EMLC vs. ICSH
EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active 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 ICSH is a Ultrashort Bond fund actively managed by iShares. EMLC is passively managed, while ICSH is actively managed. Over the past 10 years, EMLC returned 1.99%/yr vs 2.77%/yr for ICSH. At a 0.15 correlation, their price movements are largely independent. EMLC charges 0.30%/yr vs 0.08%/yr for ICSH.
Performance
EMLC vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, EMLC achieves a -0.23% return, which is significantly lower than ICSH's 1.43% return. Over the past 10 years, EMLC has underperformed ICSH with an annualized return of 1.99%, while ICSH has yielded a comparatively higher 2.77% annualized return.
EMLC
- 1D
- -0.16%
- 1M
- -1.80%
- YTD
- -0.23%
- 6M
- 1.29%
- 1Y
- 7.90%
- 3Y*
- 6.04%
- 5Y*
- 0.97%
- 10Y*
- 1.99%
ICSH
- 1D
- 0.02%
- 1M
- 0.18%
- YTD
- 1.43%
- 6M
- 1.75%
- 1Y
- 4.30%
- 3Y*
- 5.15%
- 5Y*
- 3.67%
- 10Y*
- 2.77%
EMLC vs. ICSH - 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 | -0.23% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.43% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between EMLC and ICSH is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.15 |
The correlation between EMLC and ICSH shifts across timeframes, from 0.15 (all time) to 0.30 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMLC vs. ICSH — Risk / Return Rank
EMLC
ICSH
EMLC vs. ICSH - 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 iShares Ultra Short Duration Bond Active ETF (ICSH). 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.
| EMLC | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.87 | ||
| Sortino ratioReturn per unit of downside risk | -25.76 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 6.56 | -5.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 43.67 | -42.39 |
| Martin ratioReturn relative to average drawdown | 4.34 | 288.81 | -284.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMLC | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 11.01 | -9.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 7.62 | -7.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 2.63 | -2.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 1.93 | -1.83 |
Drawdowns
EMLC vs. ICSH - Drawdown Comparison
The maximum EMLC drawdown since its inception was -32.43%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for EMLC and ICSH.
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Drawdown Indicators
| EMLC | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.43% | -3.94% | -28.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -0.10% | -6.09% |
Max Drawdown (3Y)Largest decline over 3 years | -9.15% | -0.10% | -9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -0.73% | -24.53% |
Max Drawdown (10Y)Largest decline over 10 years | -26.47% | -3.94% | -22.53% |
Current DrawdownCurrent decline from peak | -5.38% | -0.02% | -5.36% |
Average DrawdownAverage peak-to-trough decline | -14.36% | -0.08% | -14.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 0.01% | +1.81% |
Volatility
EMLC vs. ICSH - Volatility Comparison
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 2.20% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.15%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMLC | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 0.15% | +2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 0.30% | +5.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.00% | 0.39% | +6.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 0.48% | +8.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.05% | 1.06% | +8.99% |
EMLC vs. ICSH - Expense Ratio Comparison
EMLC has a 0.30% expense ratio, which is higher than ICSH's 0.08% expense ratio.
Dividends
EMLC vs. ICSH - Dividend Comparison
EMLC's dividend yield for the trailing twelve months is around 6.26%, more than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.26% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
Frequently Asked Questions
EMLC and ICSH have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMLC has higher volatility (2.20%) compared to ICSH (0.15%). In terms of maximum drawdown, EMLC dropped -32.43% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.77% vs 1.99% for EMLC. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICSH has performed better with a 2.77% return vs 1.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.30% for EMLC.
EMLC has the higher dividend yield at 6.26%, compared with 4.34% for ICSH.
EMLC is categorized as Emerging Markets Bonds, while ICSH is Ultrashort Bond. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.30% for EMLC and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.01 vs 1.14), 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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