XUEM.L vs. EMES.L
XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) and EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Xtrackers and iShares respectively. Both are passively managed. Over the past 5 years, XUEM.L returned 1.90%/yr vs 1.35%/yr for EMES.L. Their correlation of 0.93 suggests significant overlap in exposure. XUEM.L charges 0.25%/yr vs 0.45%/yr for EMES.L.
Performance
XUEM.L vs. EMES.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUEM.L achieves a 2.60% return, which is significantly higher than EMES.L's 1.50% return.
XUEM.L
- 1D
- 0.16%
- 1M
- 0.25%
- YTD
- 2.60%
- 6M
- 3.18%
- 1Y
- 12.57%
- 3Y*
- 10.25%
- 5Y*
- 1.90%
- 10Y*
- —
EMES.L
- 1D
- 0.06%
- 1M
- 0.24%
- YTD
- 1.50%
- 6M
- 2.05%
- 1Y
- 10.65%
- 3Y*
- 9.03%
- 5Y*
- 1.35%
- 10Y*
- —
XUEM.L vs. EMES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 2.60% | 13.58% | 6.08% | 10.88% | -19.42% | -2.38% | 3.07% | 15.18% | -0.58% |
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 1.50% | 13.10% | 5.45% | 9.57% | -18.82% | -2.59% | 5.41% | 15.66% | -0.48% |
Correlation
The correlation between XUEM.L and EMES.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.93 |
The correlation between XUEM.L and EMES.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
XUEM.L vs. EMES.L — Risk / Return Rank
XUEM.L
EMES.L
XUEM.L vs. EMES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) and iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.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.
| XUEM.L | EMES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.39 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 2.38 | +0.84 |
| Martin ratioReturn relative to average drawdown | 13.78 | 9.84 | +3.94 |
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
| XUEM.L | EMES.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 1.95 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.16 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.35 | -0.06 |
Drawdowns
XUEM.L vs. EMES.L - Drawdown Comparison
The maximum XUEM.L drawdown since its inception was -29.94%, roughly equal to the maximum EMES.L drawdown of -28.84%. Use the drawdown chart below to compare losses from any high point for XUEM.L and EMES.L.
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Drawdown Indicators
| XUEM.L | EMES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.94% | -28.84% | -1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.88% | -4.48% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -8.08% | -7.22% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -29.94% | -28.84% | -1.10% |
Current DrawdownCurrent decline from peak | -0.02% | -0.35% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -7.85% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 1.08% | -0.17% |
Volatility
XUEM.L vs. EMES.L - Volatility Comparison
The current volatility for Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) is 1.66%, while iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) has a volatility of 2.26%. This indicates that XUEM.L experiences smaller price fluctuations and is considered to be less risky than EMES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XUEM.L | EMES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 2.26% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 3.97% | 4.55% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.97% | 5.47% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.90% | 8.28% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.84% | 9.24% | +1.60% |
XUEM.L vs. EMES.L - Expense Ratio Comparison
XUEM.L has a 0.25% expense ratio, which is lower than EMES.L's 0.45% expense ratio.
Dividends
XUEM.L vs. EMES.L - Dividend Comparison
XUEM.L's dividend yield for the trailing twelve months is around 5.21%, less than EMES.L's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.78% | 5.78% | 5.45% | 5.41% | 5.03% | 3.48% | 3.49% | 4.60% | 0.50% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.21% | 5.30% | 6.79% | 5.27% | 5.92% | 8.49% | 4.18% | 0.61% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, XUEM.L and EMES.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, XUEM.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEM.L is cheaper with a 0.25% expense ratio, compared with 0.45% for EMES.L.
Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.25% for XUEM.L and 0.45% for EMES.L.
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