UBXX.L vs. EMCA.L
UBXX.L (UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - UBXX.L tracks the J.P. Morgan EMBI Global Diversified 1-5 Year Index while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, UBXX.L returned 2.38%/yr vs 2.28%/yr for EMCA.L. At a 0.05 correlation, their price movements are largely independent. UBXX.L charges 0.47%/yr vs 0.50%/yr for EMCA.L.
Performance
UBXX.L vs. EMCA.L - Performance Comparison
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Different Trading Currencies
UBXX.L is traded in GBp, while EMCA.L is traded in USD. To make them comparable, the EMCA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, UBXX.L achieves a 2.13% return, which is significantly higher than EMCA.L's 1.23% return.
UBXX.L
- 1D
- -0.14%
- 1M
- -0.14%
- 6M
- 1.63%
- YTD
- 2.13%
- 1Y
- 6.93%
- 3Y*
- 7.55%
- 5Y*
- 2.38%
- 10Y*
- —
EMCA.L
- 1D
- 0.00%
- 1M
- -1.17%
- 6M
- 0.73%
- YTD
- 1.23%
- 1Y
- 4.96%
- 3Y*
- 5.79%
- 5Y*
- 2.28%
- 10Y*
- —
UBXX.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 2.13% | 9.71% | 7.01% | 7.14% | -11.07% | -0.10% | 1.69% | 5.94% | -0.60% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.23% | 0.87% | 8.06% | 2.56% | -1.64% | 0.43% | 3.90% | 9.44% | 5.14% |
Correlation
The correlation between UBXX.L and EMCA.L is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.05 |
The correlation between UBXX.L and EMCA.L shifts across timeframes, from -0.10 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UBXX.L vs. EMCA.L — Risk / Return Rank
UBXX.L
EMCA.L
UBXX.L vs. EMCA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.L) and iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.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.
| UBXX.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.76 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.13 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 1.04 | +2.54 |
| Martin ratioReturn relative to average drawdown | 16.39 | 2.97 | +13.41 |
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Drawdowns
UBXX.L vs. EMCA.L - Drawdown Comparison
The maximum UBXX.L drawdown since its inception was -16.83%, roughly equal to the maximum EMCA.L drawdown of -16.51%. Use the drawdown chart below to compare losses from any high point for UBXX.L and EMCA.L.
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Drawdown Indicators
| UBXX.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.83% | -16.51% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -4.84% | +2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -2.59% | -8.21% | +5.62% |
Max Drawdown (5Y)Largest decline over 5 years | -16.83% | -12.05% | -4.78% |
Current DrawdownCurrent decline from peak | -0.32% | -2.95% | +2.63% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -4.02% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 1.70% | -1.28% |
Volatility
UBXX.L vs. EMCA.L - Volatility Comparison
The current volatility for UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.L) is 0.48%, while iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) has a volatility of 2.14%. This indicates that UBXX.L experiences smaller price fluctuations and is considered to be less risky than EMCA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBXX.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.14% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 5.56% | -3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 6.98% | -4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 8.46% | -4.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 10.82% | -5.89% |
UBXX.L vs. EMCA.L - Expense Ratio Comparison
UBXX.L has a 0.47% expense ratio, which is lower than EMCA.L's 0.50% expense ratio.
Dividends
UBXX.L vs. EMCA.L - Dividend Comparison
UBXX.L's dividend yield for the trailing twelve months is around 6.47%, while EMCA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 6.47% | 25.71% | 7.05% | 4.76% | 4.40% | 3.91% | 4.43% | 6.18% | 0.21% |
Frequently Asked Questions
UBXX.L and EMCA.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UBXX.L is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UBXX.L is cheaper with a 0.47% expense ratio, compared with 0.50% for EMCA.L.
UBXX.L tracks J.P. Morgan EMBI Global Diversified 1-5 Year Index, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.47% for UBXX.L and 0.50% for EMCA.L.
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