SEMB.L vs. PEMD.L
SEMB.L (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from iShares and Invesco respectively. Both are passively managed. Over the past 5 years, SEMB.L returned 4.65%/yr vs 3.39%/yr for PEMD.L. A 0.79 correlation means they provide meaningful diversification when combined. SEMB.L charges 0.45%/yr vs 0.25%/yr for PEMD.L.
Performance
SEMB.L vs. PEMD.L - Performance Comparison
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Different Trading Currencies
SEMB.L is traded in GBp, while PEMD.L is traded in USD. To make them comparable, the PEMD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SEMB.L achieves a 2.75% return, which is significantly higher than PEMD.L's 2.00% return.
SEMB.L
- 1D
- 0.37%
- 1M
- 2.16%
- YTD
- 2.75%
- 6M
- 2.73%
- 1Y
- 14.74%
- 3Y*
- 8.83%
- 5Y*
- 4.65%
- 10Y*
- 5.65%
PEMD.L
- 1D
- 0.75%
- 1M
- 1.98%
- YTD
- 2.00%
- 6M
- 1.36%
- 1Y
- 11.17%
- 3Y*
- 6.74%
- 5Y*
- 3.39%
- 10Y*
- —
SEMB.L vs. PEMD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 2.75% | 8.06% | 9.19% | 6.03% | -7.53% | 0.41% | 3.12% | 13.82% | 1.58% | -0.62% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 2.00% | 4.77% | 8.05% | 5.06% | -6.65% | -1.65% | 2.16% | 8.95% | 1.13% | -1.10% |
Correlation
The correlation between SEMB.L and PEMD.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2017 | 0.79 |
The correlation between SEMB.L and PEMD.L has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
SEMB.L vs. PEMD.L — Risk / Return Rank
SEMB.L
PEMD.L
SEMB.L vs. PEMD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) and Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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.
| SEMB.L | PEMD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.27 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 2.45 | +1.53 |
| Martin ratioReturn relative to average drawdown | 12.19 | 7.16 | +5.03 |
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
| SEMB.L | PEMD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 1.55 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.34 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.21 | +0.61 |
Drawdowns
SEMB.L vs. PEMD.L - Drawdown Comparison
The maximum SEMB.L drawdown since its inception was -21.74%, which is greater than PEMD.L's maximum drawdown of -18.93%. Use the drawdown chart below to compare losses from any high point for SEMB.L and PEMD.L.
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Drawdown Indicators
| SEMB.L | PEMD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.74% | -18.93% | -2.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -4.54% | +0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -8.69% | -9.01% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -13.70% | -13.78% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -20.43% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.18% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -7.55% | +3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.56% | -0.35% |
Volatility
SEMB.L vs. PEMD.L - Volatility Comparison
The current volatility for iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) is 1.77%, while Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a volatility of 2.34%. This indicates that SEMB.L experiences smaller price fluctuations and is considered to be less risky than PEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEMB.L | PEMD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 2.34% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 5.60% | -1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 7.22% | -1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.76% | 9.98% | -1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.67% | 12.31% | -1.64% |
SEMB.L vs. PEMD.L - Expense Ratio Comparison
SEMB.L has a 0.45% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.
Dividends
SEMB.L vs. PEMD.L - Dividend Comparison
SEMB.L's dividend yield for the trailing twelve months is around 7.83%, more than PEMD.L's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 7.83% | 7.87% | 7.27% | 7.21% | 6.70% | 5.35% | 5.28% | 6.25% | 6.15% | 6.48% | 6.88% | 7.10% |
Frequently Asked Questions
SEMB.L and PEMD.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.45% for SEMB.L.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.45% for SEMB.L and 0.25% for PEMD.L.
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