EM1C.DE vs. GOLD.AS

Last updated Jun 5, 2026

EM1C.DE (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF) and GOLD.AS (Amundi Physical Gold ETC C) are both exchange-traded funds - EM1C.DE is a Emerging Markets Bonds fund tracking the JP Morgan GBI-Emerging Markets Global Core, while GOLD.AS is a Precious Metals fund tracking the LMBA Gold Price PM USD. Both are passively managed. Over the past 5 years, EM1C.DE returned 2.23%/yr vs 19.71%/yr for GOLD.AS. At a 0.18 correlation, their price movements are largely independent. EM1C.DE charges 0.30%/yr vs 0.12%/yr for GOLD.AS.

Performance

EM1C.DE vs. GOLD.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) and Amundi Physical Gold ETC C (GOLD.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EM1C.DE is traded in EUR, while GOLD.AS is traded in USD. To make them comparable, the GOLD.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, EM1C.DE achieves a 2.30% return, which is significantly lower than GOLD.AS's 4.78% return.

EM1C.DE

• 1D: -0.08%
• 1M: 1.38%
• YTD: 2.30%
• 6M: 2.32%
• 1Y: 7.02%
• 3Y*: 4.00%
• 5Y*: 2.23%
• 10Y*: —

GOLD.AS

• 1D: 0.53%
• 1M: -1.71%
• YTD: 4.78%
• 6M: 6.30%
• 1Y: 30.12%
• 3Y*: 28.06%
• 5Y*: 19.71%
• 10Y*: —

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

EM1C.DE vs. GOLD.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EM1C.DE VanEck J.P. Morgan EM Local Currency Bond UCITS ETF	2.30%	4.53%	3.69%	6.44%	-4.38%	-2.30%	-6.16%	7.53%
GOLD.AS Amundi Physical Gold ETC C	4.78%	45.37%	34.71%	9.95%	6.06%	3.08%	14.06%	18.10%

Correlation

The correlation between EM1C.DE and GOLD.AS is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.18

Return for Risk

EM1C.DE vs. GOLD.AS — Risk / Return Rank

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

EM1C.DE

EM1C.DE Risk / Return Rank: 41
EM1C.DE Sharpe Ratio Rank: 40
EM1C.DE Sortino Ratio Rank: 43
EM1C.DE Omega Ratio Rank: 40
EM1C.DE Calmar Ratio Rank: 42
EM1C.DE Martin Ratio Rank: 43

GOLD.AS

GOLD.AS Risk / Return Rank: 35
GOLD.AS Sharpe Ratio Rank: 36
GOLD.AS Sortino Ratio Rank: 33
GOLD.AS Omega Ratio Rank: 38
GOLD.AS Calmar Ratio Rank: 37
GOLD.AS Martin Ratio Rank: 32

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.

EM1C.DE vs. GOLD.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) and Amundi Physical Gold ETC C (GOLD.AS). 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.

	EM1C.DE	GOLD.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.23	+0.17
Sortino ratio: Return per unit of downside risk	2.12	1.65	+0.47
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.04	1.72	+0.32
Martin ratio: Return relative to average drawdown	6.75	4.51	+2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EM1C.DE vs. GOLD.AS - Sharpe Ratio Comparison

The current EM1C.DE Sharpe Ratio is 1.39, which is comparable to the GOLD.AS Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of EM1C.DE and GOLD.AS, 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

	EM1C.DE	GOLD.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.23	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	1.17	-0.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.12	-1.03

Drawdowns

EM1C.DE vs. GOLD.AS - Drawdown Comparison

The maximum EM1C.DE drawdown since its inception was -18.83%, roughly equal to the maximum GOLD.AS drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for EM1C.DE and GOLD.AS.

Drawdown Indicators

	EM1C.DE	GOLD.AS	Difference
Max Drawdown Largest peak-to-trough decline	-18.83%	-18.25%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-17.29%	+13.87%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	-17.29%	+10.09%
Max Drawdown (5Y) Largest decline over 5 years	-8.53%	-17.29%	+8.76%
Current Drawdown Current decline from peak	-0.85%	-15.10%	+14.25%
Average Drawdown Average peak-to-trough decline	-8.00%	-5.64%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	6.63%	-5.59%

Volatility

EM1C.DE vs. GOLD.AS - Volatility Comparison

The current volatility for VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) is 1.55%, while Amundi Physical Gold ETC C (GOLD.AS) has a volatility of 5.71%. This indicates that EM1C.DE experiences smaller price fluctuations and is considered to be less risky than GOLD.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EM1C.DE	GOLD.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	5.71%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	4.15%	21.43%	-17.28%
Volatility (1Y) Calculated over the trailing 1-year period	5.03%	24.26%	-19.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.03%	16.62%	-9.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	16.32%	-8.26%

EM1C.DE vs. GOLD.AS - Expense Ratio Comparison

EM1C.DE has a 0.30% expense ratio, which is higher than GOLD.AS's 0.12% expense ratio.

Dividends

EM1C.DE vs. GOLD.AS - Dividend Comparison

Neither EM1C.DE nor GOLD.AS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
EM1C.DE VanEck J.P. Morgan EM Local Currency Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.19%
GOLD.AS Amundi Physical Gold ETC C	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EM1C.DE and GOLD.AS in my portfolio?

EM1C.DE and GOLD.AS have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EM1C.DE or GOLD.AS?

On fees, GOLD.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EM1C.DE or GOLD.AS?

GOLD.AS is cheaper with a 0.12% expense ratio, compared with 0.30% for EM1C.DE.

What is the main difference between EM1C.DE and GOLD.AS?

EM1C.DE is categorized as Emerging Markets Bonds, while GOLD.AS is Precious Metals. EM1C.DE tracks JP Morgan GBI-Emerging Markets Global Core, while GOLD.AS tracks LMBA Gold Price PM USD. They also come from different issuers: VanEck and Amundi. Their fees differ too: 0.30% for EM1C.DE and 0.12% for GOLD.AS.