SMBS.L vs. EIMI.L
SMBS.L (iShares US Mortgage Backed Securities UCITS ETF) and EIMI.L (iShares Core MSCI EM IMI UCITS ETF) are both exchange-traded funds - SMBS.L is a Mortgage Backed Securities fund tracking the Bloomberg US Mortgage Backed Securities Index, while EIMI.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index. Both are passively managed. Over the past 10 years, SMBS.L returned 1.85%/yr vs 11.09%/yr for EIMI.L. At a 0.04 correlation, their price movements are largely independent. SMBS.L charges 0.28%/yr vs 0.18%/yr for EIMI.L.
Performance
SMBS.L vs. EIMI.L - Performance Comparison
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Different Trading Currencies
SMBS.L is traded in GBp, while EIMI.L is traded in USD. To make them comparable, the EIMI.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMBS.L achieves a 0.37% return, which is significantly lower than EIMI.L's 24.75% return. Over the past 10 years, SMBS.L has underperformed EIMI.L with an annualized return of 1.85%, while EIMI.L has yielded a comparatively higher 11.09% annualized return.
SMBS.L
- 1D
- 0.17%
- 1M
- 1.23%
- YTD
- 0.37%
- 6M
- 0.34%
- 1Y
- 7.14%
- 3Y*
- 1.47%
- 5Y*
- 1.21%
- 10Y*
- 1.85%
EIMI.L
- 1D
- -1.30%
- 1M
- 5.47%
- YTD
- 24.75%
- 6M
- 26.33%
- 1Y
- 50.86%
- 3Y*
- 20.20%
- 5Y*
- 8.77%
- 10Y*
- 11.09%
SMBS.L vs. EIMI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 0.37% | 1.02% | 3.07% | -1.87% | -0.85% | -0.38% | 0.15% | 3.04% | 6.19% | -6.73% |
EIMI.L iShares Core MSCI EM IMI UCITS ETF | 24.75% | 22.75% | 9.23% | 5.48% | -10.12% | 0.29% | 15.31% | 11.94% | -9.08% | 25.11% |
Correlation
The correlation between SMBS.L and EIMI.L is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 26, 2016 | 0.04 |
The correlation between SMBS.L and EIMI.L shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMBS.L vs. EIMI.L — Risk / Return Rank
SMBS.L
EIMI.L
SMBS.L vs. EIMI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Mortgage Backed Securities UCITS ETF (SMBS.L) and iShares Core MSCI EM IMI UCITS ETF (EIMI.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.
| SMBS.L | EIMI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.53 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 4.78 | -3.13 |
| Martin ratioReturn relative to average drawdown | 4.26 | 16.25 | -12.00 |
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
| SMBS.L | EIMI.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 2.83 | -1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.53 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.60 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.47 | -0.27 |
Drawdowns
SMBS.L vs. EIMI.L - Drawdown Comparison
The maximum SMBS.L drawdown since its inception was -20.65%, smaller than the maximum EIMI.L drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for SMBS.L and EIMI.L.
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Drawdown Indicators
| SMBS.L | EIMI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.65% | -31.70% | +11.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -10.58% | +6.28% |
Max Drawdown (3Y)Largest decline over 3 years | -8.46% | -15.79% | +7.33% |
Max Drawdown (5Y)Largest decline over 5 years | -15.38% | -22.27% | +6.89% |
Max Drawdown (10Y)Largest decline over 10 years | -20.65% | -26.10% | +5.45% |
Current DrawdownCurrent decline from peak | -12.50% | -2.29% | -10.21% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -8.72% | -2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 3.12% | -1.45% |
Volatility
SMBS.L vs. EIMI.L - Volatility Comparison
The current volatility for iShares US Mortgage Backed Securities UCITS ETF (SMBS.L) is 1.65%, while iShares Core MSCI EM IMI UCITS ETF (EIMI.L) has a volatility of 7.58%. This indicates that SMBS.L experiences smaller price fluctuations and is considered to be less risky than EIMI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMBS.L | EIMI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 7.58% | -5.93% |
Volatility (6M)Calculated over the trailing 6-month period | 4.48% | 15.58% | -11.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 17.91% | -11.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.56% | 16.61% | -8.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.03% | 18.39% | -8.36% |
SMBS.L vs. EIMI.L - Expense Ratio Comparison
SMBS.L has a 0.28% expense ratio, which is higher than EIMI.L's 0.18% expense ratio.
Dividends
SMBS.L vs. EIMI.L - Dividend Comparison
SMBS.L's dividend yield for the trailing twelve months is around 3.56%, while EIMI.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EIMI.L iShares Core MSCI EM IMI UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 3.56% | 3.57% | 3.50% | 3.23% | 2.39% | 2.22% | 2.71% | 3.06% | 2.99% | 3.00% | 1.51% |
Frequently Asked Questions
SMBS.L and EIMI.L have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EIMI.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EIMI.L is cheaper with a 0.18% expense ratio, compared with 0.28% for SMBS.L.
SMBS.L is categorized as Mortgage Backed Securities, while EIMI.L is Emerging Markets Equities. SMBS.L tracks Bloomberg US Mortgage Backed Securities Index, while EIMI.L tracks MSCI Emerging Markets Investable Market Index. Their fees differ too: 0.28% for SMBS.L and 0.18% for EIMI.L.
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