EMLC vs. SOBO.TO

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 SOBO.TO (South Bow Corp) is a stock. Over the past year, EMLC returned 9.22% vs 51.18% for SOBO.TO. At a correlation of -0.05, they often move in opposite directions.

Performance

EMLC vs. SOBO.TO - 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 South Bow Corp (SOBO.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMLC is traded in USD, while SOBO.TO is traded in CAD. To make them comparable, the SOBO.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMLC achieves a 1.40% return, which is significantly lower than SOBO.TO's 40.47% return.

EMLC

• 1D: 0.28%
• 1M: 0.74%
• YTD: 1.40%
• 6M: 2.50%
• 1Y: 9.22%
• 3Y*: 6.63%
• 5Y*: 1.36%
• 10Y*: 2.28%

SOBO.TO

• 1D: 1.07%
• 1M: 2.17%
• YTD: 40.47%
• 6M: 44.56%
• 1Y: 51.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMLC vs. SOBO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	1.40%	18.81%	-7.20%
SOBO.TO South Bow Corp	40.47%	25.61%	15.72%

Correlation

The correlation between EMLC and SOBO.TO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.05

The correlation between EMLC and SOBO.TO shifts across timeframes, from -0.15 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMLC vs. SOBO.TO — 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

SOBO.TO

SOBO.TO Risk / Return Rank: 92
SOBO.TO Sharpe Ratio Rank: 94
SOBO.TO Sortino Ratio Rank: 94
SOBO.TO Omega Ratio Rank: 92
SOBO.TO Calmar Ratio Rank: 91
SOBO.TO Martin Ratio Rank: 91

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. SOBO.TO - 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 South Bow Corp (SOBO.TO). 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	SOBO.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.52	-1.27
Sortino ratio: Return per unit of downside risk	1.77	3.42	-1.65
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	1.42	4.00	-2.58
Martin ratio: Return relative to average drawdown	4.75	11.44	-6.69

EMLC vs. SOBO.TO - Sharpe Ratio Comparison

The current EMLC Sharpe Ratio is 1.25, which is lower than the SOBO.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of EMLC and SOBO.TO, 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. SOBO.TO - Drawdown Comparison

The maximum EMLC drawdown since its inception was -32.43%, which is greater than SOBO.TO's maximum drawdown of -27.09%. Use the drawdown chart below to compare losses from any high point for EMLC and SOBO.TO.

Drawdown Indicators

	EMLC	SOBO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.43%	-27.09%	-5.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-12.68%	+6.49%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	—	—
Current Drawdown Current decline from peak	-3.83%	-0.27%	-3.56%
Average Drawdown Average peak-to-trough decline	-14.35%	-4.27%	-10.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	4.44%	-2.58%

Volatility

EMLC vs. SOBO.TO - Volatility Comparison

The current volatility for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is 2.44%, while South Bow Corp (SOBO.TO) has a volatility of 7.11%. This indicates that EMLC experiences smaller price fluctuations and is considered to be less risky than SOBO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLC	SOBO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	7.11%	-4.67%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	14.83%	-8.66%
Volatility (1Y) Calculated over the trailing 1-year period	7.06%	20.22%	-13.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.14%	44.59%	-35.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.04%	44.59%	-34.55%

Dividends

EMLC vs. SOBO.TO - Dividend Comparison

EMLC's dividend yield for the trailing twelve months is around 6.16%, more than SOBO.TO's 5.18% 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	6.16%	5.91%	6.55%	5.97%	5.54%	5.25%	4.90%	6.25%	6.50%	5.34%	5.32%	6.25%
SOBO.TO South Bow Corp	5.18%	7.37%	2.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMLC and SOBO.TO in my portfolio?

EMLC and SOBO.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.