EBND vs. EMLC
EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both Emerging Markets Bonds funds - EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified while EMLC tracks the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. Both are passively managed. Over the past 10 years, EBND returned 1.72%/yr vs 2.14%/yr for EMLC. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.
Performance
EBND vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, EBND achieves a -0.23% return, which is significantly lower than EMLC's 0.92% return. Over the past 10 years, EBND has underperformed EMLC with an annualized return of 1.72%, while EMLC has yielded a comparatively higher 2.14% annualized return.
EBND
- 1D
- -0.57%
- 1M
- 0.59%
- YTD
- -0.23%
- 6M
- 0.63%
- 1Y
- 5.78%
- 3Y*
- 5.59%
- 5Y*
- 0.03%
- 10Y*
- 1.72%
EMLC
- 1D
- -0.55%
- 1M
- 1.06%
- YTD
- 0.92%
- 6M
- 1.94%
- 1Y
- 9.54%
- 3Y*
- 6.92%
- 5Y*
- 1.17%
- 10Y*
- 2.14%
EBND vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | -0.23% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 0.92% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between EBND and EMLC is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2011 | 0.85 |
The correlation between EBND and EMLC has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
EBND vs. EMLC — Risk / Return Rank
EBND
EMLC
EBND vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) 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.
| EBND | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.27 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.55 | -0.67 |
| Martin ratioReturn relative to average drawdown | 2.93 | 5.34 | -2.41 |
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
| EBND | EMLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 1.39 | -0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 0.13 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.21 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.11 | -0.01 |
Drawdowns
EBND vs. EMLC - Drawdown Comparison
The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for EBND and EMLC.
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Drawdown Indicators
| EBND | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.51% | -32.43% | +2.92% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -6.19% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -9.25% | -9.15% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -25.26% | -2.31% |
Max Drawdown (10Y)Largest decline over 10 years | -29.50% | -26.47% | -3.03% |
Current DrawdownCurrent decline from peak | -3.24% | -4.28% | +1.04% |
Average DrawdownAverage peak-to-trough decline | -10.87% | -14.37% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.79% | +0.19% |
Volatility
EBND vs. EMLC - Volatility Comparison
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a higher volatility of 2.35% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.21%. This indicates that EBND'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.
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Volatility by Period
| EBND | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 2.21% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 5.94% | 5.99% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.92% | 6.90% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.98% | 9.13% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 10.05% | -0.86% |
EBND vs. EMLC - Expense Ratio Comparison
Both EBND and EMLC have an expense ratio of 0.30%.
Dividends
EBND vs. EMLC - Dividend Comparison
EBND's dividend yield for the trailing twelve months is around 5.83%, less than EMLC's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.83% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
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
With a correlation of 0.94, EBND and EMLC 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.
EBND has higher volatility (2.35%) compared to EMLC (2.21%). In terms of maximum drawdown, EBND dropped -29.51% vs EMLC's -32.43%.
On 10-year performance, EMLC leads with 2.14% vs 1.72% for EBND. Both ETFs have the same 0.30% expense ratio. On volatility, EMLC has been the lower-risk option at 2.21%. 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 2.14% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND and EMLC have the same expense ratio: 0.30% per year.
EMLC has the higher dividend yield at 6.19%, compared with 5.83% for EBND.
EBND tracks Bloomberg Emerging Market Local Currency Government Diversified, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: State Street and VanEck.
EMLC currently has the higher Sharpe Ratio (1.39 vs 0.84), 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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