EMCIX vs. ELBIX

Last updated Jun 24, 2026

EMCIX (Ashmore Emerging Markets Corporate Income Fund) and ELBIX (Ashmore Emerging Markets Local Currency Bond Fund) are both Emerging Markets Bonds funds from Ashmore. Over the past 10 years, EMCIX returned 2.63%/yr vs 2.49%/yr for ELBIX. At a 0.40 correlation, their price movements are largely independent. EMCIX charges 1.01%/yr vs 0.97%/yr for ELBIX.

Performance

EMCIX vs. ELBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Corporate Income Fund (EMCIX) and Ashmore Emerging Markets Local Currency Bond Fund (ELBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMCIX achieves a 3.59% return, which is significantly higher than ELBIX's 0.24% return. Over the past 10 years, EMCIX has outperformed ELBIX with an annualized return of 2.63%, while ELBIX has yielded a comparatively lower 2.49% annualized return.

EMCIX

• 1D: -0.18%
• 1M: 0.52%
• YTD: 3.59%
• 6M: 3.59%
• 1Y: 8.43%
• 3Y*: 8.62%
• 5Y*: -1.61%
• 10Y*: 2.63%

ELBIX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.24%
• 6M: 0.67%
• 1Y: 8.19%
• 3Y*: 6.28%
• 5Y*: 2.22%
• 10Y*: 2.49%

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

EMCIX vs. ELBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCIX Ashmore Emerging Markets Corporate Income Fund	3.59%	8.81%	8.28%	6.01%	-22.35%	-6.47%	7.34%	11.08%	-3.92%	13.02%
ELBIX Ashmore Emerging Markets Local Currency Bond Fund	0.24%	19.17%	-4.30%	14.03%	-10.00%	-9.55%	2.65%	12.11%	-7.02%	13.54%

Correlation

The correlation between EMCIX and ELBIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011	0.40

The correlation between EMCIX and ELBIX shifts across timeframes, from 0.29 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMCIX vs. ELBIX — Risk / Return Rank

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

EMCIX

EMCIX Risk / Return Rank: 58
EMCIX Sharpe Ratio Rank: 35
EMCIX Sortino Ratio Rank: 52
EMCIX Omega Ratio Rank: 85
EMCIX Calmar Ratio Rank: 58
EMCIX Martin Ratio Rank: 61

ELBIX

ELBIX Risk / Return Rank: 19
ELBIX Sharpe Ratio Rank: 22
ELBIX Sortino Ratio Rank: 21
ELBIX Omega Ratio Rank: 24
ELBIX Calmar Ratio Rank: 14
ELBIX Martin Ratio Rank: 14

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.

EMCIX vs. ELBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Corporate Income Fund (EMCIX) and Ashmore Emerging Markets Local Currency Bond Fund (ELBIX). 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.

	EMCIX	ELBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.23	+0.35
Sortino ratio: Return per unit of downside risk	2.79	1.76	+1.03
Omega ratio: Gain probability vs. loss probability	1.54	1.24	+0.30
Calmar ratio: Return relative to maximum drawdown	2.79	1.19	+1.61
Martin ratio: Return relative to average drawdown	11.37	3.61	+7.76

EMCIX vs. ELBIX - Sharpe Ratio Comparison

The current EMCIX Sharpe Ratio is 1.58, which is comparable to the ELBIX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of EMCIX and ELBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMCIX vs. ELBIX - Drawdown Comparison

The maximum EMCIX drawdown since its inception was -36.20%, smaller than the maximum ELBIX drawdown of -42.77%. Use the drawdown chart below to compare losses from any high point for EMCIX and ELBIX.

Drawdown Indicators

	EMCIX	ELBIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.20%	-42.77%	+6.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-6.96%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-4.02%	-9.21%	+5.19%
Max Drawdown (5Y) Largest decline over 5 years	-36.13%	-23.43%	-12.70%
Max Drawdown (10Y) Largest decline over 10 years	-36.20%	-26.97%	-9.23%
Current Drawdown Current decline from peak	-7.90%	-17.25%	+9.35%
Average Drawdown Average peak-to-trough decline	-13.56%	-25.47%	+11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	2.28%	-1.52%

Volatility

EMCIX vs. ELBIX - Volatility Comparison

The current volatility for Ashmore Emerging Markets Corporate Income Fund (EMCIX) is 0.96%, while Ashmore Emerging Markets Local Currency Bond Fund (ELBIX) has a volatility of 1.60%. This indicates that EMCIX experiences smaller price fluctuations and is considered to be less risky than ELBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCIX	ELBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.60%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	4.96%	5.78%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.49%	6.74%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	7.70%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	8.95%	-2.89%

EMCIX vs. ELBIX - Expense Ratio Comparison

EMCIX has a 1.01% expense ratio, which is higher than ELBIX's 0.97% expense ratio.

Dividends

EMCIX vs. ELBIX - Dividend Comparison

EMCIX's dividend yield for the trailing twelve months is around 9.33%, more than ELBIX's 6.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELBIX Ashmore Emerging Markets Local Currency Bond Fund	6.68%	8.01%	4.10%	4.23%	1.39%	0.00%	1.20%	0.65%	2.54%	1.96%
EMCIX Ashmore Emerging Markets Corporate Income Fund	9.33%	7.69%	4.92%	5.23%	6.67%	4.28%	5.13%	6.62%	6.62%	4.89%

Frequently Asked Questions

Can I hold both EMCIX and ELBIX in my portfolio?

EMCIX and ELBIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCIX or ELBIX?

ELBIX has higher volatility (1.60%) compared to EMCIX (0.96%). In terms of maximum drawdown, EMCIX dropped -36.20% vs ELBIX's -42.77%.

Which has better risk-adjusted returns?

EMCIX currently has the higher Sharpe Ratio (1.58 vs 1.23), 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.