PEMD.L vs. XUEM.L
PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Invesco and Xtrackers respectively. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs 1.90%/yr for XUEM.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.
Performance
PEMD.L vs. XUEM.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 lower than XUEM.L's 2.60% 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*
- —
XUEM.L
- 1D
- 0.16%
- 1M
- 1.00%
- YTD
- 2.60%
- 6M
- 3.19%
- 1Y
- 12.53%
- 3Y*
- 10.25%
- 5Y*
- 1.90%
- 10Y*
- —
PEMD.L vs. XUEM.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% | -0.81% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 2.60% | 13.58% | 6.08% | 10.88% | -19.42% | -2.38% | 3.07% | 15.18% | -0.93% |
Correlation
The correlation between PEMD.L and XUEM.L is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2018 | 0.89 |
The correlation between PEMD.L and XUEM.L has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
PEMD.L vs. XUEM.L — Risk / Return Rank
PEMD.L
XUEM.L
PEMD.L vs. XUEM.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 Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.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 | XUEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.50 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 3.22 | -0.96 |
| Martin ratioReturn relative to average drawdown | 8.86 | 13.78 | -4.92 |
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 | XUEM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 2.52 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.21 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.28 | -0.04 |
Drawdowns
PEMD.L vs. XUEM.L - Drawdown Comparison
The maximum PEMD.L drawdown since its inception was -26.74%, smaller than the maximum XUEM.L drawdown of -29.94%. Use the drawdown chart below to compare losses from any high point for PEMD.L and XUEM.L.
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Drawdown Indicators
| PEMD.L | XUEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.74% | -29.94% | +3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -3.88% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -8.08% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -29.94% | +3.30% |
Current DrawdownCurrent decline from peak | -0.36% | -0.02% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -7.83% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.91% | +0.23% |
Volatility
PEMD.L vs. XUEM.L - Volatility Comparison
Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a higher volatility of 2.41% compared to Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) at 1.66%. This indicates that PEMD.L's price experiences larger fluctuations and is considered to be riskier than XUEM.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 | XUEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 1.66% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 3.97% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 4.97% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.31% | 8.90% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 10.84% | +0.33% |
PEMD.L vs. XUEM.L - Expense Ratio Comparison
Both PEMD.L and XUEM.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
PEMD.L vs. XUEM.L - Dividend Comparison
PEMD.L's dividend yield for the trailing twelve months is around 5.45%, more than XUEM.L's 5.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.21% | 5.30% | 6.79% | 5.27% | 5.92% | 8.49% | 4.18% | 0.61% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, PEMD.L and XUEM.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.
Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PEMD.L and XUEM.L have the same expense ratio: 0.25% per year.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Invesco and Xtrackers.
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