PEMD.L vs. EMGA.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - PEMD.L tracks the JPM EMBI Global Diversified TR USD while EMGA.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs 1.03%/yr for EMGA.L. A 0.55 correlation means they provide meaningful diversification when combined. PEMD.L charges 0.25%/yr vs 0.50%/yr for EMGA.L.
Performance
PEMD.L vs. EMGA.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 EMGA.L's 0.79% 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*
- —
EMGA.L
- 1D
- -0.12%
- 1M
- 0.75%
- YTD
- 0.79%
- 6M
- 1.63%
- 1Y
- 8.91%
- 3Y*
- 7.03%
- 5Y*
- 1.03%
- 10Y*
- —
PEMD.L vs. EMGA.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% | 0.15% |
EMGA.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) | 0.79% | 18.25% | -2.74% | 11.65% | -10.95% | -10.50% | 1.84% | 11.71% | -2.92% |
Correlation
The correlation between PEMD.L and EMGA.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | 0.55 |
The correlation between PEMD.L and EMGA.L has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.
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Return for Risk
PEMD.L vs. EMGA.L — Risk / Return Rank
PEMD.L
EMGA.L
PEMD.L vs. EMGA.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 Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.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 | EMGA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.23 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 1.50 | +0.76 |
| Martin ratioReturn relative to average drawdown | 8.86 | 5.01 | +3.85 |
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 | EMGA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 1.19 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.11 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.16 | +0.08 |
Drawdowns
PEMD.L vs. EMGA.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.74%, smaller than the maximum EMGA.L drawdown of -28.18%. Use the drawdown chart below to compare losses from any high point for PEMD.L and EMGA.L.
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Drawdown Indicators
| PEMD.L | EMGA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.74% | -28.18% | +1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -5.93% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -9.12% | +1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -26.60% | -0.04% |
Current DrawdownCurrent decline from peak | -0.36% | -2.52% | +2.16% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -8.98% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.78% | -0.64% |
Volatility
PEMD.L vs. EMGA.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 Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) has a volatility of 2.63%. This indicates that PEMD.L experiences smaller price fluctuations and is considered to be less risky than EMGA.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 | EMGA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 2.63% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 6.52% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 7.49% | -1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.31% | 9.03% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 10.24% | +0.93% |
PEMD.L vs. EMGA.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than EMGA.L's 0.50% expense ratio.
Dividends
PEMD.L vs. EMGA.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.45%, while EMGA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMGA.L iShares J.P. Morgan Emerging Markets Local Government 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 | 5.45% | 5.49% | 5.83% | 5.54% | 4.94% | 3.93% | 3.60% | 4.99% | 5.36% |
Frequently Asked Questions
PEMD.L and EMGA.L have a correlation of 0.55, 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 EMGA.L.
PEMD.L tracks JPM EMBI Global Diversified TR USD, while EMGA.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PEMD.L and 0.50% for EMGA.L.
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