EMSA.L vs. EMLO.L
EMSA.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc)) and EMLO.L (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - EMSA.L tracks the JPM EMBI Global Diversified TR USD while EMLO.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 2.01%/yr for EMLO.L. At a 0.42 correlation, their price movements are largely independent. EMSA.L charges 0.45%/yr vs 0.47%/yr for EMLO.L.
Performance
EMSA.L vs. EMLO.L - Performance Comparison
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Different Trading Currencies
EMSA.L is traded in USD, while EMLO.L is traded in GBp. To make them comparable, the EMLO.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMSA.L achieves a 1.61% return, which is significantly higher than EMLO.L's 1.04% 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*
- —
EMLO.L
- 1D
- -0.25%
- 1M
- 0.72%
- YTD
- 1.04%
- 6M
- 2.38%
- 1Y
- 10.94%
- 3Y*
- 8.78%
- 5Y*
- 2.01%
- 10Y*
- —
EMSA.L vs. EMLO.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% |
EMLO.L UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 1.04% | 20.78% | -1.65% | 14.21% | -14.51% | -7.45% | 1.46% | 14.05% | 2.37% |
Correlation
The correlation between EMSA.L and EMLO.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.42 |
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Return for Risk
EMSA.L vs. EMLO.L — Risk / Return Rank
EMSA.L
EMLO.L
EMSA.L vs. EMLO.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 UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.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 | EMLO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.66 | +0.81 |
| Martin ratioReturn relative to average drawdown | 10.09 | 5.77 | +4.32 |
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 | EMLO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.53 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.22 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.38 | -0.05 |
Drawdowns
EMSA.L vs. EMLO.L - Drawdown Comparison
The maximum EMSA.L drawdown since its inception was -29.12%, roughly equal to the maximum EMLO.L drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for EMSA.L and EMLO.L.
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Drawdown Indicators
| EMSA.L | EMLO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.12% | -29.60% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -6.58% | +2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -7.28% | -9.11% | +1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -28.51% | -0.40% |
Current DrawdownCurrent decline from peak | -0.22% | -2.69% | +2.47% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -8.57% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.89% | -0.84% |
Volatility
EMSA.L vs. EMLO.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 UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (EMLO.L) has a volatility of 2.83%. This indicates that EMSA.L experiences smaller price fluctuations and is considered to be less risky than EMLO.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 | EMLO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.83% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 6.26% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 7.15% | -1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.46% | 9.16% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 10.00% | -0.24% |
EMSA.L vs. EMLO.L - Expense Ratio Comparison
EMSA.L has a 0.45% expense ratio, which is lower than EMLO.L's 0.47% expense ratio.
Dividends
EMSA.L vs. EMLO.L - Dividend Comparison
EMSA.L has not paid dividends to shareholders, while EMLO.L's dividend yield for the trailing twelve months is around 5.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
EMSA.L and EMLO.L have a correlation of 0.42, 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 0.47% for EMLO.L.
EMSA.L tracks JPM EMBI Global Diversified TR USD, while EMLO.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.45% for EMSA.L and 0.47% for EMLO.L.
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