PEMD.L vs. EMES.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Invesco and iShares respectively. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs 1.35%/yr for EMES.L. Their correlation of 0.87 suggests significant overlap in exposure. PEMD.L charges 0.25%/yr vs 0.45%/yr for EMES.L.
Performance
PEMD.L vs. EMES.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 higher than EMES.L's 1.50% 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*
- —
EMES.L
- 1D
- 0.06%
- 1M
- 1.02%
- YTD
- 1.50%
- 6M
- 2.10%
- 1Y
- 10.68%
- 3Y*
- 9.03%
- 5Y*
- 1.35%
- 10Y*
- —
PEMD.L vs. EMES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 1.58% | 12.80% | 6.20% | 10.59% | -16.57% | -2.57% | 5.25% | 13.26% | -0.25% |
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 1.50% | 13.10% | 5.45% | 9.57% | -18.82% | -2.59% | 5.41% | 15.66% | -0.48% |
Correlation
The correlation between PEMD.L and EMES.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.87 |
The correlation between PEMD.L and EMES.L has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
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Return for Risk
PEMD.L vs. EMES.L — Risk / Return Rank
PEMD.L
EMES.L
PEMD.L vs. EMES.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 ESG USD EM Bond UCITS ETF (EMES.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 | EMES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.39 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.38 | -0.12 |
| Martin ratioReturn relative to average drawdown | 8.86 | 9.84 | -0.98 |
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 | EMES.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 1.95 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.16 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.35 | -0.10 |
Drawdowns
PEMD.L vs. EMES.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.74%, smaller than the maximum EMES.L drawdown of -28.84%. Use the drawdown chart below to compare losses from any high point for PEMD.L and EMES.L.
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Drawdown Indicators
| PEMD.L | EMES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.74% | -28.84% | +2.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -4.48% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -7.22% | -0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -28.84% | +2.20% |
Current DrawdownCurrent decline from peak | -0.36% | -0.35% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -7.85% | +1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.08% | +0.06% |
Volatility
PEMD.L vs. EMES.L - Volatility Comparison
Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a higher volatility of 2.41% compared to iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) at 2.26%. This indicates that PEMD.L's price experiences larger fluctuations and is considered to be riskier than EMES.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 | EMES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 2.26% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 4.55% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 5.47% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.31% | 8.28% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 9.24% | +1.93% |
PEMD.L vs. EMES.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than EMES.L's 0.45% expense ratio.
Dividends
PEMD.L vs. EMES.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.45%, less than EMES.L's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.78% | 5.78% | 5.45% | 5.41% | 5.03% | 3.48% | 3.49% | 4.60% | 0.50% |
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 EMES.L have a correlation of 0.85, 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 0.45% for EMES.L.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PEMD.L and 0.45% for EMES.L.
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