EMUG.L vs. FLO5.L
EMUG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) and FLO5.L (iShares USD Floating Rate Bond UCITS ETF) are both exchange-traded funds - EMUG.L is a Emerging Markets Bonds fund tracking the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while FLO5.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 5 years, EMUG.L returned 0.93%/yr vs 4.81%/yr for FLO5.L. A 0.79 correlation means they provide meaningful diversification when combined. EMUG.L charges 0.35%/yr vs 0.10%/yr for FLO5.L.
Performance
EMUG.L vs. FLO5.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUG.L achieves a -4.61% return, which is significantly lower than FLO5.L's 2.13% return.
EMUG.L
- 1D
- -2.86%
- 1M
- -3.42%
- 6M
- -4.66%
- YTD
- -4.61%
- 1Y
- -0.64%
- 3Y*
- 3.42%
- 5Y*
- 0.93%
- 10Y*
- —
FLO5.L
- 1D
- -0.73%
- 1M
- -0.09%
- 6M
- 1.91%
- YTD
- 2.13%
- 1Y
- 3.97%
- 3Y*
- 4.61%
- 5Y*
- 4.81%
- 10Y*
- —
EMUG.L vs. FLO5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | -4.61% | 1.10% | 7.35% | 1.04% | -0.88% | -25.37% |
FLO5.L iShares USD Floating Rate Bond UCITS ETF | 2.13% | -2.05% | 8.11% | 0.76% | 13.56% | 1.86% |
Correlation
The correlation between EMUG.L and FLO5.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.79 |
The correlation between EMUG.L and FLO5.L has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.
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Return for Risk
EMUG.L vs. FLO5.L — Risk / Return Rank
EMUG.L
FLO5.L
EMUG.L vs. FLO5.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.L) and iShares USD Floating Rate Bond UCITS ETF (FLO5.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMUG.L | FLO5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.11 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 0.91 | -0.91 |
| Martin ratioReturn relative to average drawdown | 0.01 | 2.38 | -2.37 |
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Drawdowns
EMUG.L vs. FLO5.L - Drawdown Comparison
The maximum EMUG.L drawdown since its inception was -30.45%, which is greater than FLO5.L's maximum drawdown of -14.02%. Use the drawdown chart below to compare losses from any high point for EMUG.L and FLO5.L.
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Drawdown Indicators
| EMUG.L | FLO5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.45% | -14.02% | -16.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.95% | -4.32% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -8.64% | -9.46% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -11.29% | -14.02% | +2.73% |
Current DrawdownCurrent decline from peak | -22.67% | -3.23% | -19.44% |
Average DrawdownAverage peak-to-trough decline | -24.29% | -5.64% | -18.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.32% | 1.67% | +1.65% |
Volatility
EMUG.L vs. FLO5.L - Volatility Comparison
L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.L) has a higher volatility of 3.48% compared to iShares USD Floating Rate Bond UCITS ETF (FLO5.L) at 1.82%. This indicates that EMUG.L's price experiences larger fluctuations and is considered to be riskier than FLO5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUG.L | FLO5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 1.82% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 5.25% | 4.79% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.94% | 6.43% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.08% | 8.64% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.93% | 8.90% | +5.03% |
EMUG.L vs. FLO5.L - Expense Ratio Comparison
EMUG.L has a 0.35% expense ratio, which is higher than FLO5.L's 0.10% expense ratio.
Dividends
EMUG.L vs. FLO5.L - Dividend Comparison
EMUG.L's dividend yield for the trailing twelve months is around 3.27%, less than FLO5.L's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | 3.27% | 5.99% | 4.86% | 4.67% | 3.61% | 1.14% | 0.00% | 0.00% | 0.00% | 0.00% |
FLO5.L iShares USD Floating Rate Bond UCITS ETF | 4.75% | 5.11% | 5.98% | 5.63% | 1.47% | 0.59% | 1.73% | 3.00% | 2.16% | 0.48% |
Frequently Asked Questions
EMUG.L and FLO5.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLO5.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLO5.L is cheaper with a 0.10% expense ratio, compared with 0.35% for EMUG.L.
EMUG.L is categorized as Emerging Markets Bonds, while FLO5.L is Corporate Bonds. EMUG.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while FLO5.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: L&G and iShares. Their fees differ too: 0.35% for EMUG.L and 0.10% for FLO5.L.
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