SEMC.L vs. EMGB.L

Last updated Jun 5, 2026

SEMC.L (UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis) and EMGB.L (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF) are both Emerging Markets Bonds funds - SEMC.L tracks the JPM EMBI Global Diversified TR USD while EMGB.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, SEMC.L returned 4.04%/yr vs 2.27%/yr for EMGB.L. A 0.59 correlation means they provide meaningful diversification when combined. SEMC.L charges 0.42%/yr vs 0.30%/yr for EMGB.L.

Performance

SEMC.L vs. EMGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.L) and VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EMGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SEMC.L is traded in GBp, while EMGB.L is traded in GBP. To make them comparable, the EMGB.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SEMC.L achieves a 2.30% return, which is significantly higher than EMGB.L's 1.24% return.

SEMC.L

• 1D: 0.03%
• 1M: 1.31%
• YTD: 2.30%
• 6M: 2.17%
• 1Y: 9.29%
• 3Y*: 5.66%
• 5Y*: 4.04%
• 10Y*: —

EMGB.L

• 1D: 0.03%
• 1M: 1.77%
• YTD: 1.24%
• 6M: 1.42%
• 1Y: 10.17%
• 3Y*: 4.11%
• 5Y*: 2.27%
• 10Y*: —

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

SEMC.L vs. EMGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMC.L UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis	2.30%	2.50%	9.09%	2.06%	0.58%	1.54%	-0.46%	4.45%	5.08%	-2.48%
EMGB.L VanEck J.P. Morgan EM Local Currency Bond UCITS ETF	1.24%	10.22%	-0.96%	4.28%	0.69%	-8.70%	-0.78%	6.10%	-3.13%	0.73%

Correlation

The correlation between SEMC.L and EMGB.L is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Nov 14, 2017	0.59

The correlation between SEMC.L and EMGB.L has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

SEMC.L vs. EMGB.L — Risk / Return Rank

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

SEMC.L

SEMC.L Risk / Return Rank: 49
SEMC.L Sharpe Ratio Rank: 47
SEMC.L Sortino Ratio Rank: 50
SEMC.L Omega Ratio Rank: 45
SEMC.L Calmar Ratio Rank: 55
SEMC.L Martin Ratio Rank: 48

EMGB.L

EMGB.L Risk / Return Rank: 54
EMGB.L Sharpe Ratio Rank: 59
EMGB.L Sortino Ratio Rank: 64
EMGB.L Omega Ratio Rank: 61
EMGB.L Calmar Ratio Rank: 44
EMGB.L Martin Ratio Rank: 40

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.

SEMC.L vs. EMGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.L) and VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EMGB.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.

	SEMC.L	EMGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.96	-0.35
Sortino ratio: Return per unit of downside risk	2.43	2.93	-0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.69	2.16	+0.53
Martin ratio: Return relative to average drawdown	7.88	6.23	+1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMC.L vs. EMGB.L - Sharpe Ratio Comparison

The current SEMC.L Sharpe Ratio is 1.61, which is comparable to the EMGB.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SEMC.L and EMGB.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.

Sharpe Ratios by Period

	SEMC.L	EMGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.96	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.33	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.06	+0.29

Drawdowns

SEMC.L vs. EMGB.L - Drawdown Comparison

The maximum SEMC.L drawdown since its inception was -12.52%, smaller than the maximum EMGB.L drawdown of -20.56%. Use the drawdown chart below to compare losses from any high point for SEMC.L and EMGB.L.

Drawdown Indicators

	SEMC.L	EMGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.52%	-20.56%	+8.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-4.68%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-4.68%	-3.01%
Max Drawdown (5Y) Largest decline over 5 years	-11.89%	-9.57%	-2.32%
Current Drawdown Current decline from peak	-0.29%	-2.87%	+2.58%
Average Drawdown Average peak-to-trough decline	-4.98%	-10.65%	+5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.63%	-0.45%

Volatility

SEMC.L vs. EMGB.L - Volatility Comparison

The current volatility for UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (SEMC.L) is 1.50%, while VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EMGB.L) has a volatility of 1.63%. This indicates that SEMC.L experiences smaller price fluctuations and is considered to be less risky than EMGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMC.L	EMGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.63%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	4.15%	4.10%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	5.74%	5.17%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.61%	6.87%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	8.33%	-0.15%

SEMC.L vs. EMGB.L - Expense Ratio Comparison

SEMC.L has a 0.42% expense ratio, which is higher than EMGB.L's 0.30% expense ratio.

Dividends

SEMC.L vs. EMGB.L - Dividend Comparison

SEMC.L's dividend yield for the trailing twelve months is around 5.78%, while EMGB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMGB.L VanEck J.P. Morgan EM Local Currency Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEMC.L UBS ETF (LU) J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis	5.78%	6.51%	5.02%	5.04%	3.98%	3.97%	4.77%	5.18%	1.98%

Frequently Asked Questions

Can I hold both SEMC.L and EMGB.L in my portfolio?

SEMC.L and EMGB.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SEMC.L or EMGB.L?

On fees, EMGB.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEMC.L or EMGB.L?

EMGB.L is cheaper with a 0.30% expense ratio, compared with 0.42% for SEMC.L.

What is the main difference between SEMC.L and EMGB.L?

SEMC.L tracks JPM EMBI Global Diversified TR USD, while EMGB.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.42% for SEMC.L and 0.30% for EMGB.L.