FSEM.L vs. JMBP.L
FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) and JMBP.L (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist)) are both Emerging Markets Bonds funds. FSEM.L is actively managed, while JMBP.L is passively managed. Over the past 5 years, FSEM.L returned 1.01%/yr vs -0.04%/yr for JMBP.L. A 0.55 correlation means they provide meaningful diversification when combined. FSEM.L charges 0.45%/yr vs 0.39%/yr for JMBP.L.
Performance
FSEM.L vs. JMBP.L - Performance Comparison
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Different Trading Currencies
FSEM.L is traded in USD, while JMBP.L is traded in GBP. To make them comparable, the JMBP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FSEM.L achieves a 1.64% return, which is significantly higher than JMBP.L's 1.04% 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*
- —
JMBP.L
- 1D
- 0.39%
- 1M
- -0.85%
- 6M
- 1.59%
- YTD
- 1.04%
- 1Y
- 9.39%
- 3Y*
- 7.72%
- 5Y*
- -0.04%
- 10Y*
- —
FSEM.L vs. JMBP.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% | 3.23% |
JMBP.L JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) | 1.04% | 21.65% | -0.09% | 14.10% | -26.39% | 1.16% |
Correlation
The correlation between FSEM.L and JMBP.L is 0.56, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021 | 0.55 |
The correlation between FSEM.L and JMBP.L has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.
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Return for Risk
FSEM.L vs. JMBP.L — Risk / Return Rank
FSEM.L
JMBP.L
FSEM.L vs. JMBP.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 JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) (JMBP.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 | JMBP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.16 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.14 | +1.26 |
| Martin ratioReturn relative to average drawdown | 9.51 | 3.62 | +5.89 |
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Drawdowns
FSEM.L vs. JMBP.L - Drawdown Comparison
The maximum FSEM.L drawdown since its inception was -27.88%, smaller than the maximum JMBP.L drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for FSEM.L and JMBP.L.
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Drawdown Indicators
| FSEM.L | JMBP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.88% | -42.43% | +14.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -7.69% | +3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -13.54% | +6.47% |
Max Drawdown (5Y)Largest decline over 5 years | -27.88% | -41.86% | +13.98% |
Current DrawdownCurrent decline from peak | -0.73% | -2.41% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -9.89% | -14.63% | +4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 2.41% | -1.38% |
Volatility
FSEM.L vs. JMBP.L - Volatility Comparison
The current volatility for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) is 1.06%, while JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) (JMBP.L) has a volatility of 2.11%. This indicates that FSEM.L experiences smaller price fluctuations and is considered to be less risky than JMBP.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 | JMBP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 2.11% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 7.50% | -2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 9.66% | -4.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.59% | 14.21% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.43% | 16.05% | -7.62% |
FSEM.L vs. JMBP.L - Expense Ratio Comparison
FSEM.L has a 0.45% expense ratio, which is higher than JMBP.L's 0.39% expense ratio.
Dividends
FSEM.L vs. JMBP.L - Dividend Comparison
FSEM.L's dividend yield for the trailing twelve months is around 6.42%, more than JMBP.L's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 6.42% | 6.30% | 6.49% | 5.74% | 5.01% | 2.41% | 0.00% |
JMBP.L JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) | 5.83% | 5.61% | 5.83% | 5.24% | 5.16% | 3.70% | 4.42% |
Frequently Asked Questions
FSEM.L and JMBP.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JMBP.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JMBP.L is cheaper with a 0.39% expense ratio, compared with 0.45% for FSEM.L.
They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.45% for FSEM.L and 0.39% for JMBP.L.
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