PEMD.L vs. SEML.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) and iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L).

PEMD.L and SEML.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PEMD.L is a passively managed fund by Invesco that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Nov 16, 2017. SEML.L is a passively managed fund by iShares that tracks the performance of the JPM GBI-EM Global Diversified TR USD. It was launched on Jun 20, 2011. Both PEMD.L and SEML.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PEMD.L vs. SEML.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 iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L). The values are adjusted to include any dividend payments, if applicable.

PEMD.L vs. SEML.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	-1.32%	12.80%	6.20%	10.59%	-16.57%	-2.57%	5.25%	13.26%	-4.53%	1.11%
SEML.L iShares J.P. Morgan EM Local Government Bond UCITS ETF	-4.00%	12.19%	-7.96%	5.52%	-15.44%	-13.96%	-3.39%	6.70%	-12.06%	3.09%

Different Trading Currencies

PEMD.L is traded in USD, while SEML.L is traded in GBP. To make them comparable, the SEML.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 -1.32% return, which is significantly higher than SEML.L's -4.00% return.

PEMD.L

• 1D: 0.77%
• 1M: -2.30%
• YTD: -1.32%
• 6M: 2.11%
• 1Y: 8.59%
• 3Y*: 8.37%
• 5Y*: 2.36%
• 10Y*: —

SEML.L

• 1D: 0.95%
• 1M: -3.03%
• YTD: -4.00%
• 6M: -1.07%
• 1Y: 6.46%
• 3Y*: 1.05%
• 5Y*: -3.55%
• 10Y*: -3.36%

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

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

PEMD.L has a 0.25% expense ratio, which is lower than SEML.L's 0.50% expense ratio.

SEML.L

iShares J.P. Morgan EM Local Government Bond UCITS ETF

PEMD.L

Invesco Emerging Markets USD Bond UCITS ETF Dist

Return for Risk

PEMD.L vs. SEML.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: 69
PEMD.L Sharpe Ratio Rank: 69
PEMD.L Sortino Ratio Rank: 72
PEMD.L Omega Ratio Rank: 66
PEMD.L Calmar Ratio Rank: 67
PEMD.L Martin Ratio Rank: 69

SEML.L

SEML.L Risk / Return Rank: 25
SEML.L Sharpe Ratio Rank: 26
SEML.L Sortino Ratio Rank: 22
SEML.L Omega Ratio Rank: 24
SEML.L Calmar Ratio Rank: 28
SEML.L Martin Ratio Rank: 26

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. SEML.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 EM Local Government Bond UCITS ETF (SEML.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	SEML.L	Difference
Sharpe ratio Return per unit of total volatility	1.30	0.71	+0.59
Sortino ratio Return per unit of downside risk	1.93	0.97	+0.95
Omega ratio Gain probability vs. loss probability	1.26	1.14	+0.12
Calmar ratio Return relative to maximum drawdown	1.94	0.99	+0.94
Martin ratio Return relative to average drawdown	8.11	3.41	+4.70
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. SEML.L - Sharpe Ratio Comparison

The current PEMD.L Sharpe Ratio is 1.30, which is higher than the SEML.L Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of PEMD.L and SEML.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PEMD.L	SEML.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.71	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.35	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	-0.35	+0.57

Correlation

The correlation between PEMD.L and SEML.L is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PEMD.L vs. SEML.L - Dividend Comparison

PEMD.L's dividend yield for the trailing twelve months is around 5.61%, more than SEML.L's 0.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	5.61%	5.49%	5.83%	5.54%	4.94%	3.93%	3.60%	4.99%	5.36%	0.00%	0.00%	0.00%
SEML.L iShares J.P. Morgan EM Local Government Bond UCITS ETF	0.03%	0.05%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.03%

Drawdowns

PEMD.L vs. SEML.L - Drawdown Comparison

The maximum PEMD.L drawdown since its inception was -26.74%, smaller than the maximum SEML.L drawdown of -75.25%. Use the drawdown chart below to compare losses from any high point for PEMD.L and SEML.L.

Drawdown Indicators

	PEMD.L	SEML.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.74%	-66.68%	+39.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-5.20%	+0.67%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-20.11%	-6.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.61%	—
Current Drawdown Current decline from peak	-3.22%	-64.96%	+61.74%
Average Drawdown Average peak-to-trough decline	-6.59%	-54.29%	+47.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	1.76%	-0.69%

Volatility

PEMD.L vs. SEML.L - Volatility Comparison

The current volatility for Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) is 2.75%, while iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L) has a volatility of 3.91%. This indicates that PEMD.L experiences smaller price fluctuations and is considered to be less risky than SEML.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMD.L	SEML.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	3.91%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	3.95%	6.35%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	6.59%	9.02%	-2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	10.13%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.22%	10.77%	+0.45%