XUEB.L vs. EMCA.L
XUEB.L (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - XUEB.L tracks the JPM EMBI Global Diversified TR USD while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, XUEB.L returned 1.75%/yr vs 1.91%/yr for EMCA.L. A 0.61 correlation means they provide meaningful diversification when combined. XUEB.L charges 0.25%/yr vs 0.50%/yr for EMCA.L.
Performance
XUEB.L vs. EMCA.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUEB.L achieves a 2.58% return, which is significantly higher than EMCA.L's 1.55% return.
XUEB.L
- 1D
- 0.02%
- 1M
- -0.71%
- 6M
- 2.49%
- YTD
- 2.58%
- 1Y
- 10.87%
- 3Y*
- 9.08%
- 5Y*
- 1.75%
- 10Y*
- —
EMCA.L
- 1D
- -0.09%
- 1M
- -0.38%
- 6M
- 1.25%
- YTD
- 1.55%
- 1Y
- 5.99%
- 3Y*
- 6.97%
- 5Y*
- 1.91%
- 10Y*
- —
XUEB.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 2.58% | 13.61% | 6.09% | 11.06% | -19.50% | -2.36% | 10.24% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.55% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 8.42% |
Correlation
The correlation between XUEB.L and EMCA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2020 | 0.61 |
The correlation between XUEB.L and EMCA.L shifts across timeframes, from 0.49 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XUEB.L vs. EMCA.L — Risk / Return Rank
XUEB.L
EMCA.L
XUEB.L vs. EMCA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.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.
| XUEB.L | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.29 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 2.63 | +0.02 |
| Martin ratioReturn relative to average drawdown | 11.04 | 10.19 | +0.85 |
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Drawdowns
XUEB.L vs. EMCA.L - Drawdown Comparison
The maximum XUEB.L drawdown since its inception was -29.92%, which is greater than EMCA.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for XUEB.L and EMCA.L.
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Drawdown Indicators
| XUEB.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.92% | -24.69% | -5.23% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -2.21% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -7.88% | -3.58% | -4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.92% | -20.14% | -9.78% |
Current DrawdownCurrent decline from peak | -0.71% | -0.53% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -4.05% | -4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.57% | +0.41% |
Volatility
XUEB.L vs. EMCA.L - Volatility Comparison
The current volatility for Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) is 0.86%, while iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) has a volatility of 1.06%. This indicates that XUEB.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
| XUEB.L | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.06% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.66% | 3.26% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.52% | 3.82% | +1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.06% | 5.25% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.75% | 8.79% | +0.96% |
XUEB.L vs. EMCA.L - Expense Ratio Comparison
XUEB.L has a 0.25% expense ratio, which is lower than EMCA.L's 0.50% expense ratio.
Dividends
XUEB.L vs. EMCA.L - Dividend Comparison
Neither XUEB.L nor EMCA.L has paid dividends to shareholders.
Frequently Asked Questions
XUEB.L and EMCA.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUEB.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEB.L is cheaper with a 0.25% expense ratio, compared with 0.50% for EMCA.L.
XUEB.L tracks JPM EMBI Global Diversified TR USD, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.25% for XUEB.L and 0.50% for EMCA.L.
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