JPMB.L vs. EMLB.L

Last updated Jul 18, 2026

JPMB.L (JPM USD Emerging Markets Sovereign Bond UCITS ETF USD (Dist)) and EMLB.L (PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - JPMB.L tracks the J.P. Morgan Emerging Market Risk Aware Bond Index while EMLB.L tracks the PIMCO Emerging Markets Advantage Local Currency Bond Index. Both are passively managed. Over the past 5 years, JPMB.L returned 1.26%/yr vs 3.90%/yr for EMLB.L. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.

Performance

JPMB.L vs. EMLB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPM USD Emerging Markets Sovereign Bond UCITS ETF USD (Dist) (JPMB.L) and PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPMB.L achieves a 1.42% return, which is significantly lower than EMLB.L's 2.55% return.

JPMB.L

• 1D: -0.07%
• 1M: -0.73%
• 6M: 1.57%
• YTD: 1.42%
• 1Y: 9.06%
• 3Y*: 7.06%
• 5Y*: 1.26%
• 10Y*: —

EMLB.L

• 1D: -0.10%
• 1M: -0.55%
• 6M: 1.96%
• YTD: 2.55%
• 1Y: 8.40%
• 3Y*: 5.61%
• 5Y*: 3.90%
• 10Y*: 3.12%

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

JPMB.L vs. EMLB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JPMB.L JPM USD Emerging Markets Sovereign Bond UCITS ETF USD (Dist)	1.42%	13.29%	1.97%	9.51%	-16.15%	-2.40%	5.30%	18.66%	-3.06%
EMLB.L PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)	2.55%	17.08%	-3.25%	13.74%	-5.70%	-5.53%	1.91%	13.10%	-9.62%

Correlation

The correlation between JPMB.L and EMLB.L is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.51

The correlation between JPMB.L and EMLB.L has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

JPMB.L vs. EMLB.L — Risk / Return Rank

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

JPMB.L

JPMB.L Risk / Return Rank: 68
JPMB.L Sharpe Ratio Rank: 69
JPMB.L Sortino Ratio Rank: 78
JPMB.L Omega Ratio Rank: 74
JPMB.L Calmar Ratio Rank: 52
JPMB.L Martin Ratio Rank: 66

EMLB.L

EMLB.L Risk / Return Rank: 44
EMLB.L Sharpe Ratio Rank: 44
EMLB.L Sortino Ratio Rank: 47
EMLB.L Omega Ratio Rank: 47
EMLB.L Calmar Ratio Rank: 38
EMLB.L Martin Ratio Rank: 41

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.

JPMB.L vs. EMLB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM USD Emerging Markets Sovereign Bond UCITS ETF USD (Dist) (JPMB.L) and PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.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.

	JPMB.L	EMLB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.20	+0.47
Sortino ratio: Return per unit of downside risk	2.66	1.82	+0.84
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.00	1.53	+0.47
Martin ratio: Return relative to average drawdown	8.71	4.98	+3.72

JPMB.L vs. EMLB.L - Sharpe Ratio Comparison

The current JPMB.L Sharpe Ratio is 1.67, which is higher than the EMLB.L Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of JPMB.L and EMLB.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.

Drawdowns

JPMB.L vs. EMLB.L - Drawdown Comparison

The maximum JPMB.L drawdown since its inception was -26.70%, smaller than the maximum EMLB.L drawdown of -29.75%. Use the drawdown chart below to compare losses from any high point for JPMB.L and EMLB.L.

Drawdown Indicators

	JPMB.L	EMLB.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.70%	-29.75%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-5.48%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-7.27%	-7.50%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-25.95%	-20.09%	-5.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.37%	—
Current Drawdown Current decline from peak	-1.01%	-1.40%	+0.39%
Average Drawdown Average peak-to-trough decline	-6.95%	-9.33%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.68%	-0.64%

Volatility

JPMB.L vs. EMLB.L - Volatility Comparison

The current volatility for JPM USD Emerging Markets Sovereign Bond UCITS ETF USD (Dist) (JPMB.L) is 1.00%, while PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) has a volatility of 1.78%. This indicates that JPMB.L experiences smaller price fluctuations and is considered to be less risky than EMLB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPMB.L	EMLB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.78%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	6.18%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	5.41%	7.00%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	9.48%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.61%	9.58%	+0.03%

JPMB.L vs. EMLB.L - Expense Ratio Comparison

Both JPMB.L and EMLB.L have an expense ratio of 0.39%.

Dividends

JPMB.L vs. EMLB.L - Dividend Comparison

JPMB.L's dividend yield for the trailing twelve months is around 5.91%, while EMLB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMLB.L PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPMB.L JPM USD Emerging Markets Sovereign Bond UCITS ETF USD (Dist)	5.91%	5.98%	5.84%	5.31%	5.49%	4.13%	4.08%	4.41%	4.13%

Frequently Asked Questions

Can I hold both JPMB.L and EMLB.L in my portfolio?

JPMB.L and EMLB.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPMB.L or EMLB.L?

Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPMB.L or EMLB.L?

JPMB.L and EMLB.L have the same expense ratio: 0.39% per year.

What is the main difference between JPMB.L and EMLB.L?

JPMB.L tracks J.P. Morgan Emerging Market Risk Aware Bond Index, while EMLB.L tracks PIMCO Emerging Markets Advantage Local Currency Bond Index. They also come from different issuers: JPMorgan and PIMCO.