XUEM.L vs. PEMD.L

Last updated Jun 5, 2026

XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds tracking the JPM EMBI Global Diversified TR USD, from Xtrackers and Invesco respectively. Both are passively managed. Over the past 5 years, XUEM.L returned 1.90%/yr vs 2.29%/yr for PEMD.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

XUEM.L vs. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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 PEMD.L's 1.58% 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*: —

PEMD.L

• 1D: 0.75%
• 1M: 0.27%
• YTD: 1.58%
• 6M: 2.08%
• 1Y: 10.53%
• 3Y*: 9.49%
• 5Y*: 2.29%
• 10Y*: —

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

XUEM.L vs. PEMD.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%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	1.58%	12.80%	6.20%	10.59%	-16.57%	-2.57%	5.25%	13.26%	-0.81%

Correlation

The correlation between XUEM.L and PEMD.L is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 23, 2018	0.89

The correlation between XUEM.L and PEMD.L has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

XUEM.L vs. PEMD.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

PEMD.L

PEMD.L Risk / Return Rank: 51
PEMD.L Sharpe Ratio Rank: 50
PEMD.L Sortino Ratio Rank: 55
PEMD.L Omega Ratio Rank: 53
PEMD.L Calmar Ratio Rank: 46
PEMD.L Martin Ratio Rank: 53

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. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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	PEMD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.70	+0.82
Sortino ratio: Return per unit of downside risk	4.01	2.59	+1.43
Omega ratio: Gain probability vs. loss probability	1.50	1.32	+0.18
Calmar ratio: Return relative to maximum drawdown	3.22	2.25	+0.96
Martin ratio: Return relative to average drawdown	13.78	8.86	+4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XUEM.L Sharpe Ratio is 2.52, which is higher than the PEMD.L Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of XUEM.L and PEMD.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	PEMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.70	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.25	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.24	+0.04

Drawdowns

XUEM.L vs. PEMD.L - Drawdown Comparison

The maximum XUEM.L drawdown since its inception was -29.94%, which is greater than PEMD.L's maximum drawdown of -26.74%. Use the drawdown chart below to compare losses from any high point for XUEM.L and PEMD.L.

Drawdown Indicators

	XUEM.L	PEMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-26.74%	-3.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.88%	-4.46%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-8.08%	-8.00%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-26.64%	-3.30%
Current Drawdown Current decline from peak	-0.02%	-0.36%	+0.34%
Average Drawdown Average peak-to-trough decline	-7.83%	-6.49%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.14%	-0.23%

Volatility

XUEM.L vs. PEMD.L - Volatility Comparison

The current volatility for Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) is 1.66%, while Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a volatility of 2.41%. This indicates that XUEM.L experiences smaller price fluctuations and is considered to be less risky than PEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUEM.L	PEMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	2.41%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	4.64%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	5.98%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	9.31%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	11.17%	-0.33%

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

Both XUEM.L and PEMD.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XUEM.L vs. PEMD.L - Dividend Comparison

XUEM.L's dividend yield for the trailing twelve months is around 5.21%, less than PEMD.L's 5.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	5.45%	5.49%	5.83%	5.54%	4.94%	3.93%	3.60%	4.99%	5.36%
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

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

With a correlation of 0.90, XUEM.L and PEMD.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.

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

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

XUEM.L and PEMD.L have the same expense ratio: 0.25% per year.

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

Both ETFs track JPM EMBI Global Diversified TR USD. They also come from different issuers: Xtrackers and Invesco.