IEML.L vs. EIMI.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and EIMI.L (iShares Core MSCI EM IMI UCITS ETF) are both exchange-traded funds - IEML.L is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while EIMI.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index. Both are passively managed. Over the past 10 years, IEML.L returned 2.18%/yr vs 10.69%/yr for EIMI.L. A 0.64 correlation means they provide meaningful diversification when combined. IEML.L charges 0.50%/yr vs 0.18%/yr for EIMI.L.
Performance
IEML.L vs. EIMI.L - Performance Comparison
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Returns By Period
In the year-to-date period, IEML.L achieves a 1.98% return, which is significantly lower than EIMI.L's 25.00% return. Over the past 10 years, IEML.L has underperformed EIMI.L with an annualized return of 2.18%, while EIMI.L has yielded a comparatively higher 10.69% annualized return.
IEML.L
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 1.98%
- 6M
- 2.93%
- 1Y
- 9.55%
- 3Y*
- 6.85%
- 5Y*
- 1.83%
- 10Y*
- 2.18%
EIMI.L
- 1D
- -1.04%
- 1M
- 5.72%
- YTD
- 25.00%
- 6M
- 29.57%
- 1Y
- 45.92%
- 3Y*
- 21.82%
- 5Y*
- 8.06%
- 10Y*
- 10.69%
IEML.L vs. EIMI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 1.98% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 1.80% | 11.74% | -7.21% | 13.67% |
EIMI.L iShares Core MSCI EM IMI UCITS ETF | 25.00% | 32.16% | 7.36% | 11.03% | -19.67% | -0.65% | 18.80% | 16.37% | -14.18% | 36.94% |
Correlation
The correlation between IEML.L and EIMI.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since May 30, 2014 | 0.64 |
The correlation between IEML.L and EIMI.L has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.
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Return for Risk
IEML.L vs. EIMI.L — Risk / Return Rank
IEML.L
EIMI.L
IEML.L vs. EIMI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) and iShares Core MSCI EM IMI UCITS ETF (EIMI.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.
| IEML.L | EIMI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.42 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.61 | -2.07 |
| Martin ratioReturn relative to average drawdown | 5.09 | 12.52 | -7.42 |
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Drawdowns
IEML.L vs. EIMI.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, smaller than the maximum EIMI.L drawdown of -38.73%. Use the drawdown chart below to compare losses from any high point for IEML.L and EIMI.L.
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Drawdown Indicators
| IEML.L | EIMI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -38.73% | +2.07% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -12.66% | +6.38% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -17.44% | +8.40% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -35.41% | +10.40% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | -38.73% | +10.56% |
Current DrawdownCurrent decline from peak | -8.42% | -2.05% | -6.37% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -13.99% | -5.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 3.66% | -1.75% |
Volatility
IEML.L vs. EIMI.L - Volatility Comparison
The current volatility for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) is 2.51%, while iShares Core MSCI EM IMI UCITS ETF (EIMI.L) has a volatility of 8.17%. This indicates that IEML.L experiences smaller price fluctuations and is considered to be less risky than EIMI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEML.L | EIMI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 8.17% | -5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 17.85% | -10.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 20.10% | -12.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 18.51% | -9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 19.21% | -9.13% |
IEML.L vs. EIMI.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than EIMI.L's 0.18% expense ratio.
Dividends
IEML.L vs. EIMI.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, while EIMI.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EIMI.L iShares Core MSCI EM IMI UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 6.76% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
Frequently Asked Questions
IEML.L and EIMI.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EIMI.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EIMI.L is cheaper with a 0.18% expense ratio, compared with 0.50% for IEML.L.
IEML.L is categorized as Emerging Markets Bonds, while EIMI.L is Emerging Markets Equities. IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while EIMI.L tracks MSCI Emerging Markets Investable Market Index. Their fees differ too: 0.50% for IEML.L and 0.18% for EIMI.L.
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