EMLC vs. EBND
EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) are both Emerging Markets Bonds funds - EMLC tracks the J.P. Morgan Government Bond Index Emerging Markets Global Core Index while EBND tracks the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 10 years, EMLC returned 2.22%/yr vs 1.79%/yr for EBND. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.
Performance
EMLC vs. EBND - Performance Comparison
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Returns By Period
In the year-to-date period, EMLC achieves a 1.56% return, which is significantly higher than EBND's 0.20% return. Over the past 10 years, EMLC has outperformed EBND with an annualized return of 2.22%, while EBND has yielded a comparatively lower 1.79% annualized return.
EMLC
- 1D
- -0.08%
- 1M
- 1.42%
- YTD
- 1.56%
- 6M
- 2.07%
- 1Y
- 9.48%
- 3Y*
- 6.52%
- 5Y*
- 1.78%
- 10Y*
- 2.22%
EBND
- 1D
- -0.29%
- 1M
- 1.12%
- YTD
- 0.20%
- 6M
- 0.81%
- 1Y
- 5.68%
- 3Y*
- 5.34%
- 5Y*
- 0.51%
- 10Y*
- 1.79%
EMLC vs. EBND - 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 | 1.56% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 0.20% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between EMLC and EBND is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011 | 0.85 |
The correlation between EMLC and EBND has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
EMLC vs. EBND — Risk / Return Rank
EMLC
EBND
EMLC vs. EBND - 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 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND). 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 | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.15 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 0.86 | +0.68 |
| Martin ratioReturn relative to average drawdown | 5.09 | 2.72 | +2.37 |
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Drawdowns
EMLC vs. EBND - Drawdown Comparison
The maximum EMLC drawdown since its inception was -32.43%, which is greater than EBND's maximum drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for EMLC and EBND.
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Drawdown Indicators
| EMLC | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.43% | -29.51% | -2.92% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -6.63% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -9.15% | -9.25% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -23.91% | -26.15% | +2.24% |
Max Drawdown (10Y)Largest decline over 10 years | -26.47% | -29.50% | +3.03% |
Current DrawdownCurrent decline from peak | -3.68% | -2.82% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -14.33% | -10.84% | -3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 2.09% | -0.22% |
Volatility
EMLC vs. EBND - Volatility Comparison
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) have volatilities of 2.26% and 2.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMLC | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 2.33% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.28% | 6.26% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.15% | 7.15% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 9.00% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.03% | 9.18% | +0.85% |
EMLC vs. EBND - Expense Ratio Comparison
Both EMLC and EBND have an expense ratio of 0.30%.
Dividends
EMLC vs. EBND - Dividend Comparison
EMLC's dividend yield for the trailing twelve months is around 6.15%, more than EBND's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.80% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% | 0.00% | 0.00% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.15% | 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
With a correlation of 0.94, EMLC and EBND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EBND has higher volatility (2.33%) compared to EMLC (2.26%). In terms of maximum drawdown, EMLC dropped -32.43% vs EBND's -29.51%.
On 10-year performance, EMLC leads with 2.22% vs 1.79% for EBND. Both ETFs have the same 0.30% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMLC has performed better with a 2.22% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMLC and EBND have the same expense ratio: 0.30% per year.
EMLC has the higher dividend yield at 6.15%, compared with 5.80% for EBND.
EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. They also come from different issuers: VanEck and State Street.
EMLC currently has the higher Sharpe Ratio (1.33 vs 0.80), 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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