EMUS.L vs. PEMD.L
EMUS.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds - EMUS.L tracks the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index while PEMD.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, EMUS.L returned 1.05%/yr vs 2.03%/yr for PEMD.L. A 0.61 correlation means they provide meaningful diversification when combined. EMUS.L charges 0.35%/yr vs 0.25%/yr for PEMD.L.
Performance
EMUS.L vs. PEMD.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUS.L achieves a -1.60% return, which is significantly lower than PEMD.L's 1.18% 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*
- —
PEMD.L
- 1D
- -0.18%
- 1M
- -0.90%
- 6M
- 1.24%
- YTD
- 1.18%
- 1Y
- 8.66%
- 3Y*
- 8.34%
- 5Y*
- 2.03%
- 10Y*
- —
EMUS.L vs. PEMD.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% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 1.18% | 12.80% | 6.18% | 10.57% | -16.55% | -0.80% |
Correlation
The correlation between EMUS.L and PEMD.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.61 |
The correlation between EMUS.L and PEMD.L shifts across timeframes, from 0.55 (1 year) to 0.65 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMUS.L vs. PEMD.L — Risk / Return Rank
EMUS.L
PEMD.L
EMUS.L vs. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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 | PEMD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.28 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 1.95 | -1.44 |
| Martin ratioReturn relative to average drawdown | 1.32 | 7.57 | -6.25 |
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Drawdowns
EMUS.L vs. PEMD.L - Drawdown Comparison
The maximum EMUS.L drawdown since its inception was -19.58%, smaller than the maximum PEMD.L drawdown of -26.75%. Use the drawdown chart below to compare losses from any high point for EMUS.L and PEMD.L.
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Drawdown Indicators
| EMUS.L | PEMD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.58% | -26.75% | +7.17% |
Max Drawdown (1Y)Largest decline over 1 year | -4.59% | -4.43% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.59% | -7.96% | +3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -19.58% | -26.65% | +7.07% |
Current DrawdownCurrent decline from peak | -1.93% | -1.02% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -5.63% | -6.39% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.14% | +0.60% |
Volatility
EMUS.L vs. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a volatility of 1.03%. This indicates that EMUS.L experiences smaller price fluctuations and is considered to be less risky than PEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUS.L | PEMD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 1.03% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | 4.75% | -1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 5.95% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 9.33% | -4.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.29% | 11.10% | -5.81% |
EMUS.L vs. PEMD.L - Expense Ratio Comparison
EMUS.L has a 0.35% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.
Dividends
EMUS.L vs. PEMD.L - Dividend Comparison
EMUS.L's dividend yield for the trailing twelve months is around 2.79%, less than PEMD.L's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 5.53% | 5.49% | 5.83% | 5.54% | 4.94% | 3.93% | 3.60% | 4.99% | 5.36% |
Frequently Asked Questions
EMUS.L and PEMD.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.35% for EMUS.L.
EMUS.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while PEMD.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.35% for EMUS.L and 0.25% for PEMD.L.
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