SEML.L vs. PEMD.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L) and Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L).

SEML.L and PEMD.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SEML.L is a passively managed fund by iShares that tracks the performance of the JPM GBI-EM Global Diversified TR USD. It was launched on Jun 20, 2011. PEMD.L is a passively managed fund by Invesco that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Nov 16, 2017. Both SEML.L and PEMD.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

SEML.L vs. PEMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L) and Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L). The values are adjusted to include any dividend payments, if applicable.

SEML.L vs. PEMD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEML.L iShares J.P. Morgan EM Local Government Bond UCITS ETF	-2.90%	4.32%	-6.40%	0.23%	-5.32%	-13.17%	-6.26%	2.59%	-6.78%	0.88%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	0.31%	4.77%	8.05%	5.06%	-6.65%	-1.65%	2.16%	8.95%	1.13%	-1.10%

Different Trading Currencies

SEML.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, SEML.L achieves a -2.90% return, which is significantly lower than PEMD.L's 0.31% return.

SEML.L

• 1D: 0.29%
• 1M: -2.30%
• YTD: -2.90%
• 6M: 0.20%
• 1Y: 3.40%
• 3Y*: -1.49%
• 5Y*: -2.80%
• 10Y*: -2.71%

PEMD.L

• 1D: 0.54%
• 1M: -1.19%
• YTD: 0.31%
• 6M: 3.83%
• 1Y: 5.86%
• 3Y*: 5.81%
• 5Y*: 3.24%
• 10Y*: —

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

SEML.L vs. PEMD.L - Expense Ratio Comparison

SEML.L has a 0.50% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.

SEML.L

iShares J.P. Morgan EM Local Government Bond UCITS ETF

PEMD.L

Invesco Emerging Markets USD Bond UCITS ETF Dist

Return for Risk

SEML.L vs. PEMD.L — Risk / Return Rank

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

SEML.L

SEML.L Risk / Return Rank: 25
SEML.L Sharpe Ratio Rank: 26
SEML.L Sortino Ratio Rank: 22
SEML.L Omega Ratio Rank: 24
SEML.L Calmar Ratio Rank: 28
SEML.L Martin Ratio Rank: 26

PEMD.L

PEMD.L Risk / Return Rank: 69
PEMD.L Sharpe Ratio Rank: 69
PEMD.L Sortino Ratio Rank: 72
PEMD.L Omega Ratio Rank: 66
PEMD.L Calmar Ratio Rank: 67
PEMD.L Martin Ratio Rank: 69

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.

SEML.L vs. PEMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.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.

	SEML.L	PEMD.L	Difference
Sharpe ratio Return per unit of total volatility	0.50	0.71	-0.21
Sortino ratio Return per unit of downside risk	0.68	1.04	-0.36
Omega ratio Gain probability vs. loss probability	1.10	1.13	-0.02
Calmar ratio Return relative to maximum drawdown	0.75	1.44	-0.69
Martin ratio Return relative to average drawdown	2.21	3.74	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEML.L vs. PEMD.L - Sharpe Ratio Comparison

The current SEML.L Sharpe Ratio is 0.50, which is comparable to the PEMD.L Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of SEML.L and PEMD.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

	SEML.L	PEMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	0.71	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.32	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	0.19	-0.49

Correlation

The correlation between SEML.L and PEMD.L is 0.54, 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

SEML.L vs. PEMD.L - Dividend Comparison

SEML.L's dividend yield for the trailing twelve months is around 0.03%, less than PEMD.L's 5.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEML.L iShares J.P. Morgan EM Local Government Bond UCITS ETF	0.03%	0.05%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.03%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	5.61%	5.49%	5.83%	5.54%	4.94%	3.93%	3.60%	4.99%	5.36%	0.00%	0.00%	0.00%

Drawdowns

SEML.L vs. PEMD.L - Drawdown Comparison

The maximum SEML.L drawdown since its inception was -66.68%, 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 SEML.L and PEMD.L.

Drawdown Indicators

	SEML.L	PEMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-66.68%	-26.74%	-39.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.20%	-4.53%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-26.64%	+6.53%
Max Drawdown (10Y) Largest decline over 10 years	-39.61%	—	—
Current Drawdown Current decline from peak	-64.96%	-3.22%	-61.74%
Average Drawdown Average peak-to-trough decline	-54.29%	-6.59%	-47.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.07%	+0.69%

Volatility

SEML.L vs. PEMD.L - Volatility Comparison

iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L) and Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) have volatilities of 2.96% and 3.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEML.L	PEMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	3.10%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.01%	5.49%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.80%	8.23%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.36%	9.98%	-1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.17%	12.38%	-2.21%