STEA.L vs. EMLP.L

Last updated Jul 16, 2026

STEA.L (PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc) and EMLP.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc) are both exchange-traded funds - STEA.L is a High Yield Bonds fund tracking the PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc, while EMLP.L is a Emerging Markets Bonds fund tracking the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, STEA.L returned 3.11%/yr vs 4.74%/yr for EMLP.L. At a 0.15 correlation, their price movements are largely independent.

Performance

STEA.L vs. EMLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc (STEA.L) and PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc (EMLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

STEA.L is traded in EUR, while EMLP.L is traded in GBP. To make them comparable, the EMLP.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, STEA.L achieves a 0.53% return, which is significantly lower than EMLP.L's 5.49% return.

STEA.L

• 1D: -0.15%
• 1M: -0.21%
• 6M: 0.45%
• YTD: 0.53%
• 1Y: 4.04%
• 3Y*: 6.23%
• 5Y*: 3.11%
• 10Y*: —

EMLP.L

• 1D: -0.19%
• 1M: 1.33%
• 6M: 4.03%
• YTD: 5.49%
• 1Y: 10.13%
• 3Y*: 5.15%
• 5Y*: 4.74%
• 10Y*: 2.77%

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

STEA.L vs. EMLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc	0.53%	6.59%	6.65%	9.15%	-6.91%	3.43%	1.48%	6.80%	-3.39%	0.00%
EMLP.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc	5.49%	3.40%	3.07%	9.80%	0.11%	1.90%	-6.90%	16.53%	-2.68%	-0.49%

Correlation

The correlation between STEA.L and EMLP.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Dec 11, 2017	0.15

Return for Risk

STEA.L vs. EMLP.L — Risk / Return Rank

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

STEA.L

STEA.L Risk / Return Rank: 45
STEA.L Sharpe Ratio Rank: 40
STEA.L Sortino Ratio Rank: 42
STEA.L Omega Ratio Rank: 40
STEA.L Calmar Ratio Rank: 45
STEA.L Martin Ratio Rank: 56

EMLP.L

EMLP.L Risk / Return Rank: 52
EMLP.L Sharpe Ratio Rank: 57
EMLP.L Sortino Ratio Rank: 59
EMLP.L Omega Ratio Rank: 54
EMLP.L Calmar Ratio Rank: 47
EMLP.L Martin Ratio Rank: 42

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.

STEA.L vs. EMLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc (STEA.L) and PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc (EMLP.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	STEA.L	EMLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.01	-0.83
Sortino ratio: Return per unit of downside risk	1.81	2.99	-1.19
Omega ratio: Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio: Return relative to maximum drawdown	1.89	3.13	-1.24
Martin ratio: Return relative to average drawdown	7.74	10.36	-2.62

STEA.L vs. EMLP.L - Sharpe Ratio Comparison

The current STEA.L Sharpe Ratio is 1.18, which is lower than the EMLP.L Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of STEA.L and EMLP.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.

Drawdowns

STEA.L vs. EMLP.L - Drawdown Comparison

The maximum STEA.L drawdown since its inception was -22.62%, smaller than the maximum EMLP.L drawdown of -46.36%. Use the drawdown chart below to compare losses from any high point for STEA.L and EMLP.L.

Drawdown Indicators

	STEA.L	EMLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.62%	-46.36%	+23.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-3.34%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-8.04%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-10.29%	-10.32%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.67%	—
Current Drawdown Current decline from peak	-0.21%	-14.69%	+14.48%
Average Drawdown Average peak-to-trough decline	-2.17%	-28.25%	+26.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	1.01%	-0.49%

Volatility

STEA.L vs. EMLP.L - Volatility Comparison

The current volatility for PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc (STEA.L) is 0.58%, while PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc (EMLP.L) has a volatility of 0.98%. This indicates that STEA.L experiences smaller price fluctuations and is considered to be less risky than EMLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STEA.L	EMLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.98%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	4.07%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	5.20%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	7.96%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	8.71%	-2.16%

Dividends

STEA.L vs. EMLP.L - Dividend Comparison

Neither STEA.L nor EMLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both STEA.L and EMLP.L in my portfolio?

STEA.L and EMLP.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between STEA.L and EMLP.L?

STEA.L is categorized as High Yield Bonds, while EMLP.L is Emerging Markets Bonds. STEA.L tracks PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc, while EMLP.L tracks JPM GBI-EM Global Diversified TR USD.