IGAA.L vs. EMD5.L
IGAA.L (iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc)) and EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - IGAA.L tracks the BBG EM Asia Local Currency Govt Country Cap NET Index while EMD5.L tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. Both are passively managed. Over the past 5 years, IGAA.L returned -0.14%/yr vs 2.39%/yr for EMD5.L. At a 0.39 correlation, their price movements are largely independent. IGAA.L charges 0.50%/yr vs 0.25%/yr for EMD5.L.
Performance
IGAA.L vs. EMD5.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 EMD5.L's -0.96% 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*
- —
EMD5.L
- 1D
- 0.11%
- 1M
- -0.21%
- 6M
- 1.53%
- YTD
- -0.96%
- 1Y
- 3.67%
- 3Y*
- 7.13%
- 5Y*
- 2.39%
- 10Y*
- —
IGAA.L vs. EMD5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IGAA.L iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) | -4.38% | 5.88% | 1.45% | 4.93% | -8.03% | -4.34% | 1.53% |
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | -0.96% | 10.15% | 8.41% | 7.84% | -10.41% | -0.28% | 0.80% |
Correlation
The correlation between IGAA.L and EMD5.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 | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.39 |
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Return for Risk
IGAA.L vs. EMD5.L — Risk / Return Rank
IGAA.L
EMD5.L
IGAA.L vs. EMD5.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 L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.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 | EMD5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.21 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.10 | -1.83 |
| Martin ratioReturn relative to average drawdown | -1.50 | 2.76 | -4.26 |
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Drawdowns
IGAA.L vs. EMD5.L - Drawdown Comparison
The maximum IGAA.L drawdown since its inception was -21.59%, which is greater than EMD5.L's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for IGAA.L and EMD5.L.
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Drawdown Indicators
| IGAA.L | EMD5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.59% | -16.04% | -5.55% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -3.29% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -3.29% | -4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -18.76% | -16.04% | -2.72% |
Current DrawdownCurrent decline from peak | -5.80% | -1.06% | -4.74% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -4.32% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 1.31% | +1.93% |
Volatility
IGAA.L vs. EMD5.L - Volatility Comparison
iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) (IGAA.L) has a higher volatility of 1.36% compared to L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) at 0.95%. This indicates that IGAA.L's price experiences larger fluctuations and is considered to be riskier than EMD5.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 | EMD5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 0.95% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 3.51% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 3.97% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.29% | 4.85% | +1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 4.62% | +1.50% |
IGAA.L vs. EMD5.L - Expense Ratio Comparison
IGAA.L has a 0.50% expense ratio, which is higher than EMD5.L's 0.25% expense ratio.
Dividends
IGAA.L vs. EMD5.L - Dividend Comparison
Neither IGAA.L nor EMD5.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | 0.00% | 5.66% | 6.09% | 4.60% | 3.04% | 1.25% |
IGAA.L iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IGAA.L and EMD5.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, EMD5.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.50% for IGAA.L.
IGAA.L tracks BBG EM Asia Local Currency Govt Country Cap NET Index, while EMD5.L tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.50% for IGAA.L and 0.25% for EMD5.L.
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