DBEM vs. EMLC

Last updated Apr 1, 2026

Compare and contrast key facts about Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC).

DBEM and EMLC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBEM is a passively managed fund by Deutsche Bank that tracks the performance of the MSCI EM US Dollar Hedged Index. It was launched on Jun 9, 2011. EMLC is a passively managed fund by VanEck that tracks the performance of the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. It was launched on Jul 22, 2010. Both DBEM and EMLC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DBEM vs. EMLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). The values are adjusted to include any dividend payments, if applicable.

DBEM vs. EMLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	7.18%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	-1.86%	18.81%	-2.97%	11.18%	-10.58%	-9.72%	3.08%	9.79%	-7.57%	13.84%

Returns By Period

In the year-to-date period, DBEM achieves a 7.18% return, which is significantly higher than EMLC's -1.86% return. Over the past 10 years, DBEM has outperformed EMLC with an annualized return of 8.47%, while EMLC has yielded a comparatively lower 1.81% annualized return.

DBEM

• 1D: 3.43%
• 1M: -6.17%
• YTD: 7.18%
• 6M: 12.09%
• 1Y: 36.13%
• 3Y*: 17.96%
• 5Y*: 5.65%
• 10Y*: 8.47%

EMLC

• 1D: 1.13%
• 1M: -5.14%
• YTD: -1.86%
• 6M: 1.38%
• 1Y: 11.82%
• 3Y*: 6.15%
• 5Y*: 1.72%
• 10Y*: 1.81%

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

DBEM vs. EMLC - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is higher than EMLC's 0.30% expense ratio.

DBEM

Xtrackers MSCI Emerging Markets Hedged Equity ETF

EMLC

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Return for Risk

DBEM vs. EMLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBEM

DBEM Risk / Return Rank: 90
DBEM Sharpe Ratio Rank: 89
DBEM Sortino Ratio Rank: 91
DBEM Omega Ratio Rank: 90
DBEM Calmar Ratio Rank: 91
DBEM Martin Ratio Rank: 91

EMLC

EMLC Risk / Return Rank: 83
EMLC Sharpe Ratio Rank: 85
EMLC Sortino Ratio Rank: 86
EMLC Omega Ratio Rank: 86
EMLC Calmar Ratio Rank: 77
EMLC Martin Ratio Rank: 81

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.

DBEM vs. EMLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) 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.

	DBEM	EMLC	Difference
Sharpe ratio Return per unit of total volatility	1.93	1.68	+0.25
Sortino ratio Return per unit of downside risk	2.61	2.28	+0.33
Omega ratio Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio Return relative to maximum drawdown	3.11	1.95	+1.17
Martin ratio Return relative to average drawdown	12.45	8.57	+3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEM vs. EMLC - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 1.93, which is comparable to the EMLC Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of DBEM and EMLC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DBEM	EMLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.68	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.19	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.18	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.09	+0.17

Correlation

The correlation between DBEM and EMLC is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DBEM vs. EMLC - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 1.72%, less than EMLC's 6.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.72%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	5.59%	5.91%	6.55%	5.97%	5.54%	5.25%	4.90%	6.25%	6.50%	5.34%	5.32%	6.25%

Drawdowns

DBEM vs. EMLC - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, roughly equal to the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for DBEM and EMLC.

Drawdown Indicators

	DBEM	EMLC	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-32.43%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-6.19%	-5.19%
Max Drawdown (5Y) Largest decline over 5 years	-30.58%	-25.26%	-5.32%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	-26.47%	-7.04%
Current Drawdown Current decline from peak	-7.44%	-6.92%	-0.52%
Average Drawdown Average peak-to-trough decline	-11.81%	-14.48%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	1.41%	+1.43%

Volatility

DBEM vs. EMLC - Volatility Comparison

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a higher volatility of 9.13% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 4.03%. This indicates that DBEM's price experiences larger fluctuations and is considered to be riskier than EMLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEM	EMLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.13%	4.03%	+5.10%
Volatility (6M) Calculated over the trailing 6-month period	13.56%	5.04%	+8.52%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	7.08%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	9.11%	+7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	10.13%	+6.78%