IEML.L vs. SEMB.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and SEMB.L (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds from iShares - IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index while SEMB.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 10 years, IEML.L returned 2.10%/yr vs 3.32%/yr for SEMB.L. At a 0.42 correlation, their price movements are largely independent. IEML.L charges 0.50%/yr vs 0.45%/yr for SEMB.L.
Performance
IEML.L vs. SEMB.L - Performance Comparison
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Different Trading Currencies
IEML.L is traded in USD, while SEMB.L is traded in GBp. To make them comparable, the SEMB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IEML.L achieves a 0.54% return, which is significantly lower than SEMB.L's 2.16% return. Over the past 10 years, IEML.L has underperformed SEMB.L with an annualized return of 2.10%, while SEMB.L has yielded a comparatively higher 3.32% annualized return.
IEML.L
- 1D
- 0.28%
- 1M
- 0.33%
- YTD
- 0.54%
- 6M
- 0.62%
- 1Y
- 7.39%
- 3Y*
- 6.35%
- 5Y*
- 1.34%
- 10Y*
- 2.10%
SEMB.L
- 1D
- -0.06%
- 1M
- 1.54%
- YTD
- 2.16%
- 6M
- 2.30%
- 1Y
- 10.38%
- 3Y*
- 9.34%
- 5Y*
- 2.00%
- 10Y*
- 3.32%
IEML.L vs. SEMB.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) | 0.54% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 1.80% | 11.74% | -7.21% | 13.67% |
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 2.16% | 13.96% | 5.66% | 10.00% | -18.44% | -1.96% | 5.05% | 16.77% | -5.63% | 9.62% |
Correlation
The correlation between IEML.L and SEMB.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.42 |
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Return for Risk
IEML.L vs. SEMB.L — Risk / Return Rank
IEML.L
SEMB.L
IEML.L vs. SEMB.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 J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.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 | SEMB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 2.21 | -1.04 |
| Martin ratioReturn relative to average drawdown | 3.78 | 9.11 | -5.33 |
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Drawdowns
IEML.L vs. SEMB.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, which is greater than SEMB.L's maximum drawdown of -31.95%. Use the drawdown chart below to compare losses from any high point for IEML.L and SEMB.L.
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Drawdown Indicators
| IEML.L | SEMB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -31.95% | -4.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -4.68% | -1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -7.54% | -1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -28.53% | +3.52% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | -28.53% | +0.36% |
Current DrawdownCurrent decline from peak | -9.71% | -0.28% | -9.43% |
Average DrawdownAverage peak-to-trough decline | -19.01% | -5.06% | -13.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.14% | +0.81% |
Volatility
IEML.L vs. SEMB.L - Volatility Comparison
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a higher volatility of 2.48% compared to iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) at 1.95%. This indicates that IEML.L's price experiences larger fluctuations and is considered to be riskier than SEMB.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 | SEMB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 1.95% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 7.12% | 4.96% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.92% | 6.12% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 9.42% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.04% | 10.05% | -0.01% |
IEML.L vs. SEMB.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than SEMB.L's 0.45% expense ratio.
Dividends
IEML.L vs. SEMB.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.86%, more than SEMB.L's 5.65% yield.
| 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) | 6.86% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 5.65% | 5.97% | 5.70% | 5.78% | 5.41% | 3.88% | 4.11% | 4.88% | 4.63% | 5.03% | 5.07% | 4.63% |
Frequently Asked Questions
IEML.L and SEMB.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SEMB.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SEMB.L is cheaper with a 0.45% expense ratio, compared with 0.50% for IEML.L.
IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index, while SEMB.L tracks JPM EMBI Global Diversified TR USD. Their fees differ too: 0.50% for IEML.L and 0.45% for SEMB.L.
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