LEMB vs. EMLC
LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both Emerging Markets Bonds funds - LEMB tracks the J.P. Morgan GBI-EM Global 15 cap 4.5 floor while EMLC tracks the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. Both are passively managed. Over the past 10 years, LEMB returned 1.45%/yr vs 2.22%/yr for EMLC. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.
Performance
LEMB vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, LEMB achieves a 2.00% return, which is significantly higher than EMLC's 1.56% return. Over the past 10 years, LEMB has underperformed EMLC with an annualized return of 1.45%, while EMLC has yielded a comparatively higher 2.22% annualized return.
LEMB
- 1D
- -0.05%
- 1M
- 1.68%
- YTD
- 2.00%
- 6M
- 2.42%
- 1Y
- 9.76%
- 3Y*
- 5.90%
- 5Y*
- 1.19%
- 10Y*
- 1.45%
EMLC
- 1D
- -0.08%
- 1M
- 1.42%
- YTD
- 1.56%
- 6M
- 2.07%
- 1Y
- 9.48%
- 3Y*
- 6.52%
- 5Y*
- 1.78%
- 10Y*
- 2.22%
LEMB vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.00% | 18.02% | -1.72% | 7.23% | -10.74% | -9.92% | 3.10% | 6.40% | -7.49% | 12.49% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 1.56% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between LEMB and EMLC is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.84 |
The correlation between LEMB and EMLC has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
LEMB vs. EMLC — Risk / Return Rank
LEMB
EMLC
LEMB vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) 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.
| LEMB | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.54 | +0.10 |
| Martin ratioReturn relative to average drawdown | 5.38 | 5.09 | +0.29 |
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Drawdowns
LEMB vs. EMLC - Drawdown Comparison
The maximum LEMB drawdown since its inception was -30.82%, roughly equal to the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for LEMB and EMLC.
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Drawdown Indicators
| LEMB | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.82% | -32.43% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -6.00% | -6.19% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -10.09% | -9.15% | -0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -23.96% | -23.91% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -29.09% | -26.47% | -2.62% |
Current DrawdownCurrent decline from peak | -4.11% | -3.68% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -12.71% | -14.33% | +1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.87% | -0.05% |
Volatility
LEMB vs. EMLC - Volatility Comparison
The current volatility for iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) is 2.04%, while VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) has a volatility of 2.26%. This indicates that LEMB 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
| LEMB | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 2.26% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 5.59% | 6.28% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 7.15% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.25% | 9.13% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 10.03% | -0.76% |
LEMB vs. EMLC - Expense Ratio Comparison
Both LEMB and EMLC have an expense ratio of 0.30%.
Dividends
LEMB vs. EMLC - Dividend Comparison
LEMB's dividend yield for the trailing twelve months is around 2.39%, less than EMLC's 6.15% 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 | 6.15% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.39% | 2.44% | 0.00% | 1.34% | 0.86% | 3.89% | 0.00% | 4.39% | 3.46% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
LEMB and EMLC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMLC has higher volatility (2.26%) compared to LEMB (2.04%). In terms of maximum drawdown, LEMB dropped -30.82% vs EMLC's -32.43%.
On 10-year performance, EMLC leads with 2.22% vs 1.45% for LEMB. Both ETFs have the same 0.30% expense ratio. On volatility, LEMB has been the lower-risk option at 2.04%. 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 2.22% return vs 1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LEMB and EMLC have the same expense ratio: 0.30% per year.
EMLC has the higher dividend yield at 6.15%, compared with 2.39% for LEMB.
LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: iShares and VanEck.
LEMB currently has the higher Sharpe Ratio (1.46 vs 1.33), 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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