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EMLC vs. SCHP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMLC vs. SCHP

Last updated Jun 9, 2026

EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and SCHP (Schwab U.S. TIPS 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 SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). Both are passively managed. Over the past 10 years, EMLC returned 1.99%/yr vs 2.53%/yr for SCHP. At a 0.19 correlation, their price movements are largely independent. EMLC charges 0.30%/yr vs 0.03%/yr for SCHP.

Performance

EMLC vs. SCHP - 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 Schwab U.S. TIPS ETF (SCHP). 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 -0.23% return, which is significantly lower than SCHP's 0.96% return. Over the past 10 years, EMLC has underperformed SCHP with an annualized return of 1.99%, while SCHP has yielded a comparatively higher 2.53% 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%

SCHP

1D
-0.19%
1M
-0.89%
YTD
0.96%
6M
0.95%
1Y
4.80%
3Y*
3.84%
5Y*
1.02%
10Y*
2.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLC vs. SCHP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SCHP
Schwab U.S. TIPS ETF		0.96%6.76%1.95%3.91%-12.02%5.87%10.86%8.52%-1.78%3.02%

Correlation

The correlation between EMLC and SCHP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

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

0.43

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

0.41

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

0.29

Correlation (All Time)
Calculated using the full available price history since Aug 6, 2010

0.19

Over the past year, EMLC and SCHP have become more correlated (0.39) than their long-term average of 0.19, meaning their price movements have been converging.

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

Schwab U.S. TIPS ETF

Often compared with EMLC:
EMLC vs. LEMBEMLC vs. VWOBEMLC vs. EMBEMLC vs. EBNDEMLC vs. EMBDEMLC vs. EMHYEMLC vs. HYEM
Often compared with SCHP:
SCHP vs. VTIPSCHP vs. TIPSCHP vs. SCHZSCHP vs. FIPDXSCHP vs. STIPSCHP vs. SCHDSCHP vs. BND

Return for Risk

EMLC vs. SCHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMLC
EMLC Risk / Return Rank: 3333
Overall Rank
EMLC Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
EMLC Sortino Ratio Rank: 3333
Sortino Ratio Rank
EMLC Omega Ratio Rank: 3737
Omega Ratio Rank
EMLC Calmar Ratio Rank: 2828
Calmar Ratio Rank
EMLC Martin Ratio Rank: 3232
Martin Ratio Rank
SCHP
SCHP Risk / Return Rank: 4949
Overall Rank
SCHP Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SCHP Sortino Ratio Rank: 5050
Sortino Ratio Rank
SCHP Omega Ratio Rank: 4545
Omega Ratio Rank
SCHP Calmar Ratio Rank: 5656
Calmar Ratio Rank
SCHP Martin Ratio Rank: 4949
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. SCHP - 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 Schwab U.S. TIPS ETF (SCHP). 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.

EMLCSCHPDifference
Sharpe ratioReturn per unit of total volatility
1.14
1.47

-0.33

Sortino ratioReturn per unit of downside risk
1.60
2.23

-0.63

Omega ratioGain probability vs. loss probability

1.22

1.26

-0.04

Calmar ratioReturn relative to maximum drawdown

1.28

2.50

-1.22

Martin ratioReturn relative to average drawdown

4.34

7.59

-3.25

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. SCHP - Sharpe Ratio Comparison

The current EMLC Sharpe Ratio is 1.14, which is comparable to the SCHP Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EMLC and SCHP, 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

EMLCSCHPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

1.47

-0.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

0.17

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.20

0.45

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

0.50

-0.40

Drawdowns

EMLC vs. SCHP - Drawdown Comparison

The maximum EMLC drawdown since its inception was -32.43%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for EMLC and SCHP.

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Drawdown Indicators

EMLCSCHPDifference

Max Drawdown

Largest peak-to-trough decline

-32.43%

-14.26%

-18.17%

Max Drawdown (1Y)

Largest decline over 1 year

-6.19%

-1.93%

-4.26%

Max Drawdown (3Y)

Largest decline over 3 years

-9.15%

-4.48%

-4.67%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-14.26%

-11.00%

Max Drawdown (10Y)

Largest decline over 10 years

-26.47%

-14.26%

-12.21%

Current Drawdown

Current decline from peak

-5.38%

-0.89%

-4.49%

Average Drawdown

Average peak-to-trough decline

-14.36%

-3.93%

-10.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.82%

0.63%

+1.19%

Volatility

EMLC vs. SCHP - Volatility Comparison

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 2.20% compared to Schwab U.S. TIPS ETF (SCHP) at 1.00%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMLCSCHPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.20%

1.00%

+1.20%

Volatility (6M)

Calculated over the trailing 6-month period

6.08%

2.24%

+3.84%

Volatility (1Y)

Calculated over the trailing 1-year period

7.00%

3.29%

+3.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.13%

6.12%

+3.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.05%

5.59%

+4.46%

EMLC vs. SCHP - Expense Ratio Comparison

EMLC has a 0.30% expense ratio, which is higher than SCHP's 0.03% expense ratio.

Dividends

EMLC vs. SCHP - Dividend Comparison

EMLC's dividend yield for the trailing twelve months is around 6.26%, more than SCHP's 4.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SCHP
Schwab U.S. TIPS ETF		4.01%4.06%2.99%3.02%7.19%4.39%1.11%2.02%2.26%1.90%1.38%0.28%

Frequently Asked Questions

EMLC and SCHP have a correlation of 0.39, 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 SCHP (1.00%). In terms of maximum drawdown, EMLC dropped -32.43% vs SCHP's -14.26%.

On 10-year performance, SCHP leads with 2.53% vs 1.99% for EMLC. On fees, SCHP is cheaper at 0.03% per year. On volatility, SCHP has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SCHP has performed better with a 2.53% return vs 1.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHP is cheaper with a 0.03% expense ratio, compared with 0.30% for EMLC.

EMLC has the higher dividend yield at 6.26%, compared with 4.01% for SCHP.

EMLC is categorized as Emerging Markets Bonds, while SCHP is Inflation-Protected Bonds. EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while SCHP tracks Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). They also come from different issuers: VanEck and Charles Schwab. Their fees differ too: 0.30% for EMLC and 0.03% for SCHP.

SCHP currently has the higher Sharpe Ratio (1.47 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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