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JPYUSD=X vs. EMLC
Performance
Return for Risk
Drawdowns
Volatility

JPYUSD=X vs. EMLC

Last updated Jun 15, 2026

JPYUSD=X (JPY/USD) is a currency, while 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. Over the past 10 years, JPYUSD=X returned -4.19%/yr vs 2.28%/yr for EMLC. At a 0.21 correlation, their price movements are largely independent.

Performance

JPYUSD=X vs. EMLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPY/USD (JPYUSD=X) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JPYUSD=X achieves a -2.12% return, which is significantly lower than EMLC's 1.40% return. Over the past 10 years, JPYUSD=X has underperformed EMLC with an annualized return of -4.19%, while EMLC has yielded a comparatively higher 2.28% annualized return.

JPYUSD=X

1D
0.10%
1M
-0.82%
YTD
-2.12%
6M
-3.07%
1Y
-9.99%
3Y*
-4.30%
5Y*
-7.22%
10Y*
-4.19%

EMLC

1D
0.28%
1M
1.78%
YTD
1.40%
6M
2.50%
1Y
9.22%
3Y*
6.63%
5Y*
1.36%
10Y*
2.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPYUSD=X vs. EMLC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPYUSD=X
JPY/USD		-2.12%0.33%-10.26%-7.04%-12.23%-10.24%5.18%0.86%2.82%3.91%
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 JPYUSD=X and EMLC is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Jul 23, 2010

0.21

Over the past year, JPYUSD=X and EMLC have become more correlated (0.49) than their long-term average of 0.21, meaning their price movements have been converging.

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JPY/USD

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Often compared with JPYUSD=X:
JPYUSD=X vs. BTC-USDJPYUSD=X vs. EWJJPYUSD=X vs. YCSJPYUSD=X vs. EURUSD=XJPYUSD=X vs. SPYJPYUSD=X vs. DXJJPYUSD=X vs. ^TNX
Often compared with EMLC:
EMLC vs. LEMBEMLC vs. VWOBEMLC vs. EMBEMLC vs. EBNDEMLC vs. EMBDEMLC vs. EMHYEMLC vs. HYEM

Return for Risk

JPYUSD=X vs. EMLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPYUSD=X
JPYUSD=X Risk / Return Rank: 88
Overall Rank
JPYUSD=X Sharpe Ratio Rank: 88
Sharpe Ratio Rank
JPYUSD=X Sortino Ratio Rank: 88
Sortino Ratio Rank
JPYUSD=X Omega Ratio Rank: 88
Omega Ratio Rank
JPYUSD=X Calmar Ratio Rank: 33
Calmar Ratio Rank
JPYUSD=X Martin Ratio Rank: 1414
Martin Ratio Rank
EMLC
EMLC Risk / Return Rank: 3737
Overall Rank
EMLC Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EMLC Sortino Ratio Rank: 3838
Sortino Ratio Rank
EMLC Omega Ratio Rank: 4242
Omega Ratio Rank
EMLC Calmar Ratio Rank: 3232
Calmar Ratio Rank
EMLC Martin Ratio Rank: 3535
Martin Ratio Rank
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.

JPYUSD=X vs. EMLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) 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.

JPYUSD=XEMLCDifference
Sharpe ratioReturn per unit of total volatility
-1.09
1.25

-2.34

Sortino ratioReturn per unit of downside risk
-1.60
1.77

-3.36

Omega ratioGain probability vs. loss probability

0.82

1.24

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.76

1.42

-2.18

Martin ratioReturn relative to average drawdown

-1.11

4.75

-5.86

JPYUSD=X vs. EMLC - Sharpe Ratio Comparison

The current JPYUSD=X Sharpe Ratio is -1.09, which is lower than the EMLC Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of JPYUSD=X and EMLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JPYUSD=X vs. EMLC - Drawdown Comparison

The maximum JPYUSD=X drawdown since its inception was -52.96%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and EMLC.

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Drawdown Indicators

JPYUSD=XEMLCDifference

Max Drawdown

Largest peak-to-trough decline

-52.96%

-32.43%

-20.53%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-6.19%

-4.49%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-9.15%

-5.48%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-23.91%

-8.68%

Max Drawdown (10Y)

Largest decline over 10 years

-38.21%

-26.47%

-11.74%

Current Drawdown

Current decline from peak

-52.47%

-3.83%

-48.64%

Average Drawdown

Average peak-to-trough decline

-26.92%

-14.35%

-12.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.18%

1.86%

+4.32%

Volatility

JPYUSD=X vs. EMLC - Volatility Comparison

The current volatility for JPY/USD (JPYUSD=X) is 0.69%, while VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a volatility of 2.44%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky 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

JPYUSD=XEMLCDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.69%

2.44%

-1.75%

Volatility (6M)

Calculated over the trailing 6-month period

5.48%

6.17%

-0.69%

Volatility (1Y)

Calculated over the trailing 1-year period

7.50%

7.06%

+0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.56%

9.14%

+0.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.90%

10.04%

-1.14%

Frequently Asked Questions

JPYUSD=X and EMLC have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMLC has higher volatility (2.44%) compared to JPYUSD=X (0.69%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs EMLC's -32.43%.

EMLC currently has the higher Sharpe Ratio (1.25 vs -1.09), 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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