PEMD.L vs. EMCA.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - PEMD.L tracks the JPM EMBI Global Diversified TR USD while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, PEMD.L returned 2.09%/yr vs 1.91%/yr for EMCA.L. A 0.55 correlation means they provide meaningful diversification when combined. PEMD.L charges 0.25%/yr vs 0.50%/yr for EMCA.L.
Performance
PEMD.L vs. EMCA.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PEMD.L having a 1.49% return and EMCA.L slightly higher at 1.55%.
PEMD.L
- 1D
- 0.06%
- 1M
- -0.72%
- 6M
- 1.73%
- YTD
- 1.49%
- 1Y
- 9.13%
- 3Y*
- 8.52%
- 5Y*
- 2.09%
- 10Y*
- —
EMCA.L
- 1D
- -0.09%
- 1M
- -0.38%
- 6M
- 1.25%
- YTD
- 1.55%
- 1Y
- 5.99%
- 3Y*
- 6.97%
- 5Y*
- 1.91%
- 10Y*
- —
PEMD.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 1.49% | 12.80% | 6.18% | 10.57% | -16.55% | -2.57% | 5.23% | 13.29% | -0.37% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.55% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 7.04% | 13.77% | 0.89% |
Correlation
The correlation between PEMD.L and EMCA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.55 |
The correlation between PEMD.L and EMCA.L shifts across timeframes, from 0.49 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PEMD.L vs. EMCA.L — Risk / Return Rank
PEMD.L
EMCA.L
PEMD.L vs. EMCA.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 $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.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.
| PEMD.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 2.63 | -0.58 |
| Martin ratioReturn relative to average drawdown | 8.00 | 10.19 | -2.19 |
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Drawdowns
PEMD.L vs. EMCA.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.75%, which is greater than EMCA.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for PEMD.L and EMCA.L.
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Drawdown Indicators
| PEMD.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.75% | -24.69% | -2.06% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -2.21% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -7.96% | -3.58% | -4.38% |
Max Drawdown (5Y)Largest decline over 5 years | -26.65% | -20.14% | -6.51% |
Current DrawdownCurrent decline from peak | -0.72% | -0.53% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -6.40% | -4.05% | -2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.57% | +0.57% |
Volatility
PEMD.L vs. EMCA.L - Volatility Comparison
Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) and iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) have volatilities of 1.03% and 1.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEMD.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.06% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.77% | 3.26% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 3.82% | +2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.33% | 5.25% | +4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 8.79% | +2.31% |
PEMD.L vs. EMCA.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than EMCA.L's 0.50% expense ratio.
Dividends
PEMD.L vs. EMCA.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.51%, while EMCA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp 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 | 5.51% | 5.49% | 5.83% | 5.54% | 4.94% | 3.93% | 3.60% | 4.99% | 5.36% |
Frequently Asked Questions
PEMD.L and EMCA.L have a correlation of 0.49, 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 EMCA.L.
PEMD.L tracks JPM EMBI Global Diversified TR USD, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PEMD.L and 0.50% for EMCA.L.
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