XUEM.L vs. EMLI.L

Last updated Jun 5, 2026

XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) and EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) are both Emerging Markets Bonds funds - XUEM.L tracks the JPM EMBI Global Diversified TR USD while EMLI.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, XUEM.L returned 1.90%/yr vs 3.30%/yr for EMLI.L. A 0.56 correlation means they provide meaningful diversification when combined. XUEM.L charges 0.25%/yr vs 0.61%/yr for EMLI.L.

Performance

XUEM.L vs. EMLI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) and PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUEM.L achieves a 2.60% return, which is significantly higher than EMLI.L's 1.64% 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*: —

EMLI.L

• 1D: -0.27%
• 1M: -1.36%
• YTD: 1.64%
• 6M: 1.77%
• 1Y: 8.11%
• 3Y*: 6.38%
• 5Y*: 3.30%
• 10Y*: 3.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XUEM.L vs. EMLI.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%	-0.93%
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	1.64%	16.62%	-3.24%	13.68%	-5.61%	-5.52%	1.92%	13.04%	-1.08%

Correlation

The correlation between XUEM.L and EMLI.L is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jul 23, 2018	0.56

The correlation between XUEM.L and EMLI.L has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

Return for Risk

XUEM.L vs. EMLI.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XUEM.L

XUEM.L Risk / Return Rank: 79
XUEM.L Sharpe Ratio Rank: 79
XUEM.L Sortino Ratio Rank: 89
XUEM.L Omega Ratio Rank: 84
XUEM.L Calmar Ratio Rank: 66
XUEM.L Martin Ratio Rank: 74

EMLI.L

EMLI.L Risk / Return Rank: 35
EMLI.L Sharpe Ratio Rank: 36
EMLI.L Sortino Ratio Rank: 38
EMLI.L Omega Ratio Rank: 38
EMLI.L Calmar Ratio Rank: 30
EMLI.L Martin Ratio Rank: 35

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.

XUEM.L vs. EMLI.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 PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.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	EMLI.L	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.29	+1.23
Sortino ratio: Return per unit of downside risk	4.01	1.93	+2.09
Omega ratio: Gain probability vs. loss probability	1.50	1.25	+0.25
Calmar ratio: Return relative to maximum drawdown	3.22	1.47	+1.75
Martin ratio: Return relative to average drawdown	13.78	5.23	+8.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUEM.L vs. EMLI.L - Sharpe Ratio Comparison

The current XUEM.L Sharpe Ratio is 2.52, which is higher than the EMLI.L Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of XUEM.L and EMLI.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.

Sharpe Ratios by Period

	XUEM.L	EMLI.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.29	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.33	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.23	+0.05

Drawdowns

XUEM.L vs. EMLI.L - Drawdown Comparison

The maximum XUEM.L drawdown since its inception was -29.94%, which is greater than EMLI.L's maximum drawdown of -25.62%. Use the drawdown chart below to compare losses from any high point for XUEM.L and EMLI.L.

Drawdown Indicators

	XUEM.L	EMLI.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-25.62%	-4.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.88%	-5.67%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-8.08%	-7.82%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-19.52%	-10.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.08%	—
Current Drawdown Current decline from peak	-0.02%	-2.80%	+2.78%
Average Drawdown Average peak-to-trough decline	-7.83%	-7.31%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.59%	-0.68%

Volatility

XUEM.L vs. EMLI.L - Volatility Comparison

The current volatility for Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) is 1.66%, while PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) has a volatility of 2.02%. This indicates that XUEM.L experiences smaller price fluctuations and is considered to be less risky than EMLI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUEM.L	EMLI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	2.02%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	5.40%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	6.49%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	9.89%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	9.59%	+1.25%

XUEM.L vs. EMLI.L - Expense Ratio Comparison

XUEM.L has a 0.25% expense ratio, which is lower than EMLI.L's 0.61% expense ratio.

Dividends

XUEM.L vs. EMLI.L - Dividend Comparison

XUEM.L's dividend yield for the trailing twelve months is around 5.21%, less than EMLI.L's 6.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	6.55%	5.81%	6.33%	5.70%	5.21%	4.50%	3.68%	5.24%	5.83%	5.76%	6.69%	7.09%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUEM.L and EMLI.L in my portfolio?

XUEM.L and EMLI.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XUEM.L or EMLI.L?

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.

Which ETF is cheaper, XUEM.L or EMLI.L?

XUEM.L is cheaper with a 0.25% expense ratio, compared with 0.61% for EMLI.L.

What is the main difference between XUEM.L and EMLI.L?

XUEM.L tracks JPM EMBI Global Diversified TR USD, while EMLI.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: Xtrackers and PIMCO. Their fees differ too: 0.25% for XUEM.L and 0.61% for EMLI.L.