EMLO.L vs. SEMB.L
EMLO.L (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) and SEMB.L (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds - EMLO.L tracks the JPM GBI-EM Global Diversified TR USD while SEMB.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMLO.L returned 3.09%/yr vs 4.65%/yr for SEMB.L. A 0.59 correlation means they provide meaningful diversification when combined. EMLO.L charges 0.47%/yr vs 0.45%/yr for SEMB.L.
Performance
EMLO.L vs. SEMB.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMLO.L achieves a 1.29% return, which is significantly lower than SEMB.L's 2.75% return.
EMLO.L
- 1D
- -0.30%
- 1M
- 1.58%
- YTD
- 1.29%
- 6M
- 1.63%
- 1Y
- 12.01%
- 3Y*
- 6.05%
- 5Y*
- 3.09%
- 10Y*
- —
SEMB.L
- 1D
- 0.37%
- 1M
- 2.16%
- YTD
- 2.75%
- 6M
- 2.73%
- 1Y
- 14.74%
- 3Y*
- 8.83%
- 5Y*
- 4.65%
- 10Y*
- 5.65%
EMLO.L vs. SEMB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 1.29% | 12.30% | 0.01% | 8.48% | -4.28% | -6.61% | -1.56% | 9.65% | 8.46% |
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 2.75% | 8.06% | 9.19% | 6.03% | -7.53% | 0.41% | 3.12% | 13.82% | 3.31% |
Correlation
The correlation between EMLO.L and SEMB.L is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2018 | 0.59 |
The correlation between EMLO.L and SEMB.L has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.
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Return for Risk
EMLO.L vs. SEMB.L — Risk / Return Rank
EMLO.L
SEMB.L
EMLO.L vs. SEMB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L) and iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.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.
| EMLO.L | SEMB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.44 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 3.98 | -1.47 |
| Martin ratioReturn relative to average drawdown | 7.38 | 12.19 | -4.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMLO.L | SEMB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 2.46 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.53 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.82 | -0.43 |
Drawdowns
EMLO.L vs. SEMB.L - Drawdown Comparison
The maximum EMLO.L drawdown since its inception was -20.42%, smaller than the maximum SEMB.L drawdown of -21.74%. Use the drawdown chart below to compare losses from any high point for EMLO.L and SEMB.L.
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Drawdown Indicators
| EMLO.L | SEMB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.42% | -21.74% | +1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.77% | -3.69% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -8.69% | +3.92% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -13.70% | +1.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.43% | — |
Current DrawdownCurrent decline from peak | -2.20% | 0.00% | -2.20% |
Average DrawdownAverage peak-to-trough decline | -8.77% | -4.52% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 1.21% | +0.41% |
Volatility
EMLO.L vs. SEMB.L - Volatility Comparison
UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L) has a higher volatility of 1.98% compared to iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) at 1.77%. This indicates that EMLO.L's price experiences larger fluctuations and is considered to be riskier than SEMB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMLO.L | SEMB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.77% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.87% | 4.41% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.81% | 5.96% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 8.76% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.55% | 10.67% | -2.12% |
EMLO.L vs. SEMB.L - Expense Ratio Comparison
EMLO.L has a 0.47% expense ratio, which is higher than SEMB.L's 0.45% expense ratio.
Dividends
EMLO.L vs. SEMB.L - Dividend Comparison
EMLO.L's dividend yield for the trailing twelve months is around 5.51%, less than SEMB.L's 7.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 5.51% | 5.66% | 5.13% | 4.54% | 4.40% | 4.95% | 4.94% | 5.12% | 0.00% | 0.00% | 0.00% | 0.00% |
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 7.83% | 7.87% | 7.27% | 7.21% | 6.70% | 5.35% | 5.28% | 6.25% | 6.15% | 6.48% | 6.88% | 7.10% |
Frequently Asked Questions
EMLO.L and SEMB.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SEMB.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SEMB.L is cheaper with a 0.45% expense ratio, compared with 0.47% for EMLO.L.
EMLO.L tracks JPM GBI-EM Global Diversified TR USD, while SEMB.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: UBS and iShares. Their fees differ too: 0.47% for EMLO.L and 0.45% for SEMB.L.
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