EMLC vs. JPYUSD=X

Last updated Jun 14, 2026

EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) is Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while JPYUSD=X (JPY/USD) is a currency. Over the past 10 years, EMLC returned 2.28%/yr vs -4.19%/yr for JPYUSD=X. At a 0.21 correlation, their price movements are largely independent.

Performance

EMLC vs. JPYUSD=X - 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 JPY/USD (JPYUSD=X). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLC achieves a 1.40% return, which is significantly higher than JPYUSD=X's -2.12% return. Over the past 10 years, EMLC has outperformed JPYUSD=X with an annualized return of 2.28%, while JPYUSD=X has yielded a comparatively lower -4.19% annualized return.

EMLC

• 1D: 0.28%
• 1M: 1.78%
• YTD: 1.40%
• 6M: 2.50%
• 1Y: 9.22%
• 3Y*: 6.63%
• 5Y*: 1.36%
• 10Y*: 2.28%

JPYUSD=X

• 1D: 0.10%
• 1M: -0.82%
• YTD: -2.12%
• 6M: -3.07%
• 1Y: -9.99%
• 3Y*: -4.30%
• 5Y*: -7.22%
• 10Y*: -4.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLC vs. JPYUSD=X - 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	1.40%	18.81%	-2.97%	11.18%	-10.58%	-9.72%	3.08%	9.79%	-7.57%	13.84%
JPYUSD=X JPY/USD	-2.12%	0.33%	-10.26%	-7.04%	-12.23%	-10.24%	5.18%	0.86%	2.82%	3.91%

Correlation

The correlation between EMLC and JPYUSD=X is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010	0.21

Over the past year, EMLC and JPYUSD=X have become more correlated (0.49) than their long-term average of 0.21, meaning their price movements have been converging.

Return for Risk

EMLC vs. JPYUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMLC

EMLC Risk / Return Rank: 37
EMLC Sharpe Ratio Rank: 40
EMLC Sortino Ratio Rank: 38
EMLC Omega Ratio Rank: 42
EMLC Calmar Ratio Rank: 32
EMLC Martin Ratio Rank: 35

JPYUSD=X

JPYUSD=X Risk / Return Rank: 8
JPYUSD=X Sharpe Ratio Rank: 8
JPYUSD=X Sortino Ratio Rank: 8
JPYUSD=X Omega Ratio Rank: 8
JPYUSD=X Calmar Ratio Rank: 3
JPYUSD=X Martin Ratio Rank: 14

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. JPYUSD=X - 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 JPY/USD (JPYUSD=X). 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	JPYUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-1.09	+2.34
Sortino ratio: Return per unit of downside risk	1.77	-1.60	+3.36
Omega ratio: Gain probability vs. loss probability	1.24	0.82	+0.42
Calmar ratio: Return relative to maximum drawdown	1.42	-0.76	+2.18
Martin ratio: Return relative to average drawdown	4.75	-1.11	+5.86

EMLC vs. JPYUSD=X - Sharpe Ratio Comparison

The current EMLC Sharpe Ratio is 1.25, which is higher than the JPYUSD=X Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of EMLC and JPYUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMLC vs. JPYUSD=X - Drawdown Comparison

The maximum EMLC drawdown since its inception was -32.43%, smaller than the maximum JPYUSD=X drawdown of -52.96%. Use the drawdown chart below to compare losses from any high point for EMLC and JPYUSD=X.

Drawdown Indicators

	EMLC	JPYUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-32.43%	-52.96%	+20.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-10.68%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	-14.63%	+5.48%
Max Drawdown (5Y) Largest decline over 5 years	-23.91%	-32.59%	+8.68%
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	-38.21%	+11.74%
Current Drawdown Current decline from peak	-3.83%	-52.47%	+48.64%
Average Drawdown Average peak-to-trough decline	-14.35%	-26.92%	+12.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	6.18%	-4.32%

Volatility

EMLC vs. JPYUSD=X - Volatility Comparison

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 2.44% compared to JPY/USD (JPYUSD=X) at 0.69%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than JPYUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLC	JPYUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	0.69%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	5.48%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	7.06%	7.50%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.14%	9.56%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.04%	8.90%	+1.14%

Frequently Asked Questions

Can I hold both EMLC and JPYUSD=X in my portfolio?

EMLC and JPYUSD=X have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMLC or JPYUSD=X?

EMLC has higher volatility (2.44%) compared to JPYUSD=X (0.69%). In terms of maximum drawdown, EMLC dropped -32.43% vs JPYUSD=X's -52.96%.

Which has better risk-adjusted returns?

EMLC currently has the higher Sharpe Ratio (1.25 vs -1.09), 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.