EMSA.L vs. EMGA.L
EMSA.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc)) and EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds from iShares - EMSA.L tracks the JPM EMBI Global Diversified TR USD while EMGA.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMSA.L returned 1.36%/yr vs 1.03%/yr for EMGA.L. A 0.58 correlation means they provide meaningful diversification when combined. EMSA.L charges 0.45%/yr vs 0.50%/yr for EMGA.L.
Performance
EMSA.L vs. EMGA.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 higher than EMGA.L's 0.79% 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*
- —
EMGA.L
- 1D
- -0.12%
- 1M
- 0.75%
- YTD
- 0.79%
- 6M
- 1.63%
- 1Y
- 8.91%
- 3Y*
- 7.03%
- 5Y*
- 1.03%
- 10Y*
- —
EMSA.L vs. EMGA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | 6.03% | 15.79% | -0.63% |
EMGA.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) | 0.79% | 18.25% | -2.74% | 11.65% | -10.95% | -10.50% | 1.84% | 11.71% | 2.43% |
Correlation
The correlation between EMSA.L and EMGA.L is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.58 |
The correlation between EMSA.L and EMGA.L has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.
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Return for Risk
EMSA.L vs. EMGA.L — Risk / Return Rank
EMSA.L
EMGA.L
EMSA.L vs. EMGA.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 iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.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 | EMGA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.23 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.50 | +0.97 |
| Martin ratioReturn relative to average drawdown | 10.09 | 5.01 | +5.08 |
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 | EMGA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.19 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.11 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.16 | +0.17 |
Drawdowns
EMSA.L vs. EMGA.L - Drawdown Comparison
The maximum EMSA.L drawdown since its inception was -29.12%, roughly equal to the maximum EMGA.L drawdown of -28.18%. Use the drawdown chart below to compare losses from any high point for EMSA.L and EMGA.L.
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Drawdown Indicators
| EMSA.L | EMGA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.12% | -28.18% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -5.93% | +1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -7.28% | -9.12% | +1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -26.60% | -2.31% |
Current DrawdownCurrent decline from peak | -0.22% | -2.52% | +2.30% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -8.98% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.78% | -0.73% |
Volatility
EMSA.L vs. EMGA.L - Volatility Comparison
The current volatility for iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc) (EMSA.L) is 2.09%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) has a volatility of 2.63%. This indicates that EMSA.L experiences smaller price fluctuations and is considered to be less risky than EMGA.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 | EMGA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.63% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 6.52% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 7.49% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.46% | 9.03% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 10.24% | -0.48% |
EMSA.L vs. EMGA.L - Expense Ratio Comparison
EMSA.L has a 0.45% expense ratio, which is lower than EMGA.L's 0.50% expense ratio.
Dividends
EMSA.L vs. EMGA.L - Dividend Comparison
Neither EMSA.L nor EMGA.L has paid dividends to shareholders.
Frequently Asked Questions
EMSA.L and EMGA.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMSA.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMSA.L is cheaper with a 0.45% expense ratio, compared with 0.50% for EMGA.L.
EMSA.L tracks JPM EMBI Global Diversified TR USD, while EMGA.L tracks JPM GBI-EM Global Diversified TR USD. Their fees differ too: 0.45% for EMSA.L and 0.50% for EMGA.L.
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