IEML.L vs. IGLN.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and IGLN.L (iShares Physical Gold ETC) 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 IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, IEML.L returned 2.18%/yr vs 12.70%/yr for IGLN.L. At a 0.34 correlation, their price movements are largely independent. IEML.L charges 0.50%/yr vs 0.12%/yr for IGLN.L.
Performance
IEML.L vs. IGLN.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 higher than IGLN.L's 0.35% return. Over the past 10 years, IEML.L has underperformed IGLN.L with an annualized return of 2.18%, while IGLN.L has yielded a comparatively higher 12.70% 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%
IGLN.L
- 1D
- -0.60%
- 1M
- -4.81%
- YTD
- 0.35%
- 6M
- 0.54%
- 1Y
- 26.89%
- 3Y*
- 30.04%
- 5Y*
- 19.40%
- 10Y*
- 12.70%
IEML.L vs. IGLN.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% |
IGLN.L iShares Physical Gold ETC | 0.35% | 64.93% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.30% | -1.33% | 11.69% |
Correlation
The correlation between IEML.L and IGLN.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.34 |
The correlation between IEML.L and IGLN.L shifts across timeframes, from 0.34 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEML.L vs. IGLN.L — Risk / Return Rank
IEML.L
IGLN.L
IEML.L vs. IGLN.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 Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.16 | +0.38 |
| Martin ratioReturn relative to average drawdown | 5.09 | 3.54 | +1.55 |
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Drawdowns
IEML.L vs. IGLN.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, smaller than the maximum IGLN.L drawdown of -45.25%. Use the drawdown chart below to compare losses from any high point for IEML.L and IGLN.L.
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Drawdown Indicators
| IEML.L | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -45.25% | +8.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -23.02% | +16.74% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -23.02% | +13.98% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -23.02% | -1.99% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | -23.02% | -5.15% |
Current DrawdownCurrent decline from peak | -8.42% | -18.39% | +9.97% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -19.72% | +0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 7.58% | -5.67% |
Volatility
IEML.L vs. IGLN.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 Physical Gold ETC (IGLN.L) has a volatility of 8.01%. This indicates that IEML.L experiences smaller price fluctuations and is considered to be less risky than IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 8.01% | -5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 22.64% | -15.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 25.59% | -17.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 17.61% | -8.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 15.65% | -5.57% |
IEML.L vs. IGLN.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than IGLN.L's 0.12% expense ratio.
Dividends
IEML.L vs. IGLN.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, while IGLN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IGLN.L iShares Physical Gold ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEML.L and IGLN.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.12% expense ratio, compared with 0.50% for IEML.L.
IEML.L is categorized as Emerging Markets Bonds, while IGLN.L is Gold. IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while IGLN.L tracks LBMA Gold Price. Their fees differ too: 0.50% for IEML.L and 0.12% for IGLN.L.
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