EMLC vs. CMF
Compare and contrast key facts about VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and iShares California Muni Bond ETF (CMF).
EMLC and CMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMLC is a passively managed fund by VanEck that tracks the performance of the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. It was launched on Jul 22, 2010. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. Both EMLC and CMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: EMLC or CMF.
Key characteristics
| EMLC | CMF | |
|---|---|---|
| YTD Return | -4.28% | -1.40% |
| 1Y Return | 1.35% | 1.90% |
| 3Y Return (Ann) | -3.40% | -1.36% |
| 5Y Return (Ann) | -0.97% | 0.93% |
| 10Y Return (Ann) | -1.24% | 2.08% |
| Sharpe Ratio | 0.18 | 0.36 |
| Daily Std Dev | 8.40% | 4.18% |
| Max Drawdown | -32.33% | -16.45% |
| Current Drawdown | -21.14% | -4.83% |
Correlation
The correlation between EMLC and CMF is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
EMLC vs. CMF - Performance Comparison
In the year-to-date period, EMLC achieves a -4.28% return, which is significantly lower than CMF's -1.40% return. Over the past 10 years, EMLC has underperformed CMF with an annualized return of -1.24%, while CMF has yielded a comparatively higher 2.08% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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EMLC vs. CMF - Expense Ratio Comparison
EMLC has a 0.30% expense ratio, which is higher than CMF's 0.25% expense ratio.
Risk-Adjusted Performance
EMLC vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and iShares California Muni Bond ETF (CMF). 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.
Dividends
EMLC vs. CMF - Dividend Comparison
EMLC's dividend yield for the trailing twelve months is around 6.42%, more than CMF's 2.46% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.42% | 5.96% | 5.68% | 5.25% | 4.88% | 6.26% | 6.50% | 5.34% | 5.32% | 6.25% | 5.98% | 5.18% |
CMF iShares California Muni Bond ETF | 2.46% | 2.29% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.12% |
Drawdowns
EMLC vs. CMF - Drawdown Comparison
The maximum EMLC drawdown since its inception was -32.33%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for EMLC and CMF. For additional features, visit the drawdowns tool.
Volatility
EMLC vs. CMF - Volatility Comparison
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 2.41% compared to iShares California Muni Bond ETF (CMF) at 1.07%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.