EMLC vs. TOBAX

Last updated Jun 9, 2026

EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and TOBAX (Touchstone Active Bond Fund) are both funds - EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone. Over the past 10 years, EMLC returned 1.99%/yr vs 2.01%/yr for TOBAX. At a 0.23 correlation, their price movements are largely independent. EMLC charges 0.30%/yr vs 0.83%/yr for TOBAX.

Performance

EMLC vs. TOBAX - 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 Touchstone Active Bond Fund (TOBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLC achieves a -0.23% return, which is significantly lower than TOBAX's -0.19% return. Both investments have delivered pretty close results over the past 10 years, with EMLC having a 1.99% annualized return and TOBAX not far ahead at 2.01%.

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%

TOBAX

• 1D: -0.32%
• 1M: -0.59%
• YTD: -0.19%
• 6M: 0.46%
• 1Y: 5.40%
• 3Y*: 4.49%
• 5Y*: 0.11%
• 10Y*: 2.01%

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

EMLC vs. TOBAX - 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%
TOBAX Touchstone Active Bond Fund	-0.19%	7.66%	2.22%	6.38%	-14.20%	-1.34%	9.93%	10.11%	-1.94%	3.51%

Correlation

The correlation between EMLC and TOBAX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010	0.23

Over the past year, EMLC and TOBAX have become more correlated (0.50) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

EMLC vs. TOBAX — Risk / Return Rank

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

EMLC

EMLC Risk / Return Rank: 33
EMLC Sharpe Ratio Rank: 35
EMLC Sortino Ratio Rank: 33
EMLC Omega Ratio Rank: 37
EMLC Calmar Ratio Rank: 28
EMLC Martin Ratio Rank: 32

TOBAX

TOBAX Risk / Return Rank: 25
TOBAX Sharpe Ratio Rank: 25
TOBAX Sortino Ratio Rank: 26
TOBAX Omega Ratio Rank: 24
TOBAX Calmar Ratio Rank: 25
TOBAX Martin Ratio Rank: 22

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. TOBAX - 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 Touchstone Active Bond Fund (TOBAX). 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	TOBAX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.26	-0.12
Sortino ratio: Return per unit of downside risk	1.60	1.87	-0.27
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.28	1.65	-0.37
Martin ratio: Return relative to average drawdown	4.34	4.91	-0.57
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. TOBAX - Sharpe Ratio Comparison

The current EMLC Sharpe Ratio is 1.14, which is comparable to the TOBAX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of EMLC and TOBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMLC	TOBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.26	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.02	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.42	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.89	-0.79

Drawdowns

EMLC vs. TOBAX - Drawdown Comparison

The maximum EMLC drawdown since its inception was -32.43%, which is greater than TOBAX's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for EMLC and TOBAX.

Drawdown Indicators

	EMLC	TOBAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.43%	-19.73%	-12.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-2.88%	-3.31%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	-6.12%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-19.73%	-5.53%
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	-19.73%	-6.74%
Current Drawdown Current decline from peak	-5.38%	-1.88%	-3.50%
Average Drawdown Average peak-to-trough decline	-14.36%	-2.43%	-11.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	0.97%	+0.85%

Volatility

EMLC vs. TOBAX - Volatility Comparison

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a higher volatility of 2.20% compared to Touchstone Active Bond Fund (TOBAX) at 1.32%. This indicates that EMLC's price experiences larger fluctuations and is considered to be riskier than TOBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLC	TOBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	1.32%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	2.73%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.00%	3.78%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	5.79%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.05%	4.81%	+5.24%

EMLC vs. TOBAX - Expense Ratio Comparison

EMLC has a 0.30% expense ratio, which is lower than TOBAX's 0.83% expense ratio.

Dividends

EMLC vs. TOBAX - Dividend Comparison

EMLC's dividend yield for the trailing twelve months is around 6.26%, more than TOBAX's 4.04% 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%
TOBAX Touchstone Active Bond Fund	4.04%	3.52%	3.72%	3.63%	3.10%	2.24%	2.58%	2.59%	2.79%	2.29%	2.65%	2.99%

Frequently Asked Questions

Can I hold both EMLC and TOBAX in my portfolio?

EMLC and TOBAX have a correlation of 0.50, 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 TOBAX?

EMLC has higher volatility (2.20%) compared to TOBAX (1.32%). In terms of maximum drawdown, EMLC dropped -32.43% vs TOBAX's -19.73%.

Which has better risk-adjusted returns?

TOBAX currently has the higher Sharpe Ratio (1.26 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.