EMLI.L vs. PEMD.L

Last updated Jun 5, 2026

EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds - EMLI.L tracks the JPM GBI-EM Global Diversified TR USD while PEMD.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMLI.L returned 3.30%/yr vs 2.29%/yr for PEMD.L. A 0.52 correlation means they provide meaningful diversification when combined. EMLI.L charges 0.61%/yr vs 0.25%/yr for PEMD.L.

Performance

EMLI.L vs. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EMLI.L having a 1.64% return and PEMD.L slightly lower at 1.58%.

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%

PEMD.L

• 1D: 0.75%
• 1M: 1.05%
• YTD: 1.58%
• 6M: 2.07%
• 1Y: 10.10%
• 3Y*: 9.49%
• 5Y*: 2.29%
• 10Y*: —

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

EMLI.L vs. PEMD.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%	2.04%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	1.58%	12.80%	6.20%	10.59%	-16.57%	-2.57%	5.25%	13.26%	-4.53%	1.11%

Correlation

The correlation between EMLI.L and PEMD.L is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 20, 2017	0.52

The correlation between EMLI.L and PEMD.L has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

Return for Risk

EMLI.L vs. PEMD.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

PEMD.L

PEMD.L Risk / Return Rank: 51
PEMD.L Sharpe Ratio Rank: 50
PEMD.L Sortino Ratio Rank: 55
PEMD.L Omega Ratio Rank: 53
PEMD.L Calmar Ratio Rank: 46
PEMD.L Martin Ratio Rank: 53

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. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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	PEMD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.70	-0.41
Sortino ratio: Return per unit of downside risk	1.93	2.59	-0.66
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.47	2.25	-0.78
Martin ratio: Return relative to average drawdown	5.23	8.86	-3.63
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. PEMD.L - Sharpe Ratio Comparison

The current EMLI.L Sharpe Ratio is 1.29, which is comparable to the PEMD.L Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of EMLI.L and PEMD.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	PEMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.70	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.25	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.24	-0.01

Drawdowns

EMLI.L vs. PEMD.L - Drawdown Comparison

The maximum EMLI.L drawdown since its inception was -25.62%, roughly equal to the maximum PEMD.L drawdown of -26.74%. Use the drawdown chart below to compare losses from any high point for EMLI.L and PEMD.L.

Drawdown Indicators

	EMLI.L	PEMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.62%	-26.74%	+1.12%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-4.46%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-7.82%	-8.00%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.52%	-26.64%	+7.12%
Max Drawdown (10Y) Largest decline over 10 years	-21.08%	—	—
Current Drawdown Current decline from peak	-2.80%	-0.36%	-2.44%
Average Drawdown Average peak-to-trough decline	-7.31%	-6.49%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.14%	+0.45%

Volatility

EMLI.L vs. PEMD.L - Volatility Comparison

The current volatility for PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) is 2.02%, while Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a volatility of 2.41%. This indicates that EMLI.L experiences smaller price fluctuations and is considered to be less risky than PEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLI.L	PEMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	2.41%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	5.40%	4.64%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	5.98%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.89%	9.31%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.59%	11.17%	-1.58%

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

EMLI.L has a 0.61% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.

Dividends

EMLI.L vs. PEMD.L - Dividend Comparison

EMLI.L's dividend yield for the trailing twelve months is around 6.55%, more than PEMD.L's 5.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	5.45%	5.49%	5.83%	5.54%	4.94%	3.93%	3.60%	4.99%	5.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

EMLI.L and PEMD.L have a correlation of 0.56, 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 PEMD.L?

On fees, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.61% for EMLI.L.

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

EMLI.L tracks JPM GBI-EM Global Diversified TR USD, while PEMD.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.61% for EMLI.L and 0.25% for PEMD.L.