JPEA.L vs. PEMD.L

Last updated Jun 5, 2026

JPEA.L (iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc)) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds - JPEA.L tracks the J.P. Morgan EMBI Global Core Index while PEMD.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, JPEA.L returned 1.96%/yr vs 2.29%/yr for PEMD.L. Their correlation of 0.88 suggests significant overlap in exposure. JPEA.L charges 0.45%/yr vs 0.25%/yr for PEMD.L.

Performance

JPEA.L vs. PEMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc) (JPEA.L) and Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPEA.L achieves a 1.83% return, which is significantly higher than PEMD.L's 1.58% return.

JPEA.L

• 1D: 0.26%
• 1M: 1.07%
• YTD: 1.83%
• 6M: 2.37%
• 1Y: 11.43%
• 3Y*: 9.82%
• 5Y*: 1.96%
• 10Y*: —

PEMD.L

• 1D: 0.75%
• 1M: 1.05%
• YTD: 1.58%
• 6M: 2.07%
• 1Y: 10.10%
• 3Y*: 9.49%
• 5Y*: 2.29%
• 10Y*: —

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

JPEA.L vs. PEMD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPEA.L iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc)	1.83%	13.77%	5.72%	10.89%	-18.56%	-2.19%	5.37%	15.91%	-5.52%	1.49%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	1.58%	12.80%	6.20%	10.59%	-16.57%	-2.57%	5.25%	13.26%	-4.53%	1.11%

Correlation

The correlation between JPEA.L and PEMD.L is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 20, 2017	0.88

The correlation between JPEA.L and PEMD.L has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

JPEA.L vs. PEMD.L — Risk / Return Rank

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

JPEA.L

JPEA.L Risk / Return Rank: 63
JPEA.L Sharpe Ratio Rank: 61
JPEA.L Sortino Ratio Rank: 72
JPEA.L Omega Ratio Rank: 66
JPEA.L Calmar Ratio Rank: 53
JPEA.L Martin Ratio Rank: 62

PEMD.L

PEMD.L Risk / Return Rank: 51
PEMD.L Sharpe Ratio Rank: 50
PEMD.L Sortino Ratio Rank: 55
PEMD.L Omega Ratio Rank: 53
PEMD.L Calmar Ratio Rank: 46
PEMD.L Martin Ratio Rank: 53

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.

JPEA.L vs. PEMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc) (JPEA.L) and Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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.

	JPEA.L	PEMD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.70	+0.33
Sortino ratio: Return per unit of downside risk	3.20	2.59	+0.61
Omega ratio: Gain probability vs. loss probability	1.39	1.32	+0.07
Calmar ratio: Return relative to maximum drawdown	2.57	2.25	+0.32
Martin ratio: Return relative to average drawdown	11.00	8.86	+2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPEA.L vs. PEMD.L - Sharpe Ratio Comparison

The current JPEA.L Sharpe Ratio is 2.03, which is comparable to the PEMD.L Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of JPEA.L and PEMD.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

	JPEA.L	PEMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.70	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.25	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.24	+0.05

Drawdowns

JPEA.L vs. PEMD.L - Drawdown Comparison

The maximum JPEA.L drawdown since its inception was -28.64%, which is greater than PEMD.L's maximum drawdown of -26.74%. Use the drawdown chart below to compare losses from any high point for JPEA.L and PEMD.L.

Drawdown Indicators

	JPEA.L	PEMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.64%	-26.74%	-1.90%
Max Drawdown (1Y) Largest decline over 1 year	-4.42%	-4.46%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-7.35%	-8.00%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-28.64%	-26.64%	-2.00%
Current Drawdown Current decline from peak	-0.06%	-0.36%	+0.30%
Average Drawdown Average peak-to-trough decline	-6.80%	-6.49%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.14%	-0.10%

Volatility

JPEA.L vs. PEMD.L - Volatility Comparison

The current volatility for iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc) (JPEA.L) is 1.91%, while Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a volatility of 2.41%. This indicates that JPEA.L experiences smaller price fluctuations and is considered to be less risky than PEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPEA.L	PEMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	2.41%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	4.64%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	5.98%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.88%	9.31%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.21%	11.17%	-0.96%

JPEA.L vs. PEMD.L - Expense Ratio Comparison

JPEA.L has a 0.45% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.

Dividends

JPEA.L vs. PEMD.L - Dividend Comparison

JPEA.L has not paid dividends to shareholders, while PEMD.L's dividend yield for the trailing twelve months is around 5.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JPEA.L iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	5.45%	5.49%	5.83%	5.54%	4.94%	3.93%	3.60%	4.99%	5.36%

Frequently Asked Questions

Can I hold both JPEA.L and PEMD.L in my portfolio?

JPEA.L and PEMD.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPEA.L or PEMD.L?

On fees, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPEA.L or PEMD.L?

PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.45% for JPEA.L.

What is the main difference between JPEA.L and PEMD.L?

JPEA.L tracks J.P. Morgan EMBI Global Core Index, while PEMD.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.45% for JPEA.L and 0.25% for PEMD.L.