EMLC.L vs. EMD5.L

Last updated Jul 16, 2026

EMLC.L (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF A USD (Acc)) and EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - EMLC.L tracks the J.P. Morgan Government Bond Index-Emerging Markets Global Core Index while EMD5.L tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. Both are passively managed. Over the past 5 years, EMLC.L returned 1.90%/yr vs 2.39%/yr for EMD5.L. A 0.51 correlation means they provide meaningful diversification when combined. EMLC.L charges 0.30%/yr vs 0.25%/yr for EMD5.L.

Performance

EMLC.L vs. EMD5.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 Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLC.L achieves a 1.90% return, which is significantly higher than EMD5.L's -0.96% 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*: —

EMD5.L

• 1D: 0.11%
• 1M: -0.00%
• 6M: -0.75%
• YTD: -0.96%
• 1Y: 3.64%
• 3Y*: 7.13%
• 5Y*: 2.39%
• 10Y*: —

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

EMLC.L vs. EMD5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
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%
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)	-0.96%	10.15%	8.41%	7.84%	-10.41%	-0.28%	0.80%

Correlation

The correlation between EMLC.L and EMD5.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.51

The correlation between EMLC.L and EMD5.L shifts across timeframes, from 0.42 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EMLC.L vs. EMD5.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: 34
EMLC.L Sharpe Ratio Rank: 36
EMLC.L Sortino Ratio Rank: 35
EMLC.L Omega Ratio Rank: 33
EMLC.L Calmar Ratio Rank: 31
EMLC.L Martin Ratio Rank: 34

EMD5.L

EMD5.L Risk / Return Rank: 29
EMD5.L Sharpe Ratio Rank: 30
EMD5.L Sortino Ratio Rank: 26
EMD5.L Omega Ratio Rank: 36
EMD5.L Calmar Ratio Rank: 27
EMD5.L Martin Ratio Rank: 26

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. EMD5.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 Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.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.L	EMD5.L	Difference
Sharpe ratio: Return per unit of total volatility	1.07	0.91	+0.16
Sortino ratio: Return per unit of downside risk	1.57	1.23	+0.34
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	1.29	1.10	+0.19
Martin ratio: Return relative to average drawdown	4.11	2.76	+1.34

EMLC.L vs. EMD5.L - Sharpe Ratio Comparison

The current EMLC.L Sharpe Ratio is 1.07, which is comparable to the EMD5.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of EMLC.L and EMD5.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.

Drawdowns

EMLC.L vs. EMD5.L - Drawdown Comparison

The maximum EMLC.L drawdown since its inception was -26.61%, which is greater than EMD5.L's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for EMLC.L and EMD5.L.

Drawdown Indicators

	EMLC.L	EMD5.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.61%	-16.04%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-3.29%	-2.77%
Max Drawdown (3Y) Largest decline over 3 years	-8.95%	-3.29%	-5.66%
Max Drawdown (5Y) Largest decline over 5 years	-23.38%	-16.04%	-7.34%
Current Drawdown Current decline from peak	-1.59%	-1.06%	-0.53%
Average Drawdown Average peak-to-trough decline	-9.16%	-4.32%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.31%	+0.59%

Volatility

EMLC.L vs. EMD5.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 Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) at 0.95%. This indicates that EMLC.L's price experiences larger fluctuations and is considered to be riskier than EMD5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLC.L	EMD5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	0.95%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	6.25%	3.51%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.32%	3.97%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.37%	4.85%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.23%	4.62%	+4.61%

EMLC.L vs. EMD5.L - Expense Ratio Comparison

EMLC.L has a 0.30% expense ratio, which is higher than EMD5.L's 0.25% expense ratio.

Dividends

EMLC.L vs. EMD5.L - Dividend Comparison

EMLC.L has not paid dividends to shareholders, while EMD5.L's dividend yield for the trailing twelve months is around 2.87%.

Position	TTM	2025	2024	2023	2022	2021
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)	2.87%	5.66%	6.09%	4.60%	3.04%	1.25%
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

Can I hold both EMLC.L and EMD5.L in my portfolio?

EMLC.L and EMD5.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMLC.L or EMD5.L?

On fees, EMD5.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMLC.L or EMD5.L?

EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.30% for EMLC.L.

What is the main difference between EMLC.L and EMD5.L?

EMLC.L tracks J.P. Morgan Government Bond Index-Emerging Markets Global Core Index, while EMD5.L tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index. They also come from different issuers: VanEck and L&G. Their fees differ too: 0.30% for EMLC.L and 0.25% for EMD5.L.