SEMH.L vs. XUEM.L

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) and Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L).

SEMH.L and XUEM.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SEMH.L is a passively managed fund by State Street that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Nov 12, 2014. XUEM.L is a passively managed fund by Xtrackers that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on May 9, 2018. Both SEMH.L and XUEM.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SEMH.L vs. XUEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) and Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L). The values are adjusted to include any dividend payments, if applicable.

SEMH.L vs. XUEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF	1.05%	0.53%	6.47%	0.40%	4.24%	0.98%	-1.05%	2.26%	3.38%
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D	0.92%	5.49%	7.93%	5.34%	-9.83%	-1.45%	0.05%	10.80%	1.91%

Different Trading Currencies

SEMH.L is traded in GBP, while XUEM.L is traded in USD. To make them comparable, the XUEM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SEMH.L achieves a 1.05% return, which is significantly higher than XUEM.L's 0.92% return.

SEMH.L

• 1D: -0.49%
• 1M: -0.22%
• YTD: 1.05%
• 6M: 2.98%
• 1Y: 2.55%
• 3Y*: 3.19%
• 5Y*: 3.05%
• 10Y*: 3.12%

XUEM.L

• 1D: 0.68%
• 1M: -1.00%
• YTD: 0.92%
• 6M: 4.12%
• 1Y: 7.29%
• 3Y*: 6.48%
• 5Y*: 2.78%
• 10Y*: —

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

SEMH.L vs. XUEM.L - Expense Ratio Comparison

SEMH.L has a 0.42% expense ratio, which is higher than XUEM.L's 0.25% expense ratio.

SEMH.L

SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF

XUEM.L

Xtrackers USD Emerging Markets Bond UCITS ETF 2D

Return for Risk

SEMH.L vs. XUEM.L — Risk / Return Rank

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

SEMH.L

SEMH.L Risk / Return Rank: 21
SEMH.L Sharpe Ratio Rank: 22
SEMH.L Sortino Ratio Rank: 20
SEMH.L Omega Ratio Rank: 18
SEMH.L Calmar Ratio Rank: 24
SEMH.L Martin Ratio Rank: 19

XUEM.L

XUEM.L Risk / Return Rank: 80
XUEM.L Sharpe Ratio Rank: 79
XUEM.L Sortino Ratio Rank: 83
XUEM.L Omega Ratio Rank: 81
XUEM.L Calmar Ratio Rank: 72
XUEM.L Martin Ratio Rank: 82

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.

SEMH.L vs. XUEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.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.

	SEMH.L	XUEM.L	Difference
Sharpe ratio Return per unit of total volatility	0.40	0.89	-0.49
Sortino ratio Return per unit of downside risk	0.61	1.23	-0.62
Omega ratio Gain probability vs. loss probability	1.07	1.17	-0.10
Calmar ratio Return relative to maximum drawdown	0.65	1.67	-1.02
Martin ratio Return relative to average drawdown	1.29	5.06	-3.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMH.L vs. XUEM.L - Sharpe Ratio Comparison

The current SEMH.L Sharpe Ratio is 0.40, which is lower than the XUEM.L Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SEMH.L and XUEM.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SEMH.L	XUEM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	0.89	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.29	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.22	+0.21

Correlation

The correlation between SEMH.L and XUEM.L is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SEMH.L vs. XUEM.L - Dividend Comparison

SEMH.L's dividend yield for the trailing twelve months is around 4.85%, less than XUEM.L's 5.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF	4.85%	4.97%	4.24%	3.18%	2.39%	2.72%	3.42%	3.52%	2.69%	3.13%	2.55%	1.76%
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D	5.37%	5.30%	6.79%	5.27%	5.92%	8.49%	4.18%	0.61%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SEMH.L vs. XUEM.L - Drawdown Comparison

The maximum SEMH.L drawdown since its inception was -13.63%, smaller than the maximum XUEM.L drawdown of -22.10%. Use the drawdown chart below to compare losses from any high point for SEMH.L and XUEM.L.

Drawdown Indicators

	SEMH.L	XUEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-13.63%	-29.94%	+16.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-5.26%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	-13.61%	-29.94%	+16.33%
Max Drawdown (10Y) Largest decline over 10 years	-13.63%	—	—
Current Drawdown Current decline from peak	-1.72%	-2.77%	+1.05%
Average Drawdown Average peak-to-trough decline	-5.61%	-7.98%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	0.98%	+1.30%

Volatility

SEMH.L vs. XUEM.L - Volatility Comparison

The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) is 1.94%, while Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) has a volatility of 2.95%. This indicates that SEMH.L experiences smaller price fluctuations and is considered to be less risky than XUEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMH.L	XUEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	2.95%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	5.22%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	8.21%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	9.63%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.97%	11.64%	-2.67%