EMLC vs. EMHC
EMLC (VanEck J.P. Morgan EM Local Currency Bond ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both Emerging Markets Bonds funds - EMLC tracks the J.P. Morgan GBI-EM Global Core Index while EMHC tracks the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, EMLC returned 1.92%/yr vs 1.15%/yr for EMHC. Their 0.62 correlation means they have sometimes moved together and sometimes differently. EMLC charges 0.30%/yr vs 0.23%/yr for EMHC.
Performance
EMLC vs. EMHC - Performance Comparison
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Returns By Period
In the year-to-date period, EMLC achieves a 1.78% return, which is significantly higher than EMHC's 0.55% return.
EMLC
- 1D
- -0.16%
- 1M
- 0.04%
- 6M
- -0.08%
- YTD
- 1.78%
- 1Y
- 7.98%
- 3Y*
- 6.20%
- 5Y*
- 1.92%
- 10Y*
- 1.85%
- ALL TIME*
- 1.20%
EMHC
- 1D
- -0.08%
- 1M
- -1.67%
- 6M
- 0.23%
- YTD
- 0.55%
- 1Y
- 6.90%
- 3Y*
- 7.66%
- 5Y*
- 1.15%
- 10Y*
- —
- ALL TIME*
- 1.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.11M | $1.05M | $1.14M | |
| $39.99M | $39.21M | $56.97M |
EMLC vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 1.78% | 18.81% | -2.97% | 11.18% | -10.58% | -4.05% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 0.55% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
Correlation
The correlation between EMLC and EMHC is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.62 |
The correlation between EMLC and EMHC has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
EMLC vs. EMHC — Risk / Return Rank
EMLC
EMHC
EMLC vs. EMHC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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 | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 1.65 | -0.19 |
| Martin ratioReturn relative to average drawdown | 4.60 | 6.59 | -1.99 |
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Drawdowns
EMLC vs. EMHC - Drawdown Comparison
The maximum EMLC drawdown since its inception was -32.43%, which is greater than EMHC's maximum drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for EMLC and EMHC.
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Drawdown Indicators
| EMLC | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.43% | -28.03% | -4.40% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -4.37% | -1.82% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -6.74% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -23.60% | -28.03% | +4.43% |
Max Drawdown (10Y)Largest decline over 10 years | -26.47% | — | — |
Current DrawdownCurrent decline from peak | -3.48% | -1.90% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -14.26% | -9.63% | -4.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.09% | +0.87% |
Volatility
EMLC vs. EMHC - Volatility Comparison
VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 1.88% compared to SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) at 1.28%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than EMHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMLC | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 1.28% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.42% | 4.36% | +2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.17% | 5.47% | +1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.12% | 9.07% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.92% | 8.87% | +1.05% |
EMLC vs. EMHC - Expense Ratio Comparison
EMLC has a 0.30% expense ratio, which is higher than EMHC's 0.23% expense ratio.
Dividends
EMLC vs. EMHC - Dividend Comparison
EMLC's dividend yield for the trailing twelve months is around 6.25%, which matches EMHC's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 5.71% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 5.73% | 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 EMHC have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMLC has higher volatility (1.88%) compared to EMHC (1.28%). In terms of maximum drawdown, EMLC dropped -32.43% vs EMHC's -28.03%.
On 5-year performance, EMLC leads with 1.92% vs 1.15% for EMHC. On fees, EMHC is cheaper at 0.23% per year. On volatility, EMHC has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMLC has performed better with a 1.92% return vs 1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHC is cheaper with a 0.23% expense ratio, compared with 0.30% for EMLC.
EMLC has the higher dividend yield at 5.73%, compared with 5.71% for EMHC.
EMLC tracks J.P. Morgan GBI-EM Global Core Index, while EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.30% for EMLC and 0.23% for EMHC.
EMHC currently has the higher Sharpe Ratio (1.32 vs 1.26), 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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