JPBM.L vs. IEML.L
JPBM.L (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist)) and IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - JPBM.L tracks the JPM EMBI Global Diversified TR USD while IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index. Both are passively managed. Over the past 5 years, JPBM.L returned 2.58%/yr vs 2.37%/yr for IEML.L. At a 0.49 correlation, their price movements are largely independent. JPBM.L charges 0.39%/yr vs 0.50%/yr for IEML.L.
Performance
JPBM.L vs. IEML.L - Performance Comparison
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Different Trading Currencies
JPBM.L is traded in GBP, while IEML.L is traded in USD. To make them comparable, the IEML.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, JPBM.L achieves a 4.06% return, which is significantly higher than IEML.L's 2.64% return.
JPBM.L
- 1D
- -0.33%
- 1M
- 3.40%
- YTD
- 4.06%
- 6M
- 4.60%
- 1Y
- 14.03%
- 3Y*
- 6.39%
- 5Y*
- 2.58%
- 10Y*
- —
IEML.L
- 1D
- 0.06%
- 1M
- 2.23%
- YTD
- 2.64%
- 6M
- 2.98%
- 1Y
- 11.15%
- 3Y*
- 5.03%
- 5Y*
- 2.37%
- 10Y*
- 2.12%
JPBM.L vs. IEML.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JPBM.L JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) | 4.06% | 5.64% | 3.59% | 3.47% | -6.16% | -1.16% | 1.79% | 14.95% | -23.49% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 2.64% | 9.86% | -0.91% | 5.73% | -0.22% | -9.59% | -1.19% | 7.49% | -1.28% |
Correlation
The correlation between JPBM.L and IEML.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018 | 0.49 |
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Return for Risk
JPBM.L vs. IEML.L — Risk / Return Rank
JPBM.L
IEML.L
JPBM.L vs. IEML.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) (JPBM.L) and iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.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.
| JPBM.L | IEML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.28 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 2.21 | +0.93 |
| Martin ratioReturn relative to average drawdown | 8.92 | 6.62 | +2.30 |
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Drawdowns
JPBM.L vs. IEML.L - Drawdown Comparison
The maximum JPBM.L drawdown since its inception was -30.26%, smaller than the maximum IEML.L drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for JPBM.L and IEML.L.
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Drawdown Indicators
| JPBM.L | IEML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.26% | -32.23% | +1.97% |
Max Drawdown (1Y)Largest decline over 1 year | -4.45% | -5.03% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -8.64% | -5.03% | -3.61% |
Max Drawdown (5Y)Largest decline over 5 years | -13.66% | -11.49% | -2.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.52% | — |
Current DrawdownCurrent decline from peak | -2.74% | -1.11% | -1.63% |
Average DrawdownAverage peak-to-trough decline | -15.39% | -11.47% | -3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 1.68% | -0.11% |
Volatility
JPBM.L vs. IEML.L - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) (JPBM.L) is 1.55%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a volatility of 2.18%. This indicates that JPBM.L experiences smaller price fluctuations and is considered to be less risky than IEML.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPBM.L | IEML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 2.18% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 6.84% | -2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.17% | 7.73% | -1.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.64% | 8.74% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.00% | 10.56% | +3.44% |
JPBM.L vs. IEML.L - Expense Ratio Comparison
JPBM.L has a 0.39% expense ratio, which is lower than IEML.L's 0.50% expense ratio.
Dividends
JPBM.L vs. IEML.L - Dividend Comparison
JPBM.L's dividend yield for the trailing twelve months is around 5.69%, less than IEML.L's 6.86% 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) | 6.86% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
JPBM.L JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) | 5.69% | 6.11% | 5.75% | 5.44% | 5.36% | 4.05% | 4.34% | 4.56% | 3.99% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPBM.L and IEML.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JPBM.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JPBM.L is cheaper with a 0.39% expense ratio, compared with 0.50% for IEML.L.
JPBM.L tracks JPM EMBI Global Diversified TR USD, while IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.39% for JPBM.L and 0.50% for IEML.L.
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