PEMD.L vs. EMIG.L

Last updated Jun 5, 2026

PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and EMIG.L (UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (USD) A-acc) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Invesco and UBS respectively. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs -0.18%/yr for EMIG.L. A 0.54 correlation means they provide meaningful diversification when combined. PEMD.L charges 0.25%/yr vs 0.45%/yr for EMIG.L.

Performance

PEMD.L vs. EMIG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) and UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (USD) A-acc (EMIG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PEMD.L is traded in USD, while EMIG.L is traded in GBp. To make them comparable, the EMIG.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 EMIG.L's -0.16% 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*: —

EMIG.L

• 1D: -0.46%
• 1M: 0.15%
• YTD: -0.16%
• 6M: 0.39%
• 1Y: 6.01%
• 3Y*: 4.73%
• 5Y*: -0.18%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PEMD.L vs. EMIG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	1.58%	12.80%	6.20%	10.59%	-16.57%	-2.57%	5.25%	0.97%
EMIG.L UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (USD) A-acc	-0.16%	9.66%	1.62%	5.87%	-17.14%	-1.97%	8.31%	3.06%

Correlation

The correlation between PEMD.L and EMIG.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 9, 2019	0.54

The correlation between PEMD.L and EMIG.L shifts across timeframes, from 0.43 (1 year) to 0.60 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PEMD.L vs. EMIG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PEMD.L

PEMD.L Risk / Return Rank: 51
PEMD.L Sharpe Ratio Rank: 50
PEMD.L Sortino Ratio Rank: 55
PEMD.L Omega Ratio Rank: 53
PEMD.L Calmar Ratio Rank: 46
PEMD.L Martin Ratio Rank: 53

EMIG.L

EMIG.L Risk / Return Rank: 31
EMIG.L Sharpe Ratio Rank: 35
EMIG.L Sortino Ratio Rank: 36
EMIG.L Omega Ratio Rank: 32
EMIG.L Calmar Ratio Rank: 29
EMIG.L Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PEMD.L vs. EMIG.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 UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (USD) A-acc (EMIG.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	EMIG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.23	+0.46
Sortino ratio: Return per unit of downside risk	2.59	1.82	+0.77
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	2.25	1.71	+0.54
Martin ratio: Return relative to average drawdown	8.86	6.43	+2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEMD.L vs. EMIG.L - Sharpe Ratio Comparison

The current PEMD.L Sharpe Ratio is 1.70, which is higher than the EMIG.L Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of PEMD.L and EMIG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PEMD.L	EMIG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.23	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	-0.02	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.11	+0.14

Drawdowns

PEMD.L vs. EMIG.L - Drawdown Comparison

The maximum PEMD.L drawdown since its inception was -26.74%, which is greater than EMIG.L's maximum drawdown of -24.97%. Use the drawdown chart below to compare losses from any high point for PEMD.L and EMIG.L.

Drawdown Indicators

	PEMD.L	EMIG.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.74%	-24.97%	-1.77%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-3.67%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-8.00%	-6.74%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-24.10%	-2.54%
Current Drawdown Current decline from peak	-0.36%	-4.47%	+4.11%
Average Drawdown Average peak-to-trough decline	-6.49%	-9.29%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.98%	+0.16%

Volatility

PEMD.L vs. EMIG.L - Volatility Comparison

Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a higher volatility of 2.41% compared to UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (USD) A-acc (EMIG.L) at 1.64%. This indicates that PEMD.L's price experiences larger fluctuations and is considered to be riskier than EMIG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMD.L	EMIG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	1.64%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	3.96%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	5.10%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.31%	7.92%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.17%	9.26%	+1.91%

PEMD.L vs. EMIG.L - Expense Ratio Comparison

PEMD.L has a 0.25% expense ratio, which is lower than EMIG.L's 0.45% expense ratio.

Dividends

PEMD.L vs. EMIG.L - Dividend Comparison

PEMD.L's dividend yield for the trailing twelve months is around 5.45%, while EMIG.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMIG.L UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (USD) A-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

Can I hold both PEMD.L and EMIG.L in my portfolio?

PEMD.L and EMIG.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PEMD.L or EMIG.L?

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.

Which ETF is cheaper, PEMD.L or EMIG.L?

PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.45% for EMIG.L.

What is the main difference between PEMD.L and EMIG.L?

Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.25% for PEMD.L and 0.45% for EMIG.L.