XUEM.L vs. XQUA.L

Last updated Jun 5, 2026

XUEM.L (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) and XQUA.L (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D) are both Emerging Markets Bonds funds from Xtrackers tracking the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, XUEM.L returned 1.90%/yr vs -0.11%/yr for XQUA.L. Their correlation of 0.93 suggests significant overlap in exposure. XUEM.L charges 0.25%/yr vs 0.45%/yr for XQUA.L.

Performance

XUEM.L vs. XQUA.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 Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.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 XQUA.L's 0.94% 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*: —

XQUA.L

• 1D: 0.35%
• 1M: 0.05%
• YTD: 0.94%
• 6M: 0.97%
• 1Y: 8.06%
• 3Y*: 5.25%
• 5Y*: -0.11%
• 10Y*: 0.95%

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

XUEM.L vs. XQUA.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%
XQUA.L Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D	0.94%	10.82%	-0.40%	7.51%	-17.76%	-1.45%	6.97%	10.02%	0.38%

Correlation

The correlation between XUEM.L and XQUA.L is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 23, 2018	0.93

The correlation between XUEM.L and XQUA.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

XUEM.L vs. XQUA.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

XQUA.L

XQUA.L Risk / Return Rank: 49
XQUA.L Sharpe Ratio Rank: 51
XQUA.L Sortino Ratio Rank: 56
XQUA.L Omega Ratio Rank: 52
XQUA.L Calmar Ratio Rank: 42
XQUA.L Martin Ratio Rank: 45

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. XQUA.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 Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.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	XQUA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.72	+0.80
Sortino ratio: Return per unit of downside risk	4.01	2.66	+1.35
Omega ratio: Gain probability vs. loss probability	1.50	1.32	+0.18
Calmar ratio: Return relative to maximum drawdown	3.22	2.00	+1.21
Martin ratio: Return relative to average drawdown	13.78	7.21	+6.58
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. XQUA.L - Sharpe Ratio Comparison

The current XUEM.L Sharpe Ratio is 2.52, which is higher than the XQUA.L Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of XUEM.L and XQUA.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	XQUA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.72	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	-0.01	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.11	+0.17

Drawdowns

XUEM.L vs. XQUA.L - Drawdown Comparison

The maximum XUEM.L drawdown since its inception was -29.94%, which is greater than XQUA.L's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for XUEM.L and XQUA.L.

Drawdown Indicators

	XUEM.L	XQUA.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-26.27%	-3.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.88%	-4.02%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-8.08%	-8.21%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-26.26%	-3.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.27%	—
Current Drawdown Current decline from peak	-0.02%	-2.91%	+2.89%
Average Drawdown Average peak-to-trough decline	-7.83%	-7.73%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.12%	-0.21%

Volatility

XUEM.L vs. XQUA.L - Volatility Comparison

Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.L) and Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.L) have volatilities of 1.66% and 1.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUEM.L	XQUA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.74%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	3.72%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	4.71%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	8.01%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	8.65%	+2.19%

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

XUEM.L has a 0.25% expense ratio, which is lower than XQUA.L's 0.45% expense ratio.

Dividends

XUEM.L vs. XQUA.L - Dividend Comparison

XUEM.L's dividend yield for the trailing twelve months is around 5.21%, more than XQUA.L's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
XQUA.L Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D	4.61%	4.49%	4.61%	4.24%	6.92%	4.08%	4.54%	0.00%
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%

Frequently Asked Questions

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

With a correlation of 0.95, XUEM.L and XQUA.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 XQUA.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 XQUA.L?

XUEM.L is cheaper with a 0.25% expense ratio, compared with 0.45% for XQUA.L.

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

Both ETFs track JPM EMBI Global Diversified TR USD. Their fees differ too: 0.25% for XUEM.L and 0.45% for XQUA.L.