SBEM.L vs. IBTL.L
SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both exchange-traded funds - SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SBEM.L returned 4.44%/yr vs -1.26%/yr for IBTL.L. A 0.58 correlation means they provide meaningful diversification when combined. SBEM.L charges 0.42%/yr vs 0.07%/yr for IBTL.L.
Performance
SBEM.L vs. IBTL.L - Performance Comparison
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Returns By Period
In the year-to-date period, SBEM.L achieves a 2.82% return, which is significantly higher than IBTL.L's -0.34% return. Over the past 10 years, SBEM.L has outperformed IBTL.L with an annualized return of 4.44%, while IBTL.L has yielded a comparatively lower -1.26% annualized return.
SBEM.L
- 1D
- 0.16%
- 1M
- 1.55%
- YTD
- 2.82%
- 6M
- 3.45%
- 1Y
- 14.87%
- 3Y*
- 9.07%
- 5Y*
- 3.36%
- 10Y*
- 4.44%
IBTL.L
- 1D
- -0.17%
- 1M
- 1.43%
- YTD
- -0.34%
- 6M
- 0.20%
- 1Y
- 5.42%
- 3Y*
- -3.32%
- 5Y*
- -5.44%
- 10Y*
- -1.26%
SBEM.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 2.82% | 7.42% | 9.45% | 5.95% | -10.24% | -1.29% | 1.29% | 10.91% | 1.42% | 0.47% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.34% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -0.83% |
Correlation
The correlation between SBEM.L and IBTL.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.58 |
The correlation between SBEM.L and IBTL.L has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
SBEM.L vs. IBTL.L — Risk / Return Rank
SBEM.L
IBTL.L
SBEM.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| SBEM.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.09 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 0.58 | +3.47 |
| Martin ratioReturn relative to average drawdown | 11.69 | 1.23 | +10.46 |
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Drawdowns
SBEM.L vs. IBTL.L - Drawdown Comparison
The maximum SBEM.L drawdown since its inception was -21.61%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for SBEM.L and IBTL.L.
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Drawdown Indicators
| SBEM.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -48.85% | +27.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -8.26% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -9.79% | -17.10% | +7.31% |
Max Drawdown (5Y)Largest decline over 5 years | -17.20% | -39.34% | +22.14% |
Max Drawdown (10Y)Largest decline over 10 years | -21.61% | -48.85% | +27.24% |
Current DrawdownCurrent decline from peak | 0.00% | -45.09% | +45.09% |
Average DrawdownAverage peak-to-trough decline | -7.22% | -22.69% | +15.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 3.91% | -2.68% |
Volatility
SBEM.L vs. IBTL.L - Volatility Comparison
The current volatility for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) is 1.48%, while iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a volatility of 2.35%. This indicates that SBEM.L experiences smaller price fluctuations and is considered to be less risky than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBEM.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 2.35% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 6.40% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 9.51% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 15.47% | -6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 16.31% | -5.34% |
SBEM.L vs. IBTL.L - Expense Ratio Comparison
SBEM.L has a 0.42% expense ratio, which is higher than IBTL.L's 0.07% expense ratio.
Dividends
SBEM.L vs. IBTL.L - Dividend Comparison
SBEM.L's dividend yield for the trailing twelve months is around 6.51%, more than IBTL.L's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 2.27% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.51% | 7.69% | 6.27% | 6.49% | 5.73% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% | 0.00% |
Frequently Asked Questions
SBEM.L and IBTL.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.42% for SBEM.L.
SBEM.L is categorized as Emerging Markets Bonds, while IBTL.L is Government Bonds. SBEM.L tracks JPM EMBI Global Diversified TR USD, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.42% for SBEM.L and 0.07% for IBTL.L.
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