EMSA.L vs. VEMA.L
EMSA.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF USD (Acc)) and VEMA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from iShares and Vanguard respectively. Both are passively managed. Over the past 5 years, EMSA.L returned 1.36%/yr vs 2.36%/yr for VEMA.L. A 0.67 correlation means they provide meaningful diversification when combined. EMSA.L charges 0.45%/yr vs 0.25%/yr for VEMA.L.
Performance
EMSA.L vs. VEMA.L - Performance Comparison
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Different Trading Currencies
EMSA.L is traded in USD, while VEMA.L is traded in GBP. To make them comparable, the VEMA.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 VEMA.L's 1.42% 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*
- —
VEMA.L
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- 1.42%
- 6M
- 2.18%
- 1Y
- 9.70%
- 3Y*
- 8.79%
- 5Y*
- 2.36%
- 10Y*
- —
EMSA.L vs. VEMA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 11.59% |
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating | 1.42% | 12.01% | 6.31% | 8.90% | -15.42% | -1.26% | 5.63% | 9.81% |
Correlation
The correlation between EMSA.L and VEMA.L is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.67 |
The correlation between EMSA.L and VEMA.L shifts across timeframes, from 0.59 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMSA.L vs. VEMA.L — Risk / Return Rank
EMSA.L
VEMA.L
EMSA.L vs. VEMA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.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 | VEMA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.40 | +0.06 |
| Martin ratioReturn relative to average drawdown | 10.09 | 9.50 | +0.59 |
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 | VEMA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.73 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.29 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.36 | -0.03 |
Drawdowns
EMSA.L vs. VEMA.L - Drawdown Comparison
The maximum EMSA.L drawdown since its inception was -29.12%, which is greater than VEMA.L's maximum drawdown of -24.04%. Use the drawdown chart below to compare losses from any high point for EMSA.L and VEMA.L.
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Drawdown Indicators
| EMSA.L | VEMA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.12% | -24.04% | -5.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -4.02% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.28% | -6.33% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -24.04% | -4.87% |
Current DrawdownCurrent decline from peak | -0.22% | -0.34% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -6.02% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.02% | +0.03% |
Volatility
EMSA.L vs. VEMA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) at 1.95%. This indicates that EMSA.L's price experiences larger fluctuations and is considered to be riskier than VEMA.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 | VEMA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.95% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 4.27% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 5.61% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.46% | 8.09% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.76% | 9.30% | +0.46% |
EMSA.L vs. VEMA.L - Expense Ratio Comparison
EMSA.L has a 0.45% expense ratio, which is higher than VEMA.L's 0.25% expense ratio.
Dividends
EMSA.L vs. VEMA.L - Dividend Comparison
Neither EMSA.L nor VEMA.L has paid dividends to shareholders.
Frequently Asked Questions
EMSA.L and VEMA.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VEMA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEMA.L is cheaper with a 0.25% 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 Vanguard. Their fees differ too: 0.45% for EMSA.L and 0.25% for VEMA.L.
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