EMRD.L vs. EXCS.L
EMRD.L (State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc)) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EMRD.L tracks the MSCI Emerging Markets Index while EXCS.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, EMRD.L returned 20.23%/yr vs 24.27%/yr for EXCS.L. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.18% expense ratio.
Performance
EMRD.L vs. EXCS.L - Performance Comparison
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Different Trading Currencies
EMRD.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMRD.L achieves a 18.51% return, which is significantly lower than EXCS.L's 31.24% return.
EMRD.L
- 1D
- -1.32%
- 1M
- -7.35%
- 6M
- 12.75%
- YTD
- 18.51%
- 1Y
- 35.69%
- 3Y*
- 20.23%
- 5Y*
- 6.85%
- 10Y*
- 8.95%
EXCS.L
- 1D
- -0.63%
- 1M
- -6.99%
- 6M
- 24.86%
- YTD
- 31.24%
- 1Y
- 53.10%
- 3Y*
- 24.27%
- 5Y*
- —
- 10Y*
- —
EMRD.L vs. EXCS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMRD.L State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc) | 18.51% | 34.18% | 7.65% | 9.74% | -20.67% | -2.25% |
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 31.24% | 35.75% | 3.67% | 16.90% | -18.20% | -24.55% |
Correlation
The correlation between EMRD.L and EXCS.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.84 |
The correlation between EMRD.L and EXCS.L has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
EMRD.L vs. EXCS.L — Risk / Return Rank
EMRD.L
EXCS.L
EMRD.L vs. EXCS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc) (EMRD.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.
| EMRD.L | EXCS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 3.77 | -0.93 |
| Martin ratioReturn relative to average drawdown | 8.72 | 12.33 | -3.61 |
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Drawdowns
EMRD.L vs. EXCS.L - Drawdown Comparison
The maximum EMRD.L drawdown since its inception was -39.82%, smaller than the maximum EXCS.L drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for EMRD.L and EXCS.L.
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Drawdown Indicators
| EMRD.L | EXCS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.82% | -44.14% | +4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -14.02% | +1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -16.71% | -19.69% | +2.98% |
Max Drawdown (5Y)Largest decline over 5 years | -35.03% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.82% | — | — |
Current DrawdownCurrent decline from peak | -9.35% | -10.26% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -14.50% | -23.96% | +9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 4.29% | -0.24% |
Volatility
EMRD.L vs. EXCS.L - Volatility Comparison
The current volatility for State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc) (EMRD.L) is 9.23%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.64%. This indicates that EMRD.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMRD.L | EXCS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 10.64% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 19.85% | 22.02% | -2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.97% | 24.03% | -2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.31% | 26.06% | -6.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.65% | 26.06% | -6.41% |
EMRD.L vs. EXCS.L - Expense Ratio Comparison
Both EMRD.L and EXCS.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
EMRD.L vs. EXCS.L - Dividend Comparison
Neither EMRD.L nor EXCS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, EMRD.L and EXCS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EMRD.L and EXCS.L have the same expense ratio: 0.18% per year.
EMRD.L tracks MSCI Emerging Markets Index, while EXCS.L tracks MSCI EM NR USD. They also come from different issuers: State Street and iShares.
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