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XLU vs. EMBE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLU vs. EMBE.L

Last updated Jun 9, 2026

XLU (State Street Utilities Select Sector SPDR ETF) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both exchange-traded funds - XLU is a Utilities Equities fund tracking the Utilities Select Sector Index, while EMBE.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 10 years, XLU returned 8.99%/yr vs 1.17%/yr for EMBE.L. At a 0.19 correlation, their price movements are largely independent. XLU charges 0.08%/yr vs 0.50%/yr for EMBE.L.

Performance

XLU vs. EMBE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Utilities Select Sector SPDR ETF (XLU) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XLU is traded in USD, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLU achieves a 2.66% return, which is significantly higher than EMBE.L's -1.42% return. Over the past 10 years, XLU has outperformed EMBE.L with an annualized return of 8.99%, while EMBE.L has yielded a comparatively lower 1.17% annualized return.

XLU

1D
-1.87%
1M
-2.68%
YTD
2.66%
6M
3.35%
1Y
10.26%
3Y*
12.85%
5Y*
9.10%
10Y*
8.99%

EMBE.L

1D
0.07%
1M
-2.61%
YTD
-1.42%
6M
0.22%
1Y
9.86%
3Y*
9.74%
5Y*
-1.66%
10Y*
1.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLU vs. EMBE.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLU
State Street Utilities Select Sector SPDR ETF		2.66%16.03%23.31%-7.18%1.44%17.70%0.51%25.93%3.94%12.05%
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		-1.42%25.90%-2.43%11.06%-25.61%-9.86%12.50%10.09%-12.68%23.42%

Correlation

The correlation between XLU and EMBE.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (10Y)
Calculated over the trailing 10-year period

0.21

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2013

0.19

XLU vs. EMBE.L - Sectors Allocation Comparison

Sectors
XLU
EMBE.L

Utilities

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-0.3%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

XLU
100.0%
EMBE.L

-

Basic Materials

XLU

-

EMBE.L

-

Communication Services

XLU

-

EMBE.L

-

Consumer Cyclical

XLU

-

EMBE.L

-

Consumer Defensive

XLU

-

EMBE.L

-

Energy

XLU

-

EMBE.L

-

Financial Services

XLU

-

EMBE.L
-0.3%

Healthcare

XLU

-

EMBE.L

-

Industrials

XLU

-

EMBE.L

-

Real Estate

XLU

-

EMBE.L

-

Technology

XLU

-

EMBE.L

-

Compare stocks, funds, or ETFs

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State Street Utilities Select Sector SPDR ETF

iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)

Often compared with XLU:
XLU vs. VPUXLU vs. XLEXLU vs. XLPXLU vs. SPYXLU vs. FUTYXLU vs. UTESXLU vs. IDU
Often compared with EMBE.L:
EMBE.L vs. EMBEMBE.L vs. CEMBEMBE.L vs. SEMB.LEMBE.L vs. XUHY.LEMBE.L vs. VWOBEMBE.L vs. PCYEMBE.L vs. JEPQ

Return for Risk

XLU vs. EMBE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLU
XLU Risk / Return Rank: 2222
Overall Rank
XLU Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
XLU Sortino Ratio Rank: 2121
Sortino Ratio Rank
XLU Omega Ratio Rank: 2121
Omega Ratio Rank
XLU Calmar Ratio Rank: 2626
Calmar Ratio Rank
XLU Martin Ratio Rank: 2121
Martin Ratio Rank
EMBE.L
EMBE.L Risk / Return Rank: 4747
Overall Rank
EMBE.L Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EMBE.L Sortino Ratio Rank: 5353
Sortino Ratio Rank
EMBE.L Omega Ratio Rank: 4848
Omega Ratio Rank
EMBE.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
EMBE.L Martin Ratio Rank: 4747
Martin Ratio Rank
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.

XLU vs. EMBE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Utilities Select Sector SPDR ETF (XLU) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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.

XLUEMBE.LDifference
Sharpe ratioReturn per unit of total volatility
0.71
1.00

-0.30

Sortino ratioReturn per unit of downside risk
1.04
1.52

-0.48

Omega ratioGain probability vs. loss probability

1.13

1.18

-0.05

Calmar ratioReturn relative to maximum drawdown

1.12

1.23

-0.11

Martin ratioReturn relative to average drawdown

2.47

4.00

-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.

XLU vs. EMBE.L - Sharpe Ratio Comparison

The current XLU Sharpe Ratio is 0.71, which is comparable to the EMBE.L Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of XLU and EMBE.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.

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Sharpe Ratios by Period

XLUEMBE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.71

1.00

-0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

-0.12

+0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.09

+0.38

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.09

+0.31

Drawdowns

XLU vs. EMBE.L - Drawdown Comparison

The maximum XLU drawdown since its inception was -51.98%, which is greater than EMBE.L's maximum drawdown of -44.54%. Use the drawdown chart below to compare losses from any high point for XLU and EMBE.L.

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Drawdown Indicators

XLUEMBE.LDifference

Max Drawdown

Largest peak-to-trough decline

-51.98%

-44.54%

-7.44%

Max Drawdown (1Y)

Largest decline over 1 year

-9.18%

-8.00%

-1.18%

Max Drawdown (3Y)

Largest decline over 3 years

-17.26%

-13.39%

-3.87%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-43.05%

+17.79%

Max Drawdown (10Y)

Largest decline over 10 years

-36.07%

-44.54%

+8.47%

Current Drawdown

Current decline from peak

-8.18%

-10.21%

+2.03%

Average Drawdown

Average peak-to-trough decline

-10.22%

-15.00%

+4.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

2.46%

+1.70%

Volatility

XLU vs. EMBE.L - Volatility Comparison

State Street Utilities Select Sector SPDR ETF (XLU) has a higher volatility of 5.60% compared to iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) at 3.04%. This indicates that XLU's price experiences larger fluctuations and is considered to be riskier than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLUEMBE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

3.04%

+2.56%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

7.40%

+4.30%

Volatility (1Y)

Calculated over the trailing 1-year period

14.64%

9.82%

+4.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.34%

13.68%

+3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.27%

13.37%

+5.90%

XLU vs. EMBE.L - Expense Ratio Comparison

XLU has a 0.08% expense ratio, which is lower than EMBE.L's 0.50% expense ratio.

Dividends

XLU vs. EMBE.L - Dividend Comparison

XLU's dividend yield for the trailing twelve months is around 2.73%, less than EMBE.L's 5.66% yield.

PositionTTM20252024202320222021202020192018201720162015
EMBE.L
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)		5.66%5.44%5.64%5.50%5.39%3.92%3.85%4.77%5.75%3.88%5.36%4.72%
XLU
State Street Utilities Select Sector SPDR ETF		2.73%2.71%2.96%3.39%2.92%2.79%3.14%2.95%3.33%3.33%3.41%3.67%

Frequently Asked Questions

XLU and EMBE.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLU is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLU is cheaper with a 0.08% expense ratio, compared with 0.50% for EMBE.L.

XLU is categorized as Utilities Equities, while EMBE.L is Emerging Markets Bonds. XLU tracks Utilities Select Sector Index, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.08% for XLU and 0.50% for EMBE.L.

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