EMLC vs. CEW
EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and CEW (WisdomTree Emerging Currency Strategy Fund) are both exchange-traded funds - EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while CEW is a Currency fund actively managed by WisdomTree. EMLC is passively managed, while CEW is actively managed. Over the past 10 years, EMLC returned 2.16%/yr vs 2.45%/yr for CEW. A 0.79 correlation means they provide meaningful diversification when combined. EMLC charges 0.30%/yr vs 0.55%/yr for CEW.
Performance
EMLC vs. CEW - Performance Comparison
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Returns By Period
In the year-to-date period, EMLC achieves a 0.96% return, which is significantly lower than CEW's 2.22% return. Over the past 10 years, EMLC has underperformed CEW with an annualized return of 2.16%, while CEW has yielded a comparatively higher 2.45% annualized return.
EMLC
- 1D
- -0.59%
- 1M
- 0.82%
- YTD
- 0.96%
- 6M
- 1.15%
- 1Y
- 8.66%
- 3Y*
- 6.31%
- 5Y*
- 1.57%
- 10Y*
- 2.16%
CEW
- 1D
- -0.57%
- 1M
- -0.25%
- YTD
- 2.22%
- 6M
- 2.63%
- 1Y
- 7.46%
- 3Y*
- 6.46%
- 5Y*
- 3.29%
- 10Y*
- 2.45%
EMLC vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 0.96% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
CEW WisdomTree Emerging Currency Strategy Fund | 2.22% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
Correlation
The correlation between EMLC and CEW is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010 | 0.79 |
The correlation between EMLC and CEW has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.
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Return for Risk
EMLC vs. CEW — Risk / Return Rank
EMLC
CEW
EMLC vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and WisdomTree Emerging Currency Strategy Fund (CEW). 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 | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.22 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.94 | -0.54 |
| Martin ratioReturn relative to average drawdown | 4.64 | 6.41 | -1.77 |
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Drawdowns
EMLC vs. CEW - Drawdown Comparison
The maximum EMLC drawdown since its inception was -32.43%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for EMLC and CEW.
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Drawdown Indicators
| EMLC | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.43% | -27.89% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -3.85% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.15% | -5.28% | -3.87% |
Max Drawdown (5Y)Largest decline over 5 years | -23.91% | -13.68% | -10.23% |
Max Drawdown (10Y)Largest decline over 10 years | -26.47% | -17.72% | -8.75% |
Current DrawdownCurrent decline from peak | -4.25% | -1.57% | -2.68% |
Average DrawdownAverage peak-to-trough decline | -14.33% | -12.97% | -1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 1.17% | +0.70% |
Volatility
EMLC vs. CEW - Volatility Comparison
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 2.36% compared to WisdomTree Emerging Currency Strategy Fund (CEW) at 1.83%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than CEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMLC | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 1.83% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 5.27% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.17% | 6.38% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.14% | 6.87% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 7.00% | +2.97% |
EMLC vs. CEW - Expense Ratio Comparison
EMLC has a 0.30% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
EMLC vs. CEW - Dividend Comparison
EMLC's dividend yield for the trailing twelve months is around 6.19%, more than CEW's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.42% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% | 0.00% | 0.00% | 0.00% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.19% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
Frequently Asked Questions
EMLC and CEW have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMLC has higher volatility (2.36%) compared to CEW (1.83%). In terms of maximum drawdown, EMLC dropped -32.43% vs CEW's -27.89%.
On 10-year performance, CEW leads with 2.45% vs 2.16% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, CEW has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CEW has performed better with a 2.45% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMLC is cheaper with a 0.30% expense ratio, compared with 0.55% for CEW.
EMLC has the higher dividend yield at 6.19%, compared with 2.42% for CEW.
EMLC is categorized as Emerging Markets Bonds, while CEW is Currency. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.30% for EMLC and 0.55% for CEW.
EMLC currently has the higher Sharpe Ratio (1.21 vs 1.17), 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.
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