EMLI.L vs. EMBE.L

Last updated Jun 5, 2026

EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both Emerging Markets Bonds funds - EMLI.L tracks the JPM GBI-EM Global Diversified TR USD while EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 10 years, EMLI.L returned 3.23%/yr vs 1.21%/yr for EMBE.L. A 0.56 correlation means they provide meaningful diversification when combined. EMLI.L charges 0.61%/yr vs 0.50%/yr for EMBE.L.

Performance

EMLI.L vs. EMBE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMLI.L is traded in USD, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMLI.L achieves a 1.64% return, which is significantly higher than EMBE.L's -0.14% return. Over the past 10 years, EMLI.L has outperformed EMBE.L with an annualized return of 3.23%, while EMBE.L has yielded a comparatively lower 1.21% annualized return.

EMLI.L

• 1D: -0.27%
• 1M: -0.41%
• YTD: 1.64%
• 6M: 1.64%
• 1Y: 8.36%
• 3Y*: 6.38%
• 5Y*: 3.30%
• 10Y*: 3.23%

EMBE.L

• 1D: 0.36%
• 1M: 0.12%
• YTD: -0.14%
• 6M: 0.93%
• 1Y: 10.65%
• 3Y*: 10.44%
• 5Y*: -1.25%
• 10Y*: 1.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLI.L vs. EMBE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	1.64%	16.62%	-3.24%	13.68%	-5.61%	-5.52%	1.92%	13.04%	-6.89%	12.58%
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	-0.14%	25.90%	-2.43%	11.05%	-25.61%	-9.87%	12.50%	10.09%	-12.68%	23.42%

Correlation

The correlation between EMLI.L and EMBE.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014	0.56

The correlation between EMLI.L and EMBE.L shifts across timeframes, from 0.56 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.

EMLI.L vs. EMBE.L - Sectors Allocation Comparison

Sectors	EMLI.L	EMBE.L
Basic Materials	7.4%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-0.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EMLI.L vs. EMBE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMLI.L

EMLI.L Risk / Return Rank: 35
EMLI.L Sharpe Ratio Rank: 36
EMLI.L Sortino Ratio Rank: 38
EMLI.L Omega Ratio Rank: 38
EMLI.L Calmar Ratio Rank: 30
EMLI.L Martin Ratio Rank: 35

EMBE.L

EMBE.L Risk / Return Rank: 45
EMBE.L Sharpe Ratio Rank: 43
EMBE.L Sortino Ratio Rank: 50
EMBE.L Omega Ratio Rank: 45
EMBE.L Calmar Ratio Rank: 39
EMBE.L Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMLI.L vs. EMBE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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.

	EMLI.L	EMBE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.09	+0.20
Sortino ratio: Return per unit of downside risk	1.93	1.65	+0.27
Omega ratio: Gain probability vs. loss probability	1.25	1.20	+0.05
Calmar ratio: Return relative to maximum drawdown	1.47	1.32	+0.14
Martin ratio: Return relative to average drawdown	5.23	4.37	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMLI.L vs. EMBE.L - Sharpe Ratio Comparison

The current EMLI.L Sharpe Ratio is 1.29, which is comparable to the EMBE.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of EMLI.L and EMBE.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMLI.L	EMBE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.09	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	-0.09	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.09	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.08	+0.15

Drawdowns

EMLI.L vs. EMBE.L - Drawdown Comparison

The maximum EMLI.L drawdown since its inception was -25.62%, smaller than the maximum EMBE.L drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for EMLI.L and EMBE.L.

Drawdown Indicators

	EMLI.L	EMBE.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.62%	-44.54%	+18.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-8.00%	+2.33%
Max Drawdown (3Y) Largest decline over 3 years	-7.82%	-13.39%	+5.57%
Max Drawdown (5Y) Largest decline over 5 years	-19.52%	-43.18%	+23.66%
Max Drawdown (10Y) Largest decline over 10 years	-21.08%	-44.54%	+23.46%
Current Drawdown Current decline from peak	-2.80%	-9.05%	+6.25%
Average Drawdown Average peak-to-trough decline	-7.31%	-15.04%	+7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	2.43%	-0.84%

Volatility

EMLI.L vs. EMBE.L - Volatility Comparison

The current volatility for PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) is 2.02%, while iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a volatility of 3.01%. This indicates that EMLI.L experiences smaller price fluctuations and is considered to be less risky than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLI.L	EMBE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	3.01%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	5.40%	7.34%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	9.79%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.89%	13.66%	-3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.59%	13.35%	-3.76%

EMLI.L vs. EMBE.L - Expense Ratio Comparison

EMLI.L has a 0.61% expense ratio, which is higher than EMBE.L's 0.50% expense ratio.

Dividends

EMLI.L vs. EMBE.L - Dividend Comparison

EMLI.L's dividend yield for the trailing twelve months is around 6.55%, more than EMBE.L's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)	5.63%	5.44%	5.64%	5.50%	5.39%	3.92%	3.85%	4.77%	5.75%	3.88%	5.36%	4.72%
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	6.55%	5.81%	6.33%	5.70%	5.21%	4.50%	3.68%	5.24%	5.83%	5.76%	6.69%	7.09%

Frequently Asked Questions

Can I hold both EMLI.L and EMBE.L in my portfolio?

EMLI.L and EMBE.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMLI.L or EMBE.L?

On fees, EMBE.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMLI.L or EMBE.L?

EMBE.L is cheaper with a 0.50% expense ratio, compared with 0.61% for EMLI.L.

What is the main difference between EMLI.L and EMBE.L?

EMLI.L tracks JPM GBI-EM Global Diversified TR USD, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.61% for EMLI.L and 0.50% for EMBE.L.