XUEM.L vs. IEML.L
XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) and IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - XUEM.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, XUEM.L returned 1.91%/yr vs 1.34%/yr for IEML.L. A 0.60 correlation means they provide meaningful diversification when combined. XUEM.L charges 0.25%/yr vs 0.50%/yr for IEML.L.
Performance
XUEM.L vs. IEML.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XUEM.L achieves a 3.00% return, which is significantly higher than IEML.L's 0.54% return.
XUEM.L
- 1D
- 0.25%
- 1M
- 1.26%
- YTD
- 3.00%
- 6M
- 3.17%
- 1Y
- 11.87%
- 3Y*
- 9.92%
- 5Y*
- 1.91%
- 10Y*
- —
IEML.L
- 1D
- 0.28%
- 1M
- 0.33%
- YTD
- 0.54%
- 6M
- 0.62%
- 1Y
- 7.39%
- 3Y*
- 6.35%
- 5Y*
- 1.34%
- 10Y*
- 2.10%
XUEM.L vs. IEML.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 3.00% | 13.60% | 5.99% | 10.90% | -19.40% | -2.37% | 3.10% | 15.16% | 1.31% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 0.54% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 1.80% | 11.74% | -4.57% |
Correlation
The correlation between XUEM.L and IEML.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 9, 2018 | 0.60 |
The correlation between XUEM.L and IEML.L has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XUEM.L vs. IEML.L — Risk / Return Rank
XUEM.L
IEML.L
XUEM.L vs. IEML.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 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.
| XUEM.L | IEML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.18 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 1.17 | +1.84 |
| Martin ratioReturn relative to average drawdown | 12.74 | 3.78 | +8.96 |
Loading charts...
Drawdowns
XUEM.L vs. IEML.L - Drawdown Comparison
The maximum XUEM.L drawdown since its inception was -29.93%, smaller than the maximum IEML.L drawdown of -36.66%. Use the drawdown chart below to compare losses from any high point for XUEM.L and IEML.L.
Loading charts...
Drawdown Indicators
| XUEM.L | IEML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.93% | -36.66% | +6.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.87% | -6.28% | +2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -8.11% | -9.04% | +0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -29.93% | -25.01% | -4.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.17% | — |
Current DrawdownCurrent decline from peak | -0.25% | -9.71% | +9.46% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -19.01% | +11.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 1.95% | -1.04% |
Volatility
XUEM.L vs. IEML.L - Volatility Comparison
The current volatility for Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) is 1.26%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a volatility of 2.48%. This indicates that XUEM.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.
Loading charts...
Volatility by Period
| XUEM.L | IEML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 2.48% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 7.12% | -3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.02% | 7.92% | -2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 9.25% | -0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.72% | 10.04% | +0.68% |
XUEM.L vs. IEML.L - Expense Ratio Comparison
XUEM.L has a 0.25% expense ratio, which is lower than IEML.L's 0.50% expense ratio.
Dividends
XUEM.L vs. IEML.L - Dividend Comparison
XUEM.L's dividend yield for the trailing twelve months is around 5.20%, less than IEML.L's 6.86% yield.
| 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) | 6.86% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
XUEM.L Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.20% | 5.30% | 6.79% | 5.27% | 5.91% | 8.49% | 4.18% | 0.61% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XUEM.L and IEML.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.50% for IEML.L.
XUEM.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 XUEM.L and 0.50% for IEML.L.
Find the right allocation for XUEM.L and IEML.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer