SBEM.L vs. UBTS.L

Last updated Jun 14, 2026

SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) and UBTS.L (UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis) are both exchange-traded funds - SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while UBTS.L is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD. Both are passively managed. Over the past 5 years, SBEM.L returned 3.36%/yr vs 3.21%/yr for UBTS.L. A 0.69 correlation means they provide meaningful diversification when combined. SBEM.L charges 0.42%/yr vs 0.15%/yr for UBTS.L.

Performance

SBEM.L vs. UBTS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) and UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis (UBTS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBEM.L achieves a 2.82% return, which is significantly higher than UBTS.L's 1.63% 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%

UBTS.L

• 1D: -0.54%
• 1M: -0.11%
• YTD: 1.63%
• 6M: 1.00%
• 1Y: 6.12%
• 3Y*: 2.62%
• 5Y*: 3.21%
• 10Y*: —

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

SBEM.L vs. UBTS.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%
UBTS.L UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis	1.63%	-0.11%	4.94%	-1.60%	3.40%	6.97%	4.62%	3.52%	5.25%	-7.29%

Correlation

The correlation between SBEM.L and UBTS.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016	0.69

The correlation between SBEM.L and UBTS.L has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.

Return for Risk

SBEM.L vs. UBTS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBEM.L

SBEM.L Risk / Return Rank: 79
SBEM.L Sharpe Ratio Rank: 79
SBEM.L Sortino Ratio Rank: 83
SBEM.L Omega Ratio Rank: 77
SBEM.L Calmar Ratio Rank: 84
SBEM.L Martin Ratio Rank: 71

UBTS.L

UBTS.L Risk / Return Rank: 27
UBTS.L Sharpe Ratio Rank: 29
UBTS.L Sortino Ratio Rank: 27
UBTS.L Omega Ratio Rank: 27
UBTS.L Calmar Ratio Rank: 27
UBTS.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.

SBEM.L vs. UBTS.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 UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis (UBTS.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	UBTS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.93	+1.30
Sortino ratio: Return per unit of downside risk	3.28	1.36	+1.92
Omega ratio: Gain probability vs. loss probability	1.40	1.16	+0.24
Calmar ratio: Return relative to maximum drawdown	4.05	1.18	+2.87
Martin ratio: Return relative to average drawdown	11.69	3.14	+8.55

SBEM.L vs. UBTS.L - Sharpe Ratio Comparison

The current SBEM.L Sharpe Ratio is 2.24, which is higher than the UBTS.L Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of SBEM.L and UBTS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SBEM.L vs. UBTS.L - Drawdown Comparison

The maximum SBEM.L drawdown since its inception was -21.61%, smaller than the maximum UBTS.L drawdown of -30.43%. Use the drawdown chart below to compare losses from any high point for SBEM.L and UBTS.L.

Drawdown Indicators

	SBEM.L	UBTS.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.61%	-30.43%	+8.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-4.97%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-9.79%	-7.52%	-2.27%
Max Drawdown (5Y) Largest decline over 5 years	-17.20%	-16.00%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	-21.61%	—	—
Current Drawdown Current decline from peak	0.00%	-5.92%	+5.92%
Average Drawdown Average peak-to-trough decline	-7.22%	-14.03%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.88%	-0.65%

Volatility

SBEM.L vs. UBTS.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 UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis (UBTS.L) has a volatility of 1.63%. This indicates that SBEM.L experiences smaller price fluctuations and is considered to be less risky than UBTS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBEM.L	UBTS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.63%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	4.51%	4.57%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	6.31%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	8.16%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	10.65%	+0.32%

SBEM.L vs. UBTS.L - Expense Ratio Comparison

SBEM.L has a 0.42% expense ratio, which is higher than UBTS.L's 0.15% expense ratio.

Dividends

SBEM.L vs. UBTS.L - Dividend Comparison

SBEM.L's dividend yield for the trailing twelve months is around 6.51%, more than UBTS.L's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
UBTS.L UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis	4.02%	3.26%	4.41%	4.56%	6.66%	2.83%	0.84%	2.30%	2.38%	1.27%	0.00%

Frequently Asked Questions

Can I hold both SBEM.L and UBTS.L in my portfolio?

SBEM.L and UBTS.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBEM.L or UBTS.L?

On fees, UBTS.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SBEM.L or UBTS.L?

UBTS.L is cheaper with a 0.15% expense ratio, compared with 0.42% for SBEM.L.

What is the main difference between SBEM.L and UBTS.L?

SBEM.L is categorized as Emerging Markets Bonds, while UBTS.L is Inflation-Protected Bonds. SBEM.L tracks JPM EMBI Global Diversified TR USD, while UBTS.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD. Their fees differ too: 0.42% for SBEM.L and 0.15% for UBTS.L.