XUEB.L vs. IEML.L
XUEB.L (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) and IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - XUEB.L tracks the JPM EMBI Global Diversified TR USD while IEML.L tracks the J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index. Both are passively managed. Over the past 5 years, XUEB.L returned 1.96%/yr vs 1.29%/yr for IEML.L. A 0.60 correlation means they provide meaningful diversification when combined. XUEB.L charges 0.25%/yr vs 0.50%/yr for IEML.L.
Performance
XUEB.L vs. IEML.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUEB.L achieves a 3.09% return, which is significantly higher than IEML.L's 0.25% return.
XUEB.L
- 1D
- 0.33%
- 1M
- 1.94%
- YTD
- 3.09%
- 6M
- 3.13%
- 1Y
- 11.72%
- 3Y*
- 9.99%
- 5Y*
- 1.96%
- 10Y*
- —
IEML.L
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 0.25%
- 6M
- 0.34%
- 1Y
- 7.04%
- 3Y*
- 6.42%
- 5Y*
- 1.29%
- 10Y*
- 1.98%
XUEB.L vs. IEML.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 3.09% | 13.61% | 6.09% | 11.06% | -19.50% | -2.36% | 10.24% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 0.25% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 9.00% |
Correlation
The correlation between XUEB.L and IEML.L is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2020 | 0.60 |
The correlation between XUEB.L and IEML.L has been stable across timeframes, ranging from 0.58 to 0.60 - a consistent structural relationship.
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Return for Risk
XUEB.L vs. IEML.L — Risk / Return Rank
XUEB.L
IEML.L
XUEB.L vs. IEML.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 (Dist) (IEML.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 | IEML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.18 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 1.12 | +1.73 |
| Martin ratioReturn relative to average drawdown | 11.93 | 3.62 | +8.31 |
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Drawdowns
XUEB.L vs. IEML.L - Drawdown Comparison
The maximum XUEB.L drawdown since its inception was -29.92%, smaller than the maximum IEML.L drawdown of -36.66%. Use the drawdown chart below to compare losses from any high point for XUEB.L and IEML.L.
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Drawdown Indicators
| XUEB.L | IEML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.92% | -36.66% | +6.74% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -6.28% | +2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -7.88% | -9.04% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -29.92% | -25.01% | -4.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.17% | — |
Current DrawdownCurrent decline from peak | -0.22% | -9.97% | +9.75% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -19.01% | +10.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.94% | -0.96% |
Volatility
XUEB.L vs. IEML.L - Volatility Comparison
The current volatility for Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) is 1.46%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a volatility of 2.47%. This indicates that XUEB.L experiences smaller price fluctuations and is considered to be less risky than IEML.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 | IEML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.46% | 2.47% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 7.11% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.56% | 7.99% | -2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.06% | 9.25% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.80% | 10.04% | -0.24% |
XUEB.L vs. IEML.L - Expense Ratio Comparison
XUEB.L has a 0.25% expense ratio, which is lower than IEML.L's 0.50% expense ratio.
Dividends
XUEB.L vs. IEML.L - Dividend Comparison
XUEB.L has not paid dividends to shareholders, while IEML.L's dividend yield for the trailing twelve months is around 6.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 6.88% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XUEB.L and IEML.L have a correlation of 0.59, 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 IEML.L.
XUEB.L tracks JPM EMBI Global Diversified TR USD, while IEML.L tracks J.P. Morgan GBI-EM Global Diversified 10% Cap 1% Floor Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.25% for XUEB.L and 0.50% for IEML.L.
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