EMUS.L vs. EMD5.L

Last updated Jul 18, 2026

EMUS.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) and EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds from L&G - EMUS.L tracks the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index while EMD5.L tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. Both are passively managed. Over the past 5 years, EMUS.L returned 1.05%/yr vs 2.39%/yr for EMD5.L. A 0.58 correlation means they provide meaningful diversification when combined. EMUS.L charges 0.35%/yr vs 0.25%/yr for EMD5.L.

Performance

EMUS.L vs. EMD5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUS.L) and L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMUS.L achieves a -1.60% return, which is significantly lower than EMD5.L's -0.96% return.

EMUS.L

• 1D: 0.24%
• 1M: -0.36%
• 6M: 0.90%
• YTD: -1.60%
• 1Y: 2.31%
• 3Y*: 5.28%
• 5Y*: 1.05%
• 10Y*: —

EMD5.L

• 1D: 0.11%
• 1M: -0.21%
• 6M: 1.53%
• YTD: -0.96%
• 1Y: 3.67%
• 3Y*: 7.13%
• 5Y*: 2.39%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMUS.L vs. EMD5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)	-1.60%	8.01%	5.52%	7.02%	-11.63%	0.86%
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)	-0.96%	10.15%	8.41%	7.84%	-10.41%	-0.38%

Correlation

The correlation between EMUS.L and EMD5.L is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.58

The correlation between EMUS.L and EMD5.L has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

EMUS.L vs. EMD5.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMUS.L

EMUS.L Risk / Return Rank: 19
EMUS.L Sharpe Ratio Rank: 20
EMUS.L Sortino Ratio Rank: 18
EMUS.L Omega Ratio Rank: 22
EMUS.L Calmar Ratio Rank: 18
EMUS.L Martin Ratio Rank: 18

EMD5.L

EMD5.L Risk / Return Rank: 31
EMD5.L Sharpe Ratio Rank: 33
EMD5.L Sortino Ratio Rank: 28
EMD5.L Omega Ratio Rank: 40
EMD5.L Calmar Ratio Rank: 29
EMD5.L Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMUS.L vs. EMD5.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) (EMUS.L) and L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.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.

	EMUS.L	EMD5.L	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.91	-0.41
Sortino ratio: Return per unit of downside risk	0.71	1.23	-0.52
Omega ratio: Gain probability vs. loss probability	1.12	1.21	-0.09
Calmar ratio: Return relative to maximum drawdown	0.50	1.10	-0.60
Martin ratio: Return relative to average drawdown	1.32	2.76	-1.44

EMUS.L vs. EMD5.L - Sharpe Ratio Comparison

The current EMUS.L Sharpe Ratio is 0.51, which is lower than the EMD5.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of EMUS.L and EMD5.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMUS.L vs. EMD5.L - Drawdown Comparison

The maximum EMUS.L drawdown since its inception was -19.58%, which is greater than EMD5.L's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for EMUS.L and EMD5.L.

Drawdown Indicators

	EMUS.L	EMD5.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.58%	-16.04%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.59%	-3.29%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-4.59%	-3.29%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.58%	-16.04%	-3.54%
Current Drawdown Current decline from peak	-1.93%	-1.06%	-0.87%
Average Drawdown Average peak-to-trough decline	-5.63%	-4.32%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.31%	+0.43%

Volatility

EMUS.L vs. EMD5.L - Volatility Comparison

The current volatility for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUS.L) is 0.89%, while L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) has a volatility of 0.95%. This indicates that EMUS.L experiences smaller price fluctuations and is considered to be less risky than EMD5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMUS.L	EMD5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.95%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	3.51%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.56%	3.97%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	4.85%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.29%	4.62%	+0.67%

EMUS.L vs. EMD5.L - Expense Ratio Comparison

EMUS.L has a 0.35% expense ratio, which is higher than EMD5.L's 0.25% expense ratio.

Dividends

EMUS.L vs. EMD5.L - Dividend Comparison

EMUS.L's dividend yield for the trailing twelve months is around 2.79%, while EMD5.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)	0.00%	5.66%	6.09%	4.60%	3.04%	1.25%
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)	2.79%	5.39%	4.96%	4.62%	3.79%	1.17%

Frequently Asked Questions

Can I hold both EMUS.L and EMD5.L in my portfolio?

EMUS.L and EMD5.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMUS.L or EMD5.L?

On fees, EMD5.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMUS.L or EMD5.L?

EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.35% for EMUS.L.

What is the main difference between EMUS.L and EMD5.L?

EMUS.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while EMD5.L tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. Their fees differ too: 0.35% for EMUS.L and 0.25% for EMD5.L.