IGAA.L vs. EMCA.L
IGAA.L (iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc)) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds from iShares - IGAA.L tracks the BBG EM Asia Local Currency Govt Country Cap NET Index while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, IGAA.L returned -0.14%/yr vs 1.90%/yr for EMCA.L. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
IGAA.L vs. EMCA.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGAA.L achieves a -4.38% return, which is significantly lower than EMCA.L's 1.49% return.
IGAA.L
- 1D
- 0.00%
- 1M
- -0.70%
- 6M
- -3.57%
- YTD
- -4.38%
- 1Y
- -4.86%
- 3Y*
- 1.26%
- 5Y*
- -0.14%
- 10Y*
- —
EMCA.L
- 1D
- -0.15%
- 1M
- -0.44%
- 6M
- 1.04%
- YTD
- 1.49%
- 1Y
- 5.60%
- 3Y*
- 6.82%
- 5Y*
- 1.90%
- 10Y*
- —
IGAA.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IGAA.L iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) | -4.38% | 5.88% | 1.45% | 4.93% | -8.03% | -4.34% | 9.11% | 9.15% | -0.00% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.49% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 7.04% | 13.77% | 0.89% |
Correlation
The correlation between IGAA.L and EMCA.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.34 |
The correlation between IGAA.L and EMCA.L shifts across timeframes, from 0.28 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IGAA.L vs. EMCA.L — Risk / Return Rank
IGAA.L
EMCA.L
IGAA.L vs. EMCA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) (IGAA.L) and iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.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.
| IGAA.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 2.52 | -3.25 |
| Martin ratioReturn relative to average drawdown | -1.50 | 9.78 | -11.27 |
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Drawdowns
IGAA.L vs. EMCA.L - Drawdown Comparison
The maximum IGAA.L drawdown since its inception was -21.59%, smaller than the maximum EMCA.L drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for IGAA.L and EMCA.L.
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Drawdown Indicators
| IGAA.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.59% | -24.69% | +3.10% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -2.21% | -4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -3.58% | -3.76% |
Max Drawdown (5Y)Largest decline over 5 years | -18.76% | -20.14% | +1.38% |
Current DrawdownCurrent decline from peak | -5.80% | -0.59% | -5.21% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -4.05% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 0.57% | +2.67% |
Volatility
IGAA.L vs. EMCA.L - Volatility Comparison
iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) (IGAA.L) has a higher volatility of 1.36% compared to iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) at 1.06%. This indicates that IGAA.L's price experiences larger fluctuations and is considered to be riskier than EMCA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGAA.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.06% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 3.26% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 3.82% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.29% | 5.25% | +1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 8.78% | -2.66% |
IGAA.L vs. EMCA.L - Expense Ratio Comparison
Both IGAA.L and EMCA.L have an expense ratio of 0.50%.
Dividends
IGAA.L vs. EMCA.L - Dividend Comparison
Neither IGAA.L nor EMCA.L has paid dividends to shareholders.
Frequently Asked Questions
IGAA.L and EMCA.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IGAA.L and EMCA.L have the same expense ratio: 0.50% per year.
IGAA.L tracks BBG EM Asia Local Currency Govt Country Cap NET Index, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index.
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