IEML.L vs. XUEM.L
IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) and XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) are both Emerging Markets Bonds funds - IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index while XUEM.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, IEML.L returned 1.83%/yr vs 1.93%/yr for XUEM.L. A 0.61 correlation means they provide meaningful diversification when combined. IEML.L charges 0.50%/yr vs 0.25%/yr for XUEM.L.
Performance
IEML.L vs. XUEM.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 XUEM.L's 3.26% 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%
XUEM.L
- 1D
- 0.33%
- 1M
- 2.25%
- YTD
- 3.26%
- 6M
- 3.60%
- 1Y
- 12.74%
- 3Y*
- 10.08%
- 5Y*
- 1.93%
- 10Y*
- —
IEML.L vs. XUEM.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% | -4.57% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 3.26% | 13.60% | 5.99% | 10.90% | -19.40% | -2.37% | 3.10% | 15.16% | 1.31% |
Correlation
The correlation between IEML.L and XUEM.L is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 9, 2018 | 0.61 |
The correlation between IEML.L and XUEM.L has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
IEML.L vs. XUEM.L — Risk / Return Rank
IEML.L
XUEM.L
IEML.L vs. XUEM.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 Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.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 | XUEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.51 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.33 | -1.79 |
| Martin ratioReturn relative to average drawdown | 5.09 | 14.14 | -9.04 |
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Drawdowns
IEML.L vs. XUEM.L - Drawdown Comparison
The maximum IEML.L drawdown since its inception was -36.66%, which is greater than XUEM.L's maximum drawdown of -29.93%. Use the drawdown chart below to compare losses from any high point for IEML.L and XUEM.L.
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Drawdown Indicators
| IEML.L | XUEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.66% | -29.93% | -6.73% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -3.87% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -8.11% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -29.93% | +4.92% |
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% | -7.62% | -11.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 0.91% | +1.00% |
Volatility
IEML.L vs. XUEM.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 Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) at 1.69%. This indicates that IEML.L's price experiences larger fluctuations and is considered to be riskier than XUEM.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 | XUEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 1.69% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 4.01% | +2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 5.02% | +2.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.24% | 8.92% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.08% | 10.73% | -0.65% |
IEML.L vs. XUEM.L - Expense Ratio Comparison
IEML.L has a 0.50% expense ratio, which is higher than XUEM.L's 0.25% expense ratio.
Dividends
IEML.L vs. XUEM.L - Dividend Comparison
IEML.L's dividend yield for the trailing twelve months is around 6.76%, more than XUEM.L's 5.18% 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% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.18% | 5.30% | 6.79% | 5.27% | 5.91% | 8.49% | 4.18% | 0.61% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEML.L and XUEM.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUEM.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEM.L is cheaper with a 0.25% 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 XUEM.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.50% for IEML.L and 0.25% for XUEM.L.
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