PEMD.L vs. DRGN.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. PEMD.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs 2.26%/yr for DRGN.L. At a 0.31 correlation, their price movements are largely independent. PEMD.L charges 0.25%/yr vs 0.30%/yr for DRGN.L.
Performance
PEMD.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, PEMD.L achieves a 1.58% return, which is significantly lower than DRGN.L's 4.62% return.
PEMD.L
- 1D
- 0.75%
- 1M
- 1.05%
- YTD
- 1.58%
- 6M
- 2.07%
- 1Y
- 10.10%
- 3Y*
- 9.49%
- 5Y*
- 2.29%
- 10Y*
- —
DRGN.L
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.62%
- 6M
- 6.29%
- 1Y
- 8.23%
- 3Y*
- 4.99%
- 5Y*
- 2.26%
- 10Y*
- —
PEMD.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 1.58% | 12.80% | 6.20% | 10.59% | -16.57% | -2.57% | 1.71% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.62% | 5.43% | 3.15% | 0.46% | -5.32% | 7.15% | 0.87% |
Correlation
The correlation between PEMD.L and DRGN.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 | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.31 |
The correlation between PEMD.L and DRGN.L shifts across timeframes, from 0.27 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PEMD.L vs. DRGN.L — Risk / Return Rank
PEMD.L
DRGN.L
PEMD.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) and L&G China CNY Bond UCITS ETF (DRGN.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.
| PEMD.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.56 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 5.58 | -3.32 |
| Martin ratioReturn relative to average drawdown | 8.86 | 22.51 | -13.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PEMD.L | DRGN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 2.45 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.49 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.64 | -0.40 |
Drawdowns
PEMD.L vs. DRGN.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.74%, which is greater than DRGN.L's maximum drawdown of -11.71%. Use the drawdown chart below to compare losses from any high point for PEMD.L and DRGN.L.
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Drawdown Indicators
| PEMD.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.74% | -11.71% | -15.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -1.47% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -3.49% | -4.51% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -11.71% | -14.93% |
Current DrawdownCurrent decline from peak | -0.36% | -0.30% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -3.61% | -2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.36% | +0.78% |
Volatility
PEMD.L vs. DRGN.L - Volatility Comparison
Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a higher volatility of 2.41% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 1.21%. This indicates that PEMD.L's price experiences larger fluctuations and is considered to be riskier than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEMD.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 1.21% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 3.00% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 3.36% | +2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.31% | 4.58% | +4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 4.53% | +6.64% |
PEMD.L vs. DRGN.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than DRGN.L's 0.30% expense ratio.
Dividends
PEMD.L vs. DRGN.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.45%, more than DRGN.L's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 1.63% | 1.94% | 2.31% | 2.45% | 2.76% | 1.44% | 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
PEMD.L and DRGN.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, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.30% for DRGN.L.
They also come from different issuers: Invesco and Legal & General. Their fees differ too: 0.25% for PEMD.L and 0.30% for DRGN.L.
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