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EMLC.L vs. DRGN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMLC.L vs. DRGN.L

Last updated Jul 16, 2026
Documentation

EMLC.L (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMLC.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMLC.L returned 1.90%/yr vs 2.01%/yr for DRGN.L. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.

Performance

EMLC.L vs. DRGN.L - 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 A USD (Acc) (EMLC.L) and L&G China CNY Bond UCITS ETF (DRGN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMLC.L achieves a 1.90% return, which is significantly lower than DRGN.L's 3.18% return.

EMLC.L

1D
0.26%
1M
-0.43%
6M
1.29%
YTD
1.90%
1Y
8.43%
3Y*
5.71%
5Y*
1.90%
10Y*
—

DRGN.L

1D
-0.10%
1M
-0.67%
6M
2.98%
YTD
3.18%
1Y
6.54%
3Y*
4.53%
5Y*
2.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLC.L vs. DRGN.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
EMLC.L
VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc)		1.90%17.98%-2.29%10.29%-9.98%-9.75%1.86%
DRGN.L
L&G China CNY Bond UCITS ETF		3.18%5.48%3.14%0.48%-5.41%7.20%1.10%

Correlation

The correlation between EMLC.L and DRGN.L is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2020

0.50

The correlation between EMLC.L and DRGN.L has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc)

L&G China CNY Bond UCITS ETF

Often compared with DRGN.L:
DRGN.L vs. EMLI.LDRGN.L vs. EMDL.LDRGN.L vs. SBEM.LDRGN.L vs. SEMC.LDRGN.L vs. VEMA.LDRGN.L vs. EMBE.LDRGN.L vs. EMDG.L

Return for Risk

EMLC.L vs. DRGN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMLC.L
EMLC.L Risk / Return Rank: 3434
Overall Rank
EMLC.L Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EMLC.L Sortino Ratio Rank: 3535
Sortino Ratio Rank
EMLC.L Omega Ratio Rank: 3333
Omega Ratio Rank
EMLC.L Calmar Ratio Rank: 3131
Calmar Ratio Rank
EMLC.L Martin Ratio Rank: 3434
Martin Ratio Rank
DRGN.L
DRGN.L Risk / Return Rank: 8080
Overall Rank
DRGN.L Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
DRGN.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
DRGN.L Omega Ratio Rank: 8484
Omega Ratio Rank
DRGN.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
DRGN.L Martin Ratio Rank: 8888
Martin Ratio Rank
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.

EMLC.L vs. DRGN.L - 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 A USD (Acc) (EMLC.L) and L&G China CNY Bond UCITS ETF (DRGN.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.

EMLC.LDRGN.LDifference
Sharpe ratioReturn per unit of total volatility
1.07
1.83

-0.76

Sortino ratioReturn per unit of downside risk
1.57
2.54

-0.97

Omega ratioGain probability vs. loss probability

1.19

1.40

-0.21

Calmar ratioReturn relative to maximum drawdown

1.29

4.37

-3.08

Martin ratioReturn relative to average drawdown

4.11

14.98

-10.87

EMLC.L vs. DRGN.L - Sharpe Ratio Comparison

The current EMLC.L Sharpe Ratio is 1.07, which is lower than the DRGN.L Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EMLC.L and DRGN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EMLC.L vs. DRGN.L - Drawdown Comparison

The maximum EMLC.L drawdown since its inception was -26.61%, which is greater than DRGN.L's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for EMLC.L and DRGN.L.

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Drawdown Indicators

EMLC.LDRGN.LDifference

Max Drawdown

Largest peak-to-trough decline

-26.61%

-11.78%

-14.83%

Max Drawdown (1Y)

Largest decline over 1 year

-6.06%

-1.46%

-4.60%

Max Drawdown (3Y)

Largest decline over 3 years

-8.95%

-3.47%

-5.48%

Max Drawdown (5Y)

Largest decline over 5 years

-23.38%

-11.78%

-11.60%

Current Drawdown

Current decline from peak

-1.59%

-0.86%

-0.73%

Average Drawdown

Average peak-to-trough decline

-9.16%

-3.57%

-5.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.90%

0.43%

+1.47%

Volatility

EMLC.L vs. DRGN.L - Volatility Comparison

VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc) (EMLC.L) has a higher volatility of 2.13% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 0.79%. This indicates that EMLC.L's price experiences larger fluctuations and is considered to be riskier than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMLC.LDRGN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.13%

0.79%

+1.34%

Volatility (6M)

Calculated over the trailing 6-month period

6.25%

3.11%

+3.14%

Volatility (1Y)

Calculated over the trailing 1-year period

7.32%

3.50%

+3.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.37%

4.65%

+3.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.23%

4.58%

+4.65%

EMLC.L vs. DRGN.L - Expense Ratio Comparison

Both EMLC.L and DRGN.L have an expense ratio of 0.30%.

Dividends

EMLC.L vs. DRGN.L - Dividend Comparison

EMLC.L has not paid dividends to shareholders, while DRGN.L's dividend yield for the trailing twelve months is around 0.87%.

PositionTTM20252024202320222021
DRGN.L
L&G China CNY Bond UCITS ETF		0.87%1.94%2.31%2.45%2.77%1.43%
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%0.00%

Frequently Asked Questions

EMLC.L and DRGN.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EMLC.L and DRGN.L have the same expense ratio: 0.30% per year.

They also come from different issuers: VanEck and Legal & General.

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