EMSA.L vs. SBEM.L
EMSA.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc)) and SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from iShares and UBS respectively. Both are passively managed. Over the past 5 years, EMSA.L returned 1.36%/yr vs 2.38%/yr for SBEM.L. A 0.70 correlation means they provide meaningful diversification when combined. EMSA.L charges 0.45%/yr vs 0.42%/yr for SBEM.L.
Performance
EMSA.L vs. SBEM.L - Performance Comparison
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Different Trading Currencies
EMSA.L is traded in USD, while SBEM.L is traded in GBp. To make them comparable, the SBEM.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 lower than SBEM.L's 2.23% 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*
- —
SBEM.L
- 1D
- 0.28%
- 1M
- 1.48%
- YTD
- 2.23%
- 6M
- 3.54%
- 1Y
- 13.46%
- 3Y*
- 11.48%
- 5Y*
- 2.38%
- 10Y*
- 3.79%
EMSA.L vs. SBEM.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% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 2.23% | 15.52% | 7.63% | 11.53% | -19.84% | -2.19% | 4.39% | 15.36% | -0.85% |
Correlation
The correlation between EMSA.L and SBEM.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 | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.70 |
The correlation between EMSA.L and SBEM.L shifts across timeframes, from 0.57 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMSA.L vs. SBEM.L — Risk / Return Rank
EMSA.L
SBEM.L
EMSA.L vs. SBEM.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) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.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 | SBEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.79 | -0.33 |
| Martin ratioReturn relative to average drawdown | 10.09 | 12.72 | -2.63 |
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 | SBEM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 2.08 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.25 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.43 | -0.10 |
Drawdowns
EMSA.L vs. SBEM.L - Drawdown Comparison
The maximum EMSA.L drawdown since its inception was -29.12%, smaller than the maximum SBEM.L drawdown of -30.77%. Use the drawdown chart below to compare losses from any high point for EMSA.L and SBEM.L.
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Drawdown Indicators
| EMSA.L | SBEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.12% | -30.77% | +1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -4.80% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -7.28% | -7.12% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -30.77% | +1.86% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.77% | — |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -6.47% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.06% | -0.01% |
Volatility
EMSA.L vs. SBEM.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 UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) at 1.98%. This indicates that EMSA.L's price experiences larger fluctuations and is considered to be riskier than SBEM.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 | SBEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.98% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 5.01% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 6.47% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.46% | 9.44% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 10.50% | -0.74% |
EMSA.L vs. SBEM.L - Expense Ratio Comparison
EMSA.L has a 0.45% expense ratio, which is higher than SBEM.L's 0.42% expense ratio.
Dividends
EMSA.L vs. SBEM.L - Dividend Comparison
EMSA.L has not paid dividends to shareholders, while SBEM.L's dividend yield for the trailing twelve months is around 6.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.53% | 7.69% | 6.28% | 6.49% | 5.72% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% |
Frequently Asked Questions
EMSA.L and SBEM.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, SBEM.L is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SBEM.L is cheaper with a 0.42% expense ratio, compared with 0.45% for EMSA.L.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.45% for EMSA.L and 0.42% for SBEM.L.
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