IEML.L vs. IWDA.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and IWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) 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 IWDA.L is a Global Equities fund tracking the MSCI World Index (Net). Both are passively managed. Over the past 10 years, IEML.L returned 2.18%/yr vs 13.46%/yr for IWDA.L. A 0.51 correlation means they provide meaningful diversification when combined. IEML.L charges 0.50%/yr vs 0.20%/yr for IWDA.L.
Performance
IEML.L vs. IWDA.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 IWDA.L's 9.87% return. Over the past 10 years, IEML.L has underperformed IWDA.L with an annualized return of 2.18%, while IWDA.L has yielded a comparatively higher 13.46% 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%
IWDA.L
- 1D
- -0.07%
- 1M
- 2.42%
- YTD
- 9.87%
- 6M
- 11.55%
- 1Y
- 24.86%
- 3Y*
- 19.53%
- 5Y*
- 11.82%
- 10Y*
- 13.46%
IEML.L vs. IWDA.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% |
IWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 9.87% | 21.03% | 19.11% | 24.27% | -18.11% | 22.19% | 16.06% | 27.13% | -9.01% | 22.75% |
Correlation
The correlation between IEML.L and IWDA.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.51 |
The correlation between IEML.L and IWDA.L shifts across timeframes, from 0.50 (3 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEML.L vs. IWDA.L — Risk / Return Rank
IEML.L
IWDA.L
IEML.L vs. IWDA.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 World UCITS ETF USD (Acc) (IWDA.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 | IWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.98 | -1.43 |
| Martin ratioReturn relative to average drawdown | 5.09 | 12.33 | -7.24 |
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Drawdowns
IEML.L vs. IWDA.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, which is greater than IWDA.L's maximum drawdown of -34.11%. Use the drawdown chart below to compare losses from any high point for IEML.L and IWDA.L.
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Drawdown Indicators
| IEML.L | IWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -34.11% | -2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -8.31% | +2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -16.94% | +7.90% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -25.88% | +0.87% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | -34.11% | +5.94% |
Current DrawdownCurrent decline from peak | -8.42% | -0.39% | -8.03% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -4.40% | -14.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 2.01% | -0.10% |
Volatility
IEML.L vs. IWDA.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 World UCITS ETF USD (Acc) (IWDA.L) has a volatility of 3.83%. This indicates that IEML.L experiences smaller price fluctuations and is considered to be less risky than IWDA.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 | IWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 3.83% | -1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 9.69% | -2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 12.31% | -4.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 15.74% | -6.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 15.92% | -5.84% |
IEML.L vs. IWDA.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than IWDA.L's 0.20% expense ratio.
Dividends
IEML.L vs. IWDA.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, while IWDA.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% |
IWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 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 IWDA.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWDA.L is cheaper with a 0.20% expense ratio, compared with 0.50% for IEML.L.
IEML.L is categorized as Emerging Markets Bonds, while IWDA.L is Global Equities. IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while IWDA.L tracks MSCI World Index (Net). Their fees differ too: 0.50% for IEML.L and 0.20% for IWDA.L.
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