EMCA.L vs. EMLC.L
EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) and EMLC.L (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc)) are both Emerging Markets Bonds funds - EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index while EMLC.L tracks the J.P. Morgan Government Bond Index-Emerging Markets Global Core Index. Both are passively managed. Over the past 5 years, EMCA.L returned 1.90%/yr vs 1.79%/yr for EMLC.L. At a 0.39 correlation, their price movements are largely independent. EMCA.L charges 0.50%/yr vs 0.30%/yr for EMLC.L.
Performance
EMCA.L vs. EMLC.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMCA.L achieves a 1.49% return, which is significantly higher than EMLC.L's 1.34% return.
EMCA.L
- 1D
- -0.15%
- 1M
- -0.44%
- 6M
- 1.04%
- YTD
- 1.49%
- 1Y
- 5.60%
- 3Y*
- 6.82%
- 5Y*
- 1.90%
- 10Y*
- —
EMLC.L
- 1D
- -0.33%
- 1M
- -1.17%
- 6M
- 0.80%
- YTD
- 1.34%
- 1Y
- 7.54%
- 3Y*
- 5.39%
- 5Y*
- 1.79%
- 10Y*
- —
EMCA.L vs. EMLC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.49% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 7.04% | 13.77% | 0.89% |
EMLC.L VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc) | 1.34% | 17.98% | -2.29% | 10.29% | -9.98% | -9.75% | 2.70% | 9.54% | -4.73% |
Correlation
The correlation between EMCA.L and EMLC.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.39 |
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Return for Risk
EMCA.L vs. EMLC.L — Risk / Return Rank
EMCA.L
EMLC.L
EMCA.L vs. EMLC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) and VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc) (EMLC.L). 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.
| EMCA.L | EMLC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.24 | +1.28 |
| Martin ratioReturn relative to average drawdown | 9.78 | 3.94 | +5.84 |
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Drawdowns
EMCA.L vs. EMLC.L - Drawdown Comparison
The maximum EMCA.L drawdown since its inception was -24.69%, smaller than the maximum EMLC.L drawdown of -26.61%. Use the drawdown chart below to compare losses from any high point for EMCA.L and EMLC.L.
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Drawdown Indicators
| EMCA.L | EMLC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.69% | -26.61% | +1.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -6.06% | +3.85% |
Max Drawdown (3Y)Largest decline over 3 years | -3.58% | -8.69% | +5.11% |
Max Drawdown (5Y)Largest decline over 5 years | -20.14% | -23.38% | +3.24% |
Current DrawdownCurrent decline from peak | -0.59% | -2.13% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -9.15% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.91% | -1.34% |
Volatility
EMCA.L vs. EMLC.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) is 1.06%, while VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc) (EMLC.L) has a volatility of 1.94%. This indicates that EMCA.L experiences smaller price fluctuations and is considered to be less risky than EMLC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCA.L | EMLC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.94% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 6.26% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 7.31% | -3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 8.37% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.78% | 9.23% | -0.45% |
EMCA.L vs. EMLC.L - Expense Ratio Comparison
EMCA.L has a 0.50% expense ratio, which is higher than EMLC.L's 0.30% expense ratio.
Dividends
EMCA.L vs. EMLC.L - Dividend Comparison
Neither EMCA.L nor EMLC.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMLC.L VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.20% |
Frequently Asked Questions
EMCA.L and EMLC.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMLC.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMLC.L is cheaper with a 0.30% expense ratio, compared with 0.50% for EMCA.L.
EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, while EMLC.L 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 EMCA.L and 0.30% for EMLC.L.
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