UB32.L vs. PRAM.L

Last updated Apr 2, 2026

Compare and contrast key facts about UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L).

UB32.L and PRAM.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UB32.L is a passively managed fund by UBS that tracks the performance of the MSCI EM NR USD. It was launched on Nov 12, 2010. PRAM.L is a passively managed fund by Amundi that tracks the performance of the MSCI EM NR USD. It was launched on Sep 14, 2021. Both UB32.L and PRAM.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

UB32.L vs. PRAM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L). The values are adjusted to include any dividend payments, if applicable.

UB32.L vs. PRAM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis	6.23%	26.36%	8.34%	3.61%	-10.46%	0.12%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	6.28%	23.16%	9.01%	3.99%	-8.64%	0.00%

Different Trading Currencies

UB32.L is traded in GBp, while PRAM.L is traded in USD. To make them comparable, the PRAM.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with UB32.L having a 6.23% return and PRAM.L slightly higher at 6.28%.

UB32.L

• 1D: 3.14%
• 1M: -5.27%
• YTD: 6.23%
• 6M: 10.84%
• 1Y: 33.29%
• 3Y*: 13.94%
• 5Y*: 5.18%
• 10Y*: 9.04%

PRAM.L

• 1D: 3.53%
• 1M: -5.12%
• YTD: 6.28%
• 6M: 10.21%
• 1Y: 30.81%
• 3Y*: 13.80%
• 5Y*: —
• 10Y*: —

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

UB32.L vs. PRAM.L - Expense Ratio Comparison

UB32.L has a 0.23% expense ratio, which is higher than PRAM.L's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

UB32.L

UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis

PRAM.L

Amundi Prime Emerging Markets UCITS ETF DR (C)

Return for Risk

UB32.L vs. PRAM.L — Risk / Return Rank

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

UB32.L

UB32.L Risk / Return Rank: 87
UB32.L Sharpe Ratio Rank: 91
UB32.L Sortino Ratio Rank: 90
UB32.L Omega Ratio Rank: 90
UB32.L Calmar Ratio Rank: 83
UB32.L Martin Ratio Rank: 79

PRAM.L

PRAM.L Risk / Return Rank: 84
PRAM.L Sharpe Ratio Rank: 86
PRAM.L Sortino Ratio Rank: 85
PRAM.L Omega Ratio Rank: 83
PRAM.L Calmar Ratio Rank: 84
PRAM.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.

UB32.L vs. PRAM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.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.

	UB32.L	PRAM.L	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.78	+0.35
Sortino ratio Return per unit of downside risk	2.70	2.34	+0.36
Omega ratio Gain probability vs. loss probability	1.40	1.34	+0.06
Calmar ratio Return relative to maximum drawdown	2.74	3.09	-0.35
Martin ratio Return relative to average drawdown	9.58	10.32	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UB32.L vs. PRAM.L - Sharpe Ratio Comparison

The current UB32.L Sharpe Ratio is 2.13, which is comparable to the PRAM.L Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of UB32.L and PRAM.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

	UB32.L	PRAM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.78	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.57	-0.14

Correlation

The correlation between UB32.L and PRAM.L is 0.66, 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

UB32.L vs. PRAM.L - Dividend Comparison

UB32.L's dividend yield for the trailing twelve months is around 2.01%, while PRAM.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis	2.01%	2.25%	2.16%	2.64%	2.74%	1.71%	1.75%	2.29%	1.98%	1.65%	2.36%	2.69%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

UB32.L vs. PRAM.L - Drawdown Comparison

The maximum UB32.L drawdown since its inception was -30.25%, which is greater than PRAM.L's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for UB32.L and PRAM.L.

Drawdown Indicators

	UB32.L	PRAM.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.25%	-28.74%	-1.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-12.53%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.71%	—	—
Current Drawdown Current decline from peak	-7.37%	-8.93%	+1.56%
Average Drawdown Average peak-to-trough decline	-10.05%	-8.96%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.40%	+0.07%

Volatility

UB32.L vs. PRAM.L - Volatility Comparison

The current volatility for UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) is 7.30%, while Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L) has a volatility of 7.81%. This indicates that UB32.L experiences smaller price fluctuations and is considered to be less risky than PRAM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UB32.L	PRAM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	7.81%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	13.30%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	17.23%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	18.45%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	18.45%	-0.09%