CEMB vs. EMLC
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, 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, CEMB returned 3.60%/yr vs 2.16%/yr for EMLC. At a 0.37 correlation, their price movements are largely independent. CEMB charges 0.50%/yr vs 0.30%/yr for EMLC.
Performance
CEMB vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, CEMB achieves a 1.38% return, which is significantly higher than EMLC's 0.96% return. Over the past 10 years, CEMB has outperformed EMLC with an annualized return of 3.60%, while EMLC has yielded a comparatively lower 2.16% annualized return.
CEMB
- 1D
- -0.24%
- 1M
- 0.37%
- YTD
- 1.38%
- 6M
- 1.67%
- 1Y
- 6.25%
- 3Y*
- 7.04%
- 5Y*
- 1.87%
- 10Y*
- 3.60%
EMLC
- 1D
- -0.59%
- 1M
- 0.82%
- YTD
- 0.96%
- 6M
- 1.15%
- 1Y
- 8.66%
- 3Y*
- 6.31%
- 5Y*
- 1.57%
- 10Y*
- 2.16%
CEMB vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.38% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 13.90% | -2.57% | 7.11% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 0.96% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between CEMB and EMLC is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2012 | 0.37 |
Over the past year, CEMB and EMLC have become more correlated (0.62) than their long-term average of 0.37, meaning their price movements have been converging.
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Return for Risk
CEMB vs. EMLC — Risk / Return Rank
CEMB
EMLC
CEMB vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) 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.
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.
| CEMB | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.40 | +0.78 |
| Martin ratioReturn relative to average drawdown | 9.37 | 4.64 | +4.73 |
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Drawdowns
CEMB vs. EMLC - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for CEMB and EMLC.
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Drawdown Indicators
| CEMB | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -32.43% | +11.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -6.19% | +3.31% |
Max Drawdown (3Y)Largest decline over 3 years | -3.85% | -9.15% | +5.30% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -23.91% | +3.43% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -26.47% | +5.63% |
Current DrawdownCurrent decline from peak | -0.46% | -4.25% | +3.79% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -14.33% | +10.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 1.87% | -1.20% |
Volatility
CEMB vs. EMLC - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) is 1.03%, while VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a volatility of 2.36%. This indicates that CEMB 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
| CEMB | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 2.36% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 6.30% | -3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.13% | 7.17% | -4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 9.14% | -3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.29% | 9.97% | -3.68% |
CEMB vs. EMLC - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is higher than EMLC's 0.30% expense ratio.
Dividends
CEMB vs. EMLC - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.14%, less than EMLC's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.14% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.19% | 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
CEMB and EMLC have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMLC has higher volatility (2.36%) compared to CEMB (1.03%). In terms of maximum drawdown, CEMB dropped -20.84% vs EMLC's -32.43%.
On 10-year performance, CEMB leads with 3.60% vs 2.16% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, CEMB has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CEMB has performed better with a 3.60% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMLC is cheaper with a 0.30% expense ratio, compared with 0.50% for CEMB.
EMLC has the higher dividend yield at 6.19%, compared with 5.14% for CEMB.
CEMB is categorized as Corporate Bonds, while EMLC is Emerging Markets Bonds. CEMB tracks JP Morgan CEMBI Broad Diversified, 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: 0.50% for CEMB and 0.30% for EMLC.
CEMB currently has the higher Sharpe Ratio (2.00 vs 1.21), 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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