IJAN vs. EMLC
IJAN (Innovator International Developed Power Buffer ETF - January) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - IJAN is a Defined Outcome fund actively managed by Innovator, while EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. IJAN is actively managed, while EMLC is passively managed. Over the past 5 years, IJAN returned 7.14%/yr vs 1.57%/yr for EMLC. A 0.60 correlation means they provide meaningful diversification when combined. IJAN charges 0.85%/yr vs 0.30%/yr for EMLC.
Performance
IJAN vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, IJAN achieves a 4.59% return, which is significantly higher than EMLC's 0.96% return.
IJAN
- 1D
- -0.87%
- 1M
- 0.37%
- YTD
- 4.59%
- 6M
- 5.06%
- 1Y
- 12.26%
- 3Y*
- 9.75%
- 5Y*
- 7.14%
- 10Y*
- —
EMLC
- 1D
- -0.59%
- 1M
- 0.82%
- YTD
- 0.96%
- 6M
- 1.15%
- 1Y
- 8.66%
- 3Y*
- 6.31%
- 5Y*
- 1.57%
- 10Y*
- 2.16%
IJAN vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IJAN Innovator International Developed Power Buffer ETF - January | 4.59% | 19.62% | -0.57% | 13.82% | -2.52% | 7.28% | 3.69% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 0.96% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% |
Correlation
The correlation between IJAN and EMLC is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020 | 0.60 |
The correlation between IJAN and EMLC has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
IJAN vs. EMLC — Risk / Return Rank
IJAN
EMLC
IJAN vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - January (IJAN) 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.
| IJAN | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.24 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.40 | +0.60 |
| Martin ratioReturn relative to average drawdown | 8.48 | 4.64 | +3.84 |
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Drawdowns
IJAN vs. EMLC - Drawdown Comparison
The maximum IJAN drawdown since its inception was -22.68%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for IJAN and EMLC.
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Drawdown Indicators
| IJAN | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.68% | -32.43% | +9.75% |
Max Drawdown (1Y)Largest decline over 1 year | -6.14% | -6.19% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -10.30% | -9.15% | -1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -16.71% | -23.91% | +7.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.47% | — |
Current DrawdownCurrent decline from peak | -0.87% | -4.25% | +3.38% |
Average DrawdownAverage peak-to-trough decline | -2.93% | -14.33% | +11.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.87% | -0.42% |
Volatility
IJAN vs. EMLC - Volatility Comparison
Innovator International Developed Power Buffer ETF - January (IJAN) has a higher volatility of 2.53% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.36%. This indicates that IJAN'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
| IJAN | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.53% | 2.36% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.86% | 6.30% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.61% | 7.17% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.34% | 9.14% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.49% | 9.97% | +2.52% |
IJAN vs. EMLC - Expense Ratio Comparison
IJAN has a 0.85% expense ratio, which is higher than EMLC's 0.30% expense ratio.
Dividends
IJAN vs. EMLC - Dividend Comparison
IJAN has not paid dividends to shareholders, while EMLC's dividend yield for the trailing twelve months is around 6.19%.
| 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% |
IJAN Innovator International Developed Power Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IJAN and EMLC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IJAN has higher volatility (2.53%) compared to EMLC (2.36%). In terms of maximum drawdown, IJAN dropped -22.68% vs EMLC's -32.43%.
On 5-year performance, IJAN leads with 7.14% vs 1.57% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IJAN has performed better with a 7.14% return vs 1.57%. 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 0.85% for IJAN.
EMLC has the higher dividend yield at 6.19%, compared with 0.00% for IJAN.
IJAN is categorized as Defined Outcome, while EMLC is Emerging Markets Bonds. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.85% for IJAN and 0.30% for EMLC.
IJAN currently has the higher Sharpe Ratio (1.62 vs 1.21), 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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