PEMD.L vs. IEML.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - PEMD.L tracks the JPM EMBI Global Diversified TR USD while IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index. Both are passively managed. Over the past 5 years, PEMD.L returned 2.31%/yr vs 1.34%/yr for IEML.L. A 0.55 correlation means they provide meaningful diversification when combined. PEMD.L charges 0.25%/yr vs 0.50%/yr for IEML.L.
Performance
PEMD.L vs. IEML.L - Performance Comparison
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Returns By Period
In the year-to-date period, PEMD.L achieves a 2.10% return, which is significantly higher than IEML.L's 0.54% return.
PEMD.L
- 1D
- -0.06%
- 1M
- 1.62%
- YTD
- 2.10%
- 6M
- 2.29%
- 1Y
- 10.00%
- 3Y*
- 9.24%
- 5Y*
- 2.31%
- 10Y*
- —
IEML.L
- 1D
- 0.28%
- 1M
- 0.33%
- YTD
- 0.54%
- 6M
- 0.62%
- 1Y
- 7.39%
- 3Y*
- 6.35%
- 5Y*
- 1.34%
- 10Y*
- 2.10%
PEMD.L vs. IEML.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 | 2.10% | 12.80% | 6.18% | 10.57% | -16.55% | -2.57% | 5.23% | 13.29% | -4.54% | 1.65% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 0.54% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 1.80% | 11.74% | -7.21% | 3.60% |
Correlation
The correlation between PEMD.L and IEML.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 | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.55 |
The correlation between PEMD.L and IEML.L has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.
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Return for Risk
PEMD.L vs. IEML.L — Risk / Return Rank
PEMD.L
IEML.L
PEMD.L vs. IEML.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 (Dist) (IEML.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 | IEML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.18 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 1.17 | +1.07 |
| Martin ratioReturn relative to average drawdown | 8.75 | 3.78 | +4.97 |
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Drawdowns
PEMD.L vs. IEML.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.75%, smaller than the maximum IEML.L drawdown of -36.66%. Use the drawdown chart below to compare losses from any high point for PEMD.L and IEML.L.
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Drawdown Indicators
| PEMD.L | IEML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.75% | -36.66% | +9.91% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -6.28% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -7.96% | -9.04% | +1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -26.65% | -25.01% | -1.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.17% | — |
Current DrawdownCurrent decline from peak | -0.12% | -9.71% | +9.59% |
Average DrawdownAverage peak-to-trough decline | -6.43% | -19.01% | +12.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.95% | -0.81% |
Volatility
PEMD.L vs. IEML.L - Volatility Comparison
The current volatility for Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) is 1.86%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a volatility of 2.48%. This indicates that PEMD.L experiences smaller price fluctuations and is considered to be less risky than IEML.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 | IEML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 2.48% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 7.12% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.97% | 7.92% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.33% | 9.25% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.14% | 10.04% | +1.10% |
PEMD.L vs. IEML.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than IEML.L's 0.50% expense ratio.
Dividends
PEMD.L vs. IEML.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.48%, less than IEML.L's 6.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 6.86% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 5.48% | 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 IEML.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 IEML.L.
PEMD.L tracks JPM EMBI Global Diversified TR USD, while IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for PEMD.L and 0.50% for IEML.L.
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