PEMD.L vs. EMBE.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both Emerging Markets Bonds funds - PEMD.L tracks the JPM EMBI Global Diversified TR USD while EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs -1.25%/yr for EMBE.L. A 0.69 correlation means they provide meaningful diversification when combined. PEMD.L charges 0.25%/yr vs 0.50%/yr for EMBE.L.
Performance
PEMD.L vs. EMBE.L - Performance Comparison
Loading charts...
Different Trading Currencies
PEMD.L is traded in USD, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PEMD.L achieves a 1.58% return, which is significantly higher than EMBE.L's -0.14% 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*
- —
EMBE.L
- 1D
- 0.36%
- 1M
- 0.12%
- YTD
- -0.14%
- 6M
- 0.93%
- 1Y
- 10.65%
- 3Y*
- 10.44%
- 5Y*
- -1.25%
- 10Y*
- 1.21%
PEMD.L vs. EMBE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | -0.14% | 25.90% | -2.43% | 11.05% | -25.61% | -9.87% | 12.50% | 10.09% | -12.68% | 3.17% |
Correlation
The correlation between PEMD.L and EMBE.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2017 | 0.69 |
The correlation between PEMD.L and EMBE.L has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PEMD.L vs. EMBE.L — Risk / Return Rank
PEMD.L
EMBE.L
PEMD.L vs. EMBE.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 iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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 | EMBE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.20 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 1.32 | +0.93 |
| Martin ratioReturn relative to average drawdown | 8.86 | 4.37 | +4.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PEMD.L | EMBE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 1.09 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | -0.09 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.08 | +0.17 |
Drawdowns
PEMD.L vs. EMBE.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.74%, smaller than the maximum EMBE.L drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for PEMD.L and EMBE.L.
Loading charts...
Drawdown Indicators
| PEMD.L | EMBE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.74% | -44.54% | +17.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -8.00% | +3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -13.39% | +5.39% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -43.18% | +16.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.54% | — |
Current DrawdownCurrent decline from peak | -0.36% | -9.05% | +8.69% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -15.04% | +8.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 2.43% | -1.29% |
Volatility
PEMD.L vs. EMBE.L - Volatility Comparison
The current volatility for Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) is 2.41%, while iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) has a volatility of 3.01%. This indicates that PEMD.L experiences smaller price fluctuations and is considered to be less risky than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PEMD.L | EMBE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 3.01% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 7.34% | -2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 9.79% | -3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.31% | 13.66% | -4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 13.35% | -2.18% |
PEMD.L vs. EMBE.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than EMBE.L's 0.50% expense ratio.
Dividends
PEMD.L vs. EMBE.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.45%, less than EMBE.L's 5.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.63% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PEMD.L and EMBE.L have a correlation of 0.70, 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 0.50% for EMBE.L.
PEMD.L tracks JPM EMBI Global Diversified TR USD, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PEMD.L and 0.50% for EMBE.L.
Find the right allocation for PEMD.L and EMBE.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer