EMSA.L vs. DRGN.L
EMSA.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMSA.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMSA.L returned 1.36%/yr vs 2.26%/yr for DRGN.L. At a 0.31 correlation, their price movements are largely independent. EMSA.L charges 0.45%/yr vs 0.30%/yr for DRGN.L.
Performance
EMSA.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMSA.L achieves a 1.61% return, which is significantly lower than DRGN.L's 4.62% return.
EMSA.L
- 1D
- 0.20%
- 1M
- 1.06%
- YTD
- 1.61%
- 6M
- 2.19%
- 1Y
- 10.63%
- 3Y*
- 9.08%
- 5Y*
- 1.36%
- 10Y*
- —
DRGN.L
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.62%
- 6M
- 6.29%
- 1Y
- 8.23%
- 3Y*
- 4.99%
- 5Y*
- 2.26%
- 10Y*
- —
EMSA.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMSA.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc) | 1.61% | 13.11% | 5.32% | 9.71% | -18.78% | -3.11% | 1.95% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.62% | 5.43% | 3.15% | 0.46% | -5.32% | 7.15% | 0.87% |
Correlation
The correlation between EMSA.L and DRGN.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.31 |
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Return for Risk
EMSA.L vs. DRGN.L — Risk / Return Rank
EMSA.L
DRGN.L
EMSA.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc) (EMSA.L) and L&G China CNY Bond UCITS ETF (DRGN.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.
| EMSA.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.56 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 5.58 | -3.11 |
| Martin ratioReturn relative to average drawdown | 10.09 | 22.51 | -12.42 |
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
| EMSA.L | DRGN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 2.45 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.49 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.64 | -0.31 |
Drawdowns
EMSA.L vs. DRGN.L - Drawdown Comparison
The maximum EMSA.L drawdown since its inception was -29.12%, which is greater than DRGN.L's maximum drawdown of -11.71%. Use the drawdown chart below to compare losses from any high point for EMSA.L and DRGN.L.
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Drawdown Indicators
| EMSA.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.12% | -11.71% | -17.41% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -1.47% | -2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -7.28% | -3.49% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -11.71% | -17.20% |
Current DrawdownCurrent decline from peak | -0.22% | -0.30% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -3.61% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.36% | +0.69% |
Volatility
EMSA.L vs. DRGN.L - Volatility Comparison
iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc) (EMSA.L) has a higher volatility of 2.09% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 1.21%. This indicates that EMSA.L's price experiences larger fluctuations and is considered to be riskier than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMSA.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.21% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 3.00% | +1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 3.36% | +2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.46% | 4.58% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 4.53% | +5.23% |
EMSA.L vs. DRGN.L - Expense Ratio Comparison
EMSA.L has a 0.45% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
EMSA.L vs. DRGN.L - Dividend Comparison
EMSA.L has not paid dividends to shareholders, while DRGN.L's dividend yield for the trailing twelve months is around 1.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 1.63% | 1.94% | 2.31% | 2.45% | 2.76% | 1.44% |
EMSA.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMSA.L and DRGN.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN.L is cheaper with a 0.30% expense ratio, compared with 0.45% for EMSA.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.45% for EMSA.L and 0.30% for DRGN.L.
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