IEML.L vs. VDEA.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and VDEA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation) are both Emerging Markets Bonds funds - IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index while VDEA.L tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index. Both are passively managed. Over the past 5 years, IEML.L returned 1.83%/yr vs 2.44%/yr for VDEA.L. A 0.58 correlation means they provide meaningful diversification when combined. IEML.L charges 0.50%/yr vs 0.23%/yr for VDEA.L.
Performance
IEML.L vs. VDEA.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 VDEA.L's 2.21% 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%
VDEA.L
- 1D
- 0.27%
- 1M
- 2.13%
- YTD
- 2.21%
- 6M
- 2.64%
- 1Y
- 10.26%
- 3Y*
- 8.84%
- 5Y*
- 2.44%
- 10Y*
- —
IEML.L vs. VDEA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 7.87% |
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation | 2.21% | 11.45% | 6.35% | 9.71% | -15.28% | -1.74% | 6.10% | 9.44% |
Correlation
The correlation between IEML.L and VDEA.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 | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.58 |
The correlation between IEML.L and VDEA.L has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
IEML.L vs. VDEA.L — Risk / Return Rank
IEML.L
VDEA.L
IEML.L vs. VDEA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.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 | VDEA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.37 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.79 | -1.25 |
| Martin ratioReturn relative to average drawdown | 5.09 | 10.99 | -5.89 |
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Drawdowns
IEML.L vs. VDEA.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, which is greater than VDEA.L's maximum drawdown of -24.08%. Use the drawdown chart below to compare losses from any high point for IEML.L and VDEA.L.
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Drawdown Indicators
| IEML.L | VDEA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -24.08% | -12.58% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -3.66% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -6.15% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -24.08% | -0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -28.17% | — | — |
Current DrawdownCurrent decline from peak | -8.42% | 0.00% | -8.42% |
Average DrawdownAverage peak-to-trough decline | -19.03% | -5.88% | -13.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 0.93% | +0.98% |
Volatility
IEML.L vs. VDEA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) at 1.86%. This indicates that IEML.L's price experiences larger fluctuations and is considered to be riskier than VDEA.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 | VDEA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 1.86% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 4.06% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 5.03% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 7.26% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 8.24% | +1.84% |
IEML.L vs. VDEA.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than VDEA.L's 0.23% expense ratio.
Dividends
IEML.L vs. VDEA.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, while VDEA.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% |
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation | 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 VDEA.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, VDEA.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDEA.L is cheaper with a 0.23% 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 VDEA.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for IEML.L and 0.23% for VDEA.L.
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