EMLI.L vs. EMCA.L
EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMLI.L tracks the JPM GBI-EM Global Diversified TR USD while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, EMLI.L returned 4.06%/yr vs 1.91%/yr for EMCA.L. At a 0.38 correlation, their price movements are largely independent. EMLI.L charges 0.61%/yr vs 0.50%/yr for EMCA.L.
Performance
EMLI.L vs. EMCA.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMLI.L achieves a 3.16% return, which is significantly higher than EMCA.L's 1.55% return.
EMLI.L
- 1D
- 0.18%
- 1M
- -0.13%
- 6M
- 2.29%
- YTD
- 3.16%
- 1Y
- 8.47%
- 3Y*
- 5.69%
- 5Y*
- 4.06%
- 10Y*
- 3.12%
EMCA.L
- 1D
- -0.09%
- 1M
- -0.38%
- 6M
- 1.25%
- YTD
- 1.55%
- 1Y
- 5.99%
- 3Y*
- 6.97%
- 5Y*
- 1.91%
- 10Y*
- —
EMLI.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist | 3.16% | 16.62% | -3.24% | 13.70% | -5.63% | -5.51% | 1.91% | 13.04% | -3.39% |
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 EMLI.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 | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.38 |
The correlation between EMLI.L and EMCA.L shifts across timeframes, from 0.28 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMLI.L vs. EMCA.L — Risk / Return Rank
EMLI.L
EMCA.L
EMLI.L vs. EMCA.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 $ 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.
| EMLI.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.63 | -1.14 |
| Martin ratioReturn relative to average drawdown | 4.90 | 10.19 | -5.29 |
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Drawdowns
EMLI.L vs. EMCA.L - Drawdown Comparison
The maximum EMLI.L drawdown since its inception was -25.82%, roughly equal to the maximum EMCA.L drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for EMLI.L and EMCA.L.
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Drawdown Indicators
| EMLI.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -24.69% | -1.13% |
Max Drawdown (1Y)Largest decline over 1 year | -5.66% | -2.21% | -3.45% |
Max Drawdown (3Y)Largest decline over 3 years | -7.82% | -3.58% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -19.08% | -20.14% | +1.06% |
Max Drawdown (10Y)Largest decline over 10 years | -21.08% | — | — |
Current DrawdownCurrent decline from peak | -1.34% | -0.53% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -7.31% | -4.05% | -3.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.57% | +1.15% |
Volatility
EMLI.L vs. EMCA.L - Volatility Comparison
PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) has a higher volatility of 1.94% compared to iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) at 1.06%. This indicates that EMLI.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
| EMLI.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.94% | 1.06% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.83% | 3.26% | +2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.75% | 3.82% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.89% | 5.25% | +4.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.48% | 8.79% | +0.69% |
EMLI.L vs. EMCA.L - Expense Ratio Comparison
EMLI.L has a 0.61% expense ratio, which is higher than EMCA.L's 0.50% expense ratio.
Dividends
EMLI.L vs. EMCA.L - Dividend Comparison
EMLI.L's dividend yield for the trailing twelve months is around 6.65%, while EMCA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist | 6.65% | 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
EMLI.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, EMCA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMCA.L is cheaper with a 0.50% expense ratio, compared with 0.61% for EMLI.L.
EMLI.L tracks JPM GBI-EM Global Diversified TR USD, 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: 0.61% for EMLI.L and 0.50% for EMCA.L.
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