AGG vs. EMLC
AGG (iShares Core U.S. Aggregate Bond ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. Both are passively managed. Over the past 10 years, AGG returned 1.52%/yr vs 1.99%/yr for EMLC. At a 0.21 correlation, their price movements are largely independent. AGG charges 0.03%/yr vs 0.30%/yr for EMLC.
Performance
AGG vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, AGG achieves a -0.08% return, which is significantly higher than EMLC's -0.23% return. Over the past 10 years, AGG has underperformed EMLC with an annualized return of 1.52%, while EMLC has yielded a comparatively higher 1.99% annualized return.
AGG
- 1D
- 0.00%
- 1M
- -0.69%
- YTD
- -0.08%
- 6M
- 0.26%
- 1Y
- 4.97%
- 3Y*
- 3.88%
- 5Y*
- -0.03%
- 10Y*
- 1.52%
EMLC
- 1D
- -0.16%
- 1M
- -1.80%
- YTD
- -0.23%
- 6M
- 1.29%
- 1Y
- 7.90%
- 3Y*
- 6.04%
- 5Y*
- 0.97%
- 10Y*
- 1.99%
AGG vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | -0.08% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | -0.23% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between AGG and EMLC is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010 | 0.21 |
Over the past year, AGG and EMLC have become more correlated (0.52) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
AGG vs. EMLC — Risk / Return Rank
AGG
EMLC
AGG vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). 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.
| AGG | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.28 | +0.53 |
| Martin ratioReturn relative to average drawdown | 5.44 | 4.34 | +1.10 |
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
| AGG | EMLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.14 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.11 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.20 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.10 | +0.49 |
Drawdowns
AGG vs. EMLC - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for AGG and EMLC.
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Drawdown Indicators
| AGG | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -32.43% | +14.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -6.19% | +3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -9.15% | +3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -25.26% | +7.44% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | -26.47% | +8.04% |
Current DrawdownCurrent decline from peak | -2.47% | -5.38% | +2.91% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -14.36% | +11.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.82% | -0.90% |
Volatility
AGG vs. EMLC - Volatility Comparison
The current volatility for iShares Core U.S. Aggregate Bond ETF (AGG) is 1.29%, while VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a volatility of 2.20%. This indicates that AGG experiences smaller price fluctuations and is considered to be less risky than EMLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGG | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 2.20% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 6.08% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 7.00% | -3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 9.13% | -3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 10.05% | -4.64% |
AGG vs. EMLC - Expense Ratio Comparison
AGG has a 0.03% expense ratio, which is lower than EMLC's 0.30% expense ratio.
Dividends
AGG vs. EMLC - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 4.00%, less than EMLC's 6.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.00% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.26% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
Frequently Asked Questions
AGG and EMLC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMLC has higher volatility (2.20%) compared to AGG (1.29%). In terms of maximum drawdown, AGG dropped -18.43% vs EMLC's -32.43%.
On 10-year performance, EMLC leads with 1.99% vs 1.52% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMLC has performed better with a 1.99% return vs 1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.30% for EMLC.
EMLC has the higher dividend yield at 6.26%, compared with 4.00% for AGG.
AGG is categorized as Total Bond Market, while EMLC is Emerging Markets Bonds. AGG tracks Bloomberg U.S. Aggregate Bond Index, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.03% for AGG and 0.30% for EMLC.
AGG currently has the higher Sharpe Ratio (1.32 vs 1.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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