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EMLC vs. GDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMLC vs. GDX

Last updated Jun 4, 2026

EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and GDX (VanEck Gold Miners ETF) 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 GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, EMLC returned 2.14%/yr vs 13.98%/yr for GDX. At a 0.39 correlation, their price movements are largely independent. EMLC charges 0.30%/yr vs 0.51%/yr for GDX.

Performance

EMLC vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMLC achieves a 0.92% return, which is significantly higher than GDX's -0.90% return. Over the past 10 years, EMLC has underperformed GDX with an annualized return of 2.14%, while GDX has yielded a comparatively higher 13.98% annualized return.

EMLC

1D
-0.55%
1M
1.06%
YTD
0.92%
6M
1.94%
1Y
9.54%
3Y*
6.92%
5Y*
1.17%
10Y*
2.14%

GDX

1D
-3.46%
1M
-0.76%
YTD
-0.90%
6M
5.62%
1Y
61.27%
3Y*
41.00%
5Y*
18.69%
10Y*
13.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLC vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMLC
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		0.92%18.81%-2.97%11.18%-10.58%-9.72%3.08%9.79%-7.57%13.84%
GDX
VanEck Gold Miners ETF		-0.90%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%

Correlation

The correlation between EMLC and GDX is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.44

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2010

0.39

The correlation between EMLC and GDX shifts across timeframes, from 0.39 (all time) to 0.52 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

VanEck Gold Miners ETF

Often compared with EMLC:
EMLC vs. VWOBEMLC vs. LEMBEMLC vs. EMBEMLC vs. EBNDEMLC vs. EMBDEMLC vs. EMHYEMLC vs. HYEM
Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

Return for Risk

EMLC vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMLC
EMLC Risk / Return Rank: 3636
Overall Rank
EMLC Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EMLC Sortino Ratio Rank: 3737
Sortino Ratio Rank
EMLC Omega Ratio Rank: 4141
Omega Ratio Rank
EMLC Calmar Ratio Rank: 3131
Calmar Ratio Rank
EMLC Martin Ratio Rank: 3535
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 3535
Overall Rank
GDX Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3232
Sortino Ratio Rank
GDX Omega Ratio Rank: 3636
Omega Ratio Rank
GDX Calmar Ratio Rank: 3939
Calmar Ratio Rank
GDX Martin Ratio Rank: 3333
Martin Ratio Rank
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 vs. GDX - 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 VanEck Gold Miners ETF (GDX). 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.

EMLCGDXDifference
Sharpe ratioReturn per unit of total volatility
1.39
1.35

+0.03

Sortino ratioReturn per unit of downside risk
1.96
1.76

+0.20

Omega ratioGain probability vs. loss probability

1.27

1.25

+0.03

Calmar ratioReturn relative to maximum drawdown

1.55

2.00

-0.45

Martin ratioReturn relative to average drawdown

5.34

5.13

+0.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMLC vs. GDX - Sharpe Ratio Comparison

The current EMLC Sharpe Ratio is 1.39, which is comparable to the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of EMLC and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EMLCGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.39

1.35

+0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.13

0.52

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.38

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

0.13

-0.02

Drawdowns

EMLC vs. GDX - Drawdown Comparison

The maximum EMLC drawdown since its inception was -32.43%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for EMLC and GDX.

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Drawdown Indicators

EMLCGDXDifference

Max Drawdown

Largest peak-to-trough decline

-32.43%

-80.34%

+47.91%

Max Drawdown (1Y)

Largest decline over 1 year

-6.19%

-30.84%

+24.65%

Max Drawdown (3Y)

Largest decline over 3 years

-9.15%

-30.84%

+21.69%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-46.51%

+21.25%

Max Drawdown (10Y)

Largest decline over 10 years

-26.47%

-49.79%

+23.32%

Current Drawdown

Current decline from peak

-4.28%

-26.62%

+22.34%

Average Drawdown

Average peak-to-trough decline

-14.37%

-40.43%

+26.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.79%

11.99%

-10.20%

Volatility

EMLC vs. GDX - Volatility Comparison

The current volatility for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is 2.21%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that EMLC experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMLCGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.21%

15.40%

-13.19%

Volatility (6M)

Calculated over the trailing 6-month period

5.99%

37.50%

-31.51%

Volatility (1Y)

Calculated over the trailing 1-year period

6.90%

45.49%

-38.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.13%

36.39%

-27.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.05%

37.18%

-27.13%

EMLC vs. GDX - Expense Ratio Comparison

EMLC has a 0.30% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

EMLC vs. GDX - Dividend Comparison

EMLC's dividend yield for the trailing twelve months is around 6.19%, more than GDX's 0.74% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
GDX
VanEck Gold Miners ETF		0.74%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%

Frequently Asked Questions

EMLC and GDX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDX has higher volatility (15.40%) compared to EMLC (2.21%). In terms of maximum drawdown, EMLC dropped -32.43% vs GDX's -80.34%.

On 10-year performance, GDX leads with 13.98% vs 2.14% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GDX has performed better with a 13.98% return vs 2.14%. 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 0.51% for GDX.

EMLC has the higher dividend yield at 6.19%, compared with 0.74% for GDX.

EMLC is categorized as Emerging Markets Bonds, while GDX is Gold. EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.30% for EMLC and 0.51% for GDX.

EMLC currently has the higher Sharpe Ratio (1.39 vs 1.35), 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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