EMLC vs. WIP
EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond 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 WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD). Both are passively managed. Over the past 10 years, EMLC returned 2.14%/yr vs 1.61%/yr for WIP. A 0.65 correlation means they provide meaningful diversification when combined. EMLC charges 0.30%/yr vs 0.50%/yr for WIP.
Performance
EMLC vs. WIP - Performance Comparison
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Returns By Period
In the year-to-date period, EMLC achieves a 0.92% return, which is significantly lower than WIP's 4.31% return. Over the past 10 years, EMLC has outperformed WIP with an annualized return of 2.14%, while WIP has yielded a comparatively lower 1.61% annualized return.
EMLC
- 1D
- -0.55%
- 1M
- 1.06%
- YTD
- 0.92%
- 6M
- 1.94%
- 1Y
- 9.54%
- 3Y*
- 6.92%
- 5Y*
- 1.17%
- 10Y*
- 2.14%
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
EMLC vs. WIP - 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 | 0.92% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 12.73% |
Correlation
The correlation between EMLC and WIP is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2010 | 0.65 |
The correlation between EMLC and WIP shifts across timeframes, from 0.65 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMLC vs. WIP — Risk / Return Rank
EMLC
WIP
EMLC vs. WIP - 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 SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.20 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.00 | -0.45 |
| Martin ratioReturn relative to average drawdown | 5.34 | 5.98 | -0.64 |
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 | WIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 1.18 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | -0.06 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.16 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.12 | -0.02 |
Drawdowns
EMLC vs. WIP - Drawdown Comparison
The maximum EMLC drawdown since its inception was -32.43%, which is greater than WIP's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for EMLC and WIP.
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Drawdown Indicators
| EMLC | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.43% | -29.60% | -2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -5.16% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -9.15% | -11.16% | +2.01% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -28.84% | +3.58% |
Max Drawdown (10Y)Largest decline over 10 years | -26.47% | -28.84% | +2.37% |
Current DrawdownCurrent decline from peak | -4.28% | -3.87% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -14.37% | -8.58% | -5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 1.72% | +0.07% |
Volatility
EMLC vs. WIP - Volatility Comparison
The current volatility for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is 2.21%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.95%. This indicates that EMLC experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMLC | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 2.95% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.99% | 6.89% | -0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 8.72% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 11.45% | -2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.05% | 10.16% | -0.11% |
EMLC vs. WIP - Expense Ratio Comparison
EMLC has a 0.30% expense ratio, which is lower than WIP's 0.50% expense ratio.
Dividends
EMLC vs. WIP - Dividend Comparison
EMLC's dividend yield for the trailing twelve months is around 6.19%, more than WIP's 5.79% 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 | 6.19% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
EMLC and WIP have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to EMLC (2.21%). In terms of maximum drawdown, EMLC dropped -32.43% vs WIP's -29.60%.
On 10-year performance, EMLC leads with 2.14% vs 1.61% for WIP. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMLC has performed better with a 2.14% return vs 1.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMLC is cheaper with a 0.30% expense ratio, compared with 0.50% for WIP.
EMLC has the higher dividend yield at 6.19%, compared with 5.79% for WIP.
EMLC is categorized as Emerging Markets Bonds, while WIP is Inflation-Protected Bonds. EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while WIP tracks FTSE International Inflation-Linked Securities Select (USD). They also come from different issuers: VanEck and State Street. Their fees differ too: 0.30% for EMLC and 0.50% for WIP.
EMLC currently has the higher Sharpe Ratio (1.39 vs 1.18), 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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