XUEB.L vs. EMGA.L
XUEB.L (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) and EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - XUEB.L tracks the JPM EMBI Global Diversified TR USD while EMGA.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 3 years, XUEB.L returned 10.31%/yr vs 7.03%/yr for EMGA.L. A 0.60 correlation means they provide meaningful diversification when combined. XUEB.L charges 0.25%/yr vs 0.50%/yr for EMGA.L.
Performance
XUEB.L vs. EMGA.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUEB.L achieves a 2.70% return, which is significantly higher than EMGA.L's 0.79% return.
XUEB.L
- 1D
- 0.35%
- 1M
- 1.05%
- YTD
- 2.70%
- 6M
- 3.15%
- 1Y
- 12.65%
- 3Y*
- 10.31%
- 5Y*
- —
- 10Y*
- —
EMGA.L
- 1D
- -0.12%
- 1M
- 0.75%
- YTD
- 0.79%
- 6M
- 1.63%
- 1Y
- 8.91%
- 3Y*
- 7.03%
- 5Y*
- 1.03%
- 10Y*
- —
XUEB.L vs. EMGA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 2.70% | 13.61% | 6.10% | 11.06% | 5.53% |
EMGA.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) | 0.79% | 18.25% | -2.74% | 11.65% | 6.94% |
Correlation
The correlation between XUEB.L and EMGA.L is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022 | 0.60 |
The correlation between XUEB.L and EMGA.L has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
XUEB.L vs. EMGA.L — Risk / Return Rank
XUEB.L
EMGA.L
XUEB.L vs. EMGA.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 Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.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.
| XUEB.L | EMGA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.23 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 1.50 | +1.58 |
| Martin ratioReturn relative to average drawdown | 12.93 | 5.01 | +7.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XUEB.L | EMGA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 1.19 | +1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.17 | 0.16 | +1.01 |
Drawdowns
XUEB.L vs. EMGA.L - Drawdown Comparison
The maximum XUEB.L drawdown since its inception was -14.08%, smaller than the maximum EMGA.L drawdown of -28.18%. Use the drawdown chart below to compare losses from any high point for XUEB.L and EMGA.L.
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Drawdown Indicators
| XUEB.L | EMGA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.08% | -28.18% | +14.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -5.93% | +1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -7.91% | -9.12% | +1.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.60% | — |
Current DrawdownCurrent decline from peak | -0.01% | -2.52% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -8.98% | +6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.78% | -0.80% |
Volatility
XUEB.L vs. EMGA.L - Volatility Comparison
The current volatility for Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) is 1.98%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) has a volatility of 2.63%. This indicates that XUEB.L experiences smaller price fluctuations and is considered to be less risky than EMGA.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 | EMGA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 2.63% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 6.52% | -1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.54% | 7.49% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.60% | 9.03% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 10.24% | -1.64% |
XUEB.L vs. EMGA.L - Expense Ratio Comparison
XUEB.L has a 0.25% expense ratio, which is lower than EMGA.L's 0.50% expense ratio.
Dividends
XUEB.L vs. EMGA.L - Dividend Comparison
Neither XUEB.L nor EMGA.L has paid dividends to shareholders.
Frequently Asked Questions
XUEB.L and EMGA.L have a correlation of 0.55, 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 EMGA.L.
XUEB.L tracks JPM EMBI Global Diversified TR USD, while EMGA.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.25% for XUEB.L and 0.50% for EMGA.L.
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