.74% | 0.24% | 12.40% | -12.57% | -3.53% | 10.79% | 4.74% | -7.91% | 18.20% |
Correlation
The correlation between EMLB.L and STHE.L is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.46 |
The correlation between EMLB.L and STHE.L shifts across timeframes, from 0.46 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMLB.L vs. STHE.L — Risk / Return Rank
EMLB.L
STHE.L
EMLB.L vs. STHE.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 PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.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 | STHE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 0.45 | +1.09 |
| Martin ratioReturn relative to average drawdown | 5.03 | 1.02 | +4.01 |
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Drawdowns
EMLB.L vs. STHE.L - Drawdown Comparison
The maximum EMLB.L drawdown since its inception was -29.75%, smaller than the maximum STHE.L drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for EMLB.L and STHE.L.
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Drawdown Indicators
| EMLB.L | STHE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.75% | -33.58% | +3.83% |
Max Drawdown (1Y)Largest decline over 1 year | -5.48% | -6.62% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.50% | -8.13% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -20.09% | -27.32% | +7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -21.37% | -32.89% | +11.52% |
Current DrawdownCurrent decline from peak | -1.04% | -4.36% | +3.32% |
Average DrawdownAverage peak-to-trough decline | -9.33% | -10.45% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 2.90% | -1.22% |
Volatility
EMLB.L vs. STHE.L - Volatility Comparison
PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) has a higher volatility of 2.03% compared to PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.L) at 1.80%. This indicates that EMLB.L's price experiences larger fluctuations and is considered to be riskier than STHE.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 | STHE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.80% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 5.65% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.00% | 7.57% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 10.62% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.58% | 10.80% | -1.22% |
EMLB.L vs. STHE.L - Expense Ratio Comparison
EMLB.L has a 0.39% expense ratio, which is lower than STHE.L's 0.60% expense ratio.
Dividends
EMLB.L vs. STHE.L - Dividend Comparison
EMLB.L has not paid dividends to shareholders, while STHE.L's dividend yield for the trailing twelve months is around 6.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLB.L PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged | 6.99% | 7.17% | 7.65% | 6.27% | 4.99% | 4.57% | 4.88% | 5.14% | 5.37% | 5.18% | 5.41% | 5.28% |
Frequently Asked Questions
EMLB.L and STHE.L have a correlation of 0.59, 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 0.60% for STHE.L.
EMLB.L is categorized as Emerging Markets Bonds, while STHE.L is High Yield Bonds. EMLB.L tracks PIMCO Emerging Markets Advantage Local Currency Bond Index, while STHE.L tracks ICE BofA 0-5 Year US High Yield Constrained Index. Their fees differ too: 0.39% for EMLB.L and 0.60% for STHE.L.
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