JMRE.L vs. EXCS.L

Last updated Jun 4, 2026

JMRE.L (JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from JPMorgan and iShares respectively. Both are passively managed. Over the past 3 years, JMRE.L returned 22.02%/yr vs 26.11%/yr for EXCS.L. Their correlation of 0.84 suggests significant overlap in exposure. JMRE.L charges 0.30%/yr vs 0.18%/yr for EXCS.L.

Performance

JMRE.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JMRE.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JMRE.L is traded in GBp, while EXCS.L is traded in GBP. To make them comparable, the EXCS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, JMRE.L achieves a 31.45% return, which is significantly lower than EXCS.L's 41.08% return.

JMRE.L

• 1D: -0.80%
• 1M: 10.96%
• YTD: 31.45%
• 6M: 33.94%
• 1Y: 62.35%
• 3Y*: 22.02%
• 5Y*: 8.79%
• 10Y*: —

EXCS.L

• 1D: -0.71%
• 1M: 13.86%
• YTD: 41.08%
• 6M: 45.00%
• 1Y: 77.57%
• 3Y*: 26.11%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

JMRE.L vs. EXCS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JMRE.L JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	31.45%	25.64%	8.21%	2.02%	-12.02%	1.02%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	41.08%	26.13%	5.55%	10.95%	-8.31%	2.81%

Correlation

The correlation between JMRE.L and EXCS.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 30, 2021	0.84

The correlation between JMRE.L and EXCS.L has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

JMRE.L vs. EXCS.L - Sectors Allocation Comparison

Sectors	JMRE.L	EXCS.L
Technology	37.5%	45.1%
Financial Services	20.3%	19.5%
Consumer Cyclical	10.7%	4.5%
Communication Services	7.3%	3.4%
Industrials	6.8%	8.3%
Basic Materials	5.9%	6.8%
Energy	4.5%	4.2%
Healthcare	2.7%	2.2%
Consumer Defensive	2.5%	2.9%
Utilities	1.6%	2.3%
Real Estate	0.4%	1.0%

Return for Risk

JMRE.L vs. EXCS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JMRE.L

JMRE.L Risk / Return Rank: 92
JMRE.L Sharpe Ratio Rank: 94
JMRE.L Sortino Ratio Rank: 93
JMRE.L Omega Ratio Rank: 94
JMRE.L Calmar Ratio Rank: 91
JMRE.L Martin Ratio Rank: 90

EXCS.L

EXCS.L Risk / Return Rank: 94
EXCS.L Sharpe Ratio Rank: 96
EXCS.L Sortino Ratio Rank: 94
EXCS.L Omega Ratio Rank: 95
EXCS.L Calmar Ratio Rank: 93
EXCS.L Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JMRE.L vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JMRE.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.

	JMRE.L	EXCS.L	Difference
Sharpe ratio: Return per unit of total volatility	3.70	4.11	-0.41
Sortino ratio: Return per unit of downside risk	4.69	5.03	-0.35
Omega ratio: Gain probability vs. loss probability	1.69	1.74	-0.06
Calmar ratio: Return relative to maximum drawdown	5.90	6.54	-0.63
Martin ratio: Return relative to average drawdown	20.57	23.94	-3.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMRE.L vs. EXCS.L - Sharpe Ratio Comparison

The current JMRE.L Sharpe Ratio is 3.70, which is comparable to the EXCS.L Sharpe Ratio of 4.11. The chart below compares the historical Sharpe Ratios of JMRE.L and EXCS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JMRE.L	EXCS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	4.11	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.06	-0.81

Drawdowns

JMRE.L vs. EXCS.L - Drawdown Comparison

The maximum JMRE.L drawdown since its inception was -31.64%, which is greater than EXCS.L's maximum drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for JMRE.L and EXCS.L.

Drawdown Indicators

	JMRE.L	EXCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.64%	-17.51%	-14.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-11.81%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-23.91%	-17.51%	-6.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.50%	—	—
Current Drawdown Current decline from peak	-0.80%	-0.71%	-0.09%
Average Drawdown Average peak-to-trough decline	-14.76%	-4.85%	-9.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.23%	-0.21%

Volatility

JMRE.L vs. EXCS.L - Volatility Comparison

The current volatility for JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JMRE.L) is 7.44%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 8.68%. This indicates that JMRE.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMRE.L	EXCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.44%	8.68%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	14.31%	16.44%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	18.79%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	15.35%	+11.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.15%	15.35%	+10.80%

JMRE.L vs. EXCS.L - Expense Ratio Comparison

JMRE.L has a 0.30% expense ratio, which is higher than EXCS.L's 0.18% expense ratio.

Dividends

JMRE.L vs. EXCS.L - Dividend Comparison

Neither JMRE.L nor EXCS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JMRE.L and EXCS.L in my portfolio?

With a correlation of 0.93, JMRE.L and EXCS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, JMRE.L or EXCS.L?

On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JMRE.L or EXCS.L?

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.30% for JMRE.L.

What is the main difference between JMRE.L and EXCS.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.30% for JMRE.L and 0.18% for EXCS.L.