FNDC vs. EMLC
FNDC (Schwab Fundamental International Small Co. Index ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - FNDC is a Foreign Small & Mid Cap Equities fund tracking the Russell RAFI Small Company Developed x US, while EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. Both are passively managed. Over the past 10 years, FNDC returned 9.15%/yr vs 2.28%/yr for EMLC. A 0.60 correlation means they provide meaningful diversification when combined. FNDC charges 0.39%/yr vs 0.30%/yr for EMLC.
Performance
FNDC vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, FNDC achieves a 11.54% return, which is significantly higher than EMLC's 1.40% return. Over the past 10 years, FNDC has outperformed EMLC with an annualized return of 9.15%, while EMLC has yielded a comparatively lower 2.28% annualized return.
FNDC
- 1D
- 0.34%
- 1M
- -1.02%
- YTD
- 11.54%
- 6M
- 12.98%
- 1Y
- 24.92%
- 3Y*
- 17.46%
- 5Y*
- 7.25%
- 10Y*
- 9.15%
EMLC
- 1D
- 0.28%
- 1M
- 0.58%
- YTD
- 1.40%
- 6M
- 2.50%
- 1Y
- 8.78%
- 3Y*
- 6.63%
- 5Y*
- 1.36%
- 10Y*
- 2.28%
FNDC vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNDC Schwab Fundamental International Small Co. Index ETF | 11.54% | 35.65% | 1.38% | 14.92% | -14.71% | 10.26% | 6.58% | 20.58% | -19.10% | 29.22% |
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% |
Correlation
The correlation between FNDC and EMLC is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013 | 0.60 |
The correlation between FNDC and EMLC shifts across timeframes, from 0.60 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FNDC vs. EMLC — Risk / Return Rank
FNDC
EMLC
FNDC vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Small Co. Index ETF (FNDC) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). 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.
| FNDC | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 1.42 | +0.81 |
| Martin ratioReturn relative to average drawdown | 8.23 | 4.75 | +3.48 |
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Drawdowns
FNDC vs. EMLC - Drawdown Comparison
The maximum FNDC drawdown since its inception was -43.22%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for FNDC and EMLC.
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Drawdown Indicators
| FNDC | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.22% | -32.43% | -10.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.20% | -6.19% | -5.01% |
Max Drawdown (3Y)Largest decline over 3 years | -12.98% | -9.15% | -3.83% |
Max Drawdown (5Y)Largest decline over 5 years | -32.13% | -24.70% | -7.43% |
Max Drawdown (10Y)Largest decline over 10 years | -43.22% | -26.47% | -16.75% |
Current DrawdownCurrent decline from peak | -1.93% | -3.83% | +1.90% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -14.35% | +5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 1.86% | +1.18% |
Volatility
FNDC vs. EMLC - Volatility Comparison
Schwab Fundamental International Small Co. Index ETF (FNDC) has a higher volatility of 5.51% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.44%. This indicates that FNDC's price experiences larger fluctuations and is considered to be riskier than EMLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNDC | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 2.44% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 12.47% | 6.17% | +6.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.81% | 7.06% | +7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 9.14% | +6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.82% | 10.04% | +6.78% |
FNDC vs. EMLC - Expense Ratio Comparison
FNDC has a 0.39% expense ratio, which is higher than EMLC's 0.30% expense ratio.
Dividends
FNDC vs. EMLC - Dividend Comparison
FNDC's dividend yield for the trailing twelve months is around 3.46%, less than EMLC's 6.16% 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% |
FNDC Schwab Fundamental International Small Co. Index ETF | 3.46% | 3.86% | 3.59% | 2.86% | 1.98% | 2.58% | 1.77% | 2.71% | 2.68% | 1.94% | 1.95% | 1.30% |
Frequently Asked Questions
FNDC and EMLC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNDC has higher volatility (5.51%) compared to EMLC (2.44%). In terms of maximum drawdown, FNDC dropped -43.22% vs EMLC's -32.43%.
On 10-year performance, FNDC leads with 9.15% vs 2.28% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNDC has performed better with a 9.15% return vs 2.28%. 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 0.39% for FNDC.
EMLC has the higher dividend yield at 6.16%, compared with 3.46% for FNDC.
FNDC is categorized as Foreign Small & Mid Cap Equities, while EMLC is Emerging Markets Bonds. FNDC tracks Russell RAFI Small Company Developed x US, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: Charles Schwab and VanEck. Their fees differ too: 0.39% for FNDC and 0.30% for EMLC.
FNDC currently has the higher Sharpe Ratio (1.69 vs 1.25), 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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