FSEM.L vs. EMAU.L
FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) and EMAU.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds. FSEM.L is actively managed, while EMAU.L is passively managed. Over the past 3 years, FSEM.L returned 7.55%/yr vs 6.29%/yr for EMAU.L. A 0.57 correlation means they provide meaningful diversification when combined. FSEM.L charges 0.45%/yr vs 0.35%/yr for EMAU.L.
Performance
FSEM.L vs. EMAU.L - Performance Comparison
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Returns By Period
In the year-to-date period, FSEM.L achieves a 1.64% return, which is significantly higher than EMAU.L's 1.29% return.
FSEM.L
- 1D
- 0.25%
- 1M
- -0.73%
- 6M
- 1.88%
- YTD
- 1.64%
- 1Y
- 9.84%
- 3Y*
- 7.55%
- 5Y*
- 1.01%
- 10Y*
- —
EMAU.L
- 1D
- 0.00%
- 1M
- -0.27%
- 6M
- 0.92%
- YTD
- 1.29%
- 1Y
- 5.57%
- 3Y*
- 6.29%
- 5Y*
- —
- 10Y*
- —
FSEM.L vs. EMAU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 1.64% | 13.59% | 3.43% | 8.85% | -17.96% | -1.22% |
EMAU.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 1.29% | 8.06% | 5.68% | 6.84% | -11.34% | -1.23% |
Correlation
The correlation between FSEM.L and EMAU.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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.57 |
The correlation between FSEM.L and EMAU.L has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
FSEM.L vs. EMAU.L — Risk / Return Rank
FSEM.L
EMAU.L
FSEM.L vs. EMAU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) and L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAU.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.
| FSEM.L | EMAU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.31 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.18 | +0.22 |
| Martin ratioReturn relative to average drawdown | 9.51 | 9.66 | -0.15 |
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Drawdowns
FSEM.L vs. EMAU.L - Drawdown Comparison
The maximum FSEM.L drawdown since its inception was -27.88%, which is greater than EMAU.L's maximum drawdown of -19.62%. Use the drawdown chart below to compare losses from any high point for FSEM.L and EMAU.L.
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Drawdown Indicators
| FSEM.L | EMAU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.88% | -19.62% | -8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -2.55% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -3.01% | -4.06% |
Max Drawdown (5Y)Largest decline over 5 years | -27.88% | — | — |
Current DrawdownCurrent decline from peak | -0.73% | -0.27% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -9.89% | -5.68% | -4.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.57% | +0.46% |
Volatility
FSEM.L vs. EMAU.L - Volatility Comparison
Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) has a higher volatility of 1.06% compared to L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAU.L) at 0.85%. This indicates that FSEM.L's price experiences larger fluctuations and is considered to be riskier than EMAU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEM.L | EMAU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.85% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 2.81% | +1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 3.39% | +2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.59% | 5.58% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.43% | 5.58% | +2.85% |
FSEM.L vs. EMAU.L - Expense Ratio Comparison
FSEM.L has a 0.45% expense ratio, which is higher than EMAU.L's 0.35% expense ratio.
Dividends
FSEM.L vs. EMAU.L - Dividend Comparison
FSEM.L's dividend yield for the trailing twelve months is around 6.42%, while EMAU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMAU.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 6.42% | 6.30% | 6.49% | 5.74% | 5.01% | 2.41% |
Frequently Asked Questions
FSEM.L and EMAU.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, EMAU.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMAU.L is cheaper with a 0.35% expense ratio, compared with 0.45% for FSEM.L.
They also come from different issuers: Fidelity and L&G. Their fees differ too: 0.45% for FSEM.L and 0.35% for EMAU.L.
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