PEMD.L vs. LEMB.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and LEMB.L (Lyxor iBoxx USD Liquid Emerging Markets Sovereigns UCITS ETF - Dist) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Invesco and Amundi respectively. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs 1.16%/yr for LEMB.L. Their correlation of 0.85 suggests significant overlap in exposure. PEMD.L charges 0.25%/yr vs 0.30%/yr for LEMB.L.
Performance
PEMD.L vs. LEMB.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PEMD.L achieves a 1.58% return, which is significantly lower than LEMB.L's 1.79% 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*
- —
LEMB.L
- 1D
- 0.25%
- 1M
- 0.96%
- YTD
- 1.79%
- 6M
- 2.28%
- 1Y
- 10.73%
- 3Y*
- 7.40%
- 5Y*
- 1.16%
- 10Y*
- 2.19%
PEMD.L vs. LEMB.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 | 1.58% | 12.80% | 6.20% | 10.59% | -16.57% | -2.57% | 5.25% | 13.26% | -4.53% | 1.11% |
LEMB.L Lyxor iBoxx USD Liquid Emerging Markets Sovereigns UCITS ETF - Dist | 1.79% | 12.48% | 0.66% | 9.26% | -16.61% | -2.23% | 4.28% | 13.91% | -4.52% | 1.33% |
Correlation
The correlation between PEMD.L and LEMB.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2017 | 0.85 |
The correlation between PEMD.L and LEMB.L has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PEMD.L vs. LEMB.L — Risk / Return Rank
PEMD.L
LEMB.L
PEMD.L vs. LEMB.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 Lyxor iBoxx USD Liquid Emerging Markets Sovereigns UCITS ETF - Dist (LEMB.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 | LEMB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.39 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.86 | -0.61 |
| Martin ratioReturn relative to average drawdown | 8.86 | 11.44 | -2.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PEMD.L | LEMB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 2.04 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.13 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.31 | -0.06 |
Drawdowns
PEMD.L vs. LEMB.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.74%, roughly equal to the maximum LEMB.L drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for PEMD.L and LEMB.L.
Loading charts...
Drawdown Indicators
| PEMD.L | LEMB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.74% | -27.40% | +0.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -3.74% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -8.59% | +0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -26.85% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.40% | — |
Current DrawdownCurrent decline from peak | -0.36% | -0.02% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -7.90% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.94% | +0.20% |
Volatility
PEMD.L vs. LEMB.L - Volatility Comparison
Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a higher volatility of 2.41% compared to Lyxor iBoxx USD Liquid Emerging Markets Sovereigns UCITS ETF - Dist (LEMB.L) at 2.05%. This indicates that PEMD.L's price experiences larger fluctuations and is considered to be riskier than LEMB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PEMD.L | LEMB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 2.05% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 4.20% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 5.25% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.31% | 8.89% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 10.18% | +0.99% |
PEMD.L vs. LEMB.L - Expense Ratio Comparison
PEMD.L has a 0.25% expense ratio, which is lower than LEMB.L's 0.30% expense ratio.
Dividends
PEMD.L vs. LEMB.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.45%, more than LEMB.L's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LEMB.L Lyxor iBoxx USD Liquid Emerging Markets Sovereigns UCITS ETF - Dist | 5.20% | 5.29% | 3.59% | 5.90% | 5.73% | 4.49% | 4.12% | 5.12% | 5.18% | 5.14% | 5.41% | 6.69% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, PEMD.L and LEMB.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.30% for LEMB.L.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.25% for PEMD.L and 0.30% for LEMB.L.
Find the right allocation for PEMD.L and LEMB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer