IEML.L vs. UBXX.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and UBXX.L (UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis) are both Emerging Markets Bonds funds - IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index while UBXX.L tracks the J.P. Morgan EMBI Global Diversified 1-5 Year Index. Both are passively managed. Over the past 5 years, IEML.L returned 1.83%/yr vs 1.72%/yr for UBXX.L. A 0.54 correlation means they provide meaningful diversification when combined. IEML.L charges 0.50%/yr vs 0.47%/yr for UBXX.L.
Performance
IEML.L vs. UBXX.L - Performance Comparison
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Different Trading Currencies
IEML.L is traded in USD, while UBXX.L is traded in GBp. To make them comparable, the UBXX.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 1.98% return, which is significantly lower than UBXX.L's 2.27% 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%
UBXX.L
- 1D
- 0.31%
- 1M
- 1.68%
- YTD
- 2.27%
- 6M
- 2.79%
- 1Y
- 6.96%
- 3Y*
- 9.82%
- 5Y*
- 1.72%
- 10Y*
- —
IEML.L vs. UBXX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -9.94% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 2.27% | 17.99% | 5.23% | 12.79% | -20.58% | -1.01% | 4.80% | 10.19% | -8.98% |
Correlation
The correlation between IEML.L and UBXX.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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2018 | 0.54 |
The correlation between IEML.L and UBXX.L has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
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Return for Risk
IEML.L vs. UBXX.L — Risk / Return Rank
IEML.L
UBXX.L
IEML.L vs. UBXX.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 UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.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 | UBXX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.18 | +0.36 |
| Martin ratioReturn relative to average drawdown | 5.09 | 3.42 | +1.68 |
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Drawdowns
IEML.L vs. UBXX.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, roughly equal to the maximum UBXX.L drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for IEML.L and UBXX.L.
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Drawdown Indicators
| IEML.L | UBXX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -35.97% | -0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -5.87% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -9.25% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -34.71% | +9.70% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | — | — |
Current DrawdownCurrent decline from peak | -8.42% | -1.54% | -6.88% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -10.56% | -8.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 2.03% | -0.12% |
Volatility
IEML.L vs. UBXX.L - Volatility Comparison
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a higher volatility of 2.51% compared to UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.L) at 1.68%. This indicates that IEML.L's price experiences larger fluctuations and is considered to be riskier than UBXX.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 | UBXX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 1.68% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 5.84% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 7.75% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 10.77% | -1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 11.11% | -1.03% |
IEML.L vs. UBXX.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than UBXX.L's 0.47% expense ratio.
Dividends
IEML.L vs. UBXX.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, more than UBXX.L's 6.45% 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) | 6.76% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 6.45% | 25.71% | 7.05% | 4.76% | 4.40% | 3.91% | 4.43% | 6.18% | 0.21% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEML.L and UBXX.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, UBXX.L is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UBXX.L is cheaper with a 0.47% 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 UBXX.L tracks J.P. Morgan EMBI Global Diversified 1-5 Year Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.50% for IEML.L and 0.47% for UBXX.L.
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