IGAA.L vs. XUEM.L
IGAA.L (iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc)) and XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) are both Emerging Markets Bonds funds - IGAA.L tracks the BBG EM Asia Local Currency Govt Country Cap NET Index while XUEM.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, IGAA.L returned -0.14%/yr vs 1.71%/yr for XUEM.L. At a 0.48 correlation, their price movements are largely independent. IGAA.L charges 0.50%/yr vs 0.25%/yr for XUEM.L.
Performance
IGAA.L vs. XUEM.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 XUEM.L's 2.49% 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*
- —
XUEM.L
- 1D
- 0.08%
- 1M
- -0.66%
- 6M
- 2.32%
- YTD
- 2.49%
- 1Y
- 10.74%
- 3Y*
- 8.95%
- 5Y*
- 1.71%
- 10Y*
- —
IGAA.L vs. XUEM.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% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 2.49% | 13.60% | 5.99% | 10.90% | -19.40% | -2.37% | 3.10% | 15.16% | -0.36% |
Correlation
The correlation between IGAA.L and XUEM.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.48 |
The correlation between IGAA.L and XUEM.L has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
IGAA.L vs. XUEM.L — Risk / Return Rank
IGAA.L
XUEM.L
IGAA.L vs. XUEM.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 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.
| IGAA.L | XUEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -4.69 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.43 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 2.77 | -3.50 |
| Martin ratioReturn relative to average drawdown | -1.50 | 11.66 | -13.16 |
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Drawdowns
IGAA.L vs. XUEM.L - Drawdown Comparison
The maximum IGAA.L drawdown since its inception was -21.59%, smaller than the maximum XUEM.L drawdown of -29.93%. Use the drawdown chart below to compare losses from any high point for IGAA.L and XUEM.L.
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Drawdown Indicators
| IGAA.L | XUEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.59% | -29.93% | +8.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -3.87% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -8.11% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -18.76% | -29.93% | +11.17% |
Current DrawdownCurrent decline from peak | -5.80% | -0.74% | -5.06% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -7.54% | +1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 0.92% | +2.32% |
Volatility
IGAA.L vs. XUEM.L - Volatility Comparison
iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) (IGAA.L) has a higher volatility of 1.36% compared to Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) at 0.85%. This indicates that IGAA.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
| IGAA.L | XUEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 0.85% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 3.99% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 4.96% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.29% | 8.91% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 10.67% | -4.55% |
IGAA.L vs. XUEM.L - Expense Ratio Comparison
IGAA.L has a 0.50% expense ratio, which is higher than XUEM.L's 0.25% expense ratio.
Dividends
IGAA.L vs. XUEM.L - Dividend Comparison
IGAA.L has not paid dividends to shareholders, while XUEM.L's dividend yield for the trailing twelve months is around 5.22%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IGAA.L iShares Emerging Asia Local Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.22% | 5.30% | 6.79% | 5.27% | 5.91% | 8.49% | 4.18% | 0.61% |
Frequently Asked Questions
IGAA.L and XUEM.L have a correlation of 0.52, 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 IGAA.L.
IGAA.L tracks BBG EM Asia Local Currency Govt Country Cap NET 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 IGAA.L and 0.25% for XUEM.L.
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