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PICB vs. EMLC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PICB vs. EMLC

Last updated Jun 4, 2026

PICB (Invesco International Corporate Bond ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, 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, PICB returned 0.71%/yr vs 2.14%/yr for EMLC. A 0.54 correlation means they provide meaningful diversification when combined. PICB charges 0.50%/yr vs 0.30%/yr for EMLC.

Performance

PICB vs. EMLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Corporate Bond ETF (PICB) 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, PICB achieves a -0.61% return, which is significantly lower than EMLC's 0.92% return. Over the past 10 years, PICB has underperformed EMLC with an annualized return of 0.71%, while EMLC has yielded a comparatively higher 2.14% annualized return.

PICB

1D
-0.64%
1M
0.07%
YTD
-0.61%
6M
0.09%
1Y
2.99%
3Y*
6.15%
5Y*
-2.27%
10Y*
0.71%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PICB vs. EMLC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PICB
Invesco International Corporate Bond ETF		-0.61%14.33%-3.45%11.56%-22.64%-6.87%12.87%9.40%-7.27%14.43%
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%

Correlation

The correlation between PICB and EMLC is 0.81, 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

0.81

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

0.75

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

0.73

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

0.60

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2010

0.54

Over the past year, PICB and EMLC have become more correlated (0.81) than their long-term average of 0.54, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco International Corporate Bond ETF

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

Often compared with PICB:
PICB vs. PGHYPICB vs. CBONPICB vs. VAGU.LPICB vs. IAGGPICB vs. BNDXPICB vs. BLVPICB vs. FBND
Often compared with EMLC:
EMLC vs. VWOBEMLC vs. LEMBEMLC vs. EMBEMLC vs. EBNDEMLC vs. EMBDEMLC vs. EMHYEMLC vs. HYEM

Return for Risk

PICB vs. EMLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PICB
PICB Risk / Return Rank: 1414
Overall Rank
PICB Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
PICB Sortino Ratio Rank: 1313
Sortino Ratio Rank
PICB Omega Ratio Rank: 1313
Omega Ratio Rank
PICB Calmar Ratio Rank: 1515
Calmar Ratio Rank
PICB Martin Ratio Rank: 1515
Martin Ratio Rank
EMLC
EMLC Risk / Return Rank: 3636
Overall Rank
EMLC Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EMLC Sortino Ratio Rank: 3737
Sortino Ratio Rank
EMLC Omega Ratio Rank: 4141
Omega Ratio Rank
EMLC Calmar Ratio Rank: 3131
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.

PICB vs. EMLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) 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.

PICBEMLCDifference
Sharpe ratioReturn per unit of total volatility
0.38
1.39

-1.00

Sortino ratioReturn per unit of downside risk
0.61
1.96

-1.35

Omega ratioGain probability vs. loss probability

1.07

1.27

-0.20

Calmar ratioReturn relative to maximum drawdown

0.47

1.55

-1.08

Martin ratioReturn relative to average drawdown

1.30

5.34

-4.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PICB vs. EMLC - Sharpe Ratio Comparison

The current PICB Sharpe Ratio is 0.38, which is lower than the EMLC Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PICB 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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Sharpe Ratios by Period

PICBEMLCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.38

1.39

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.22

0.13

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.07

0.21

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.11

+0.10

Drawdowns

PICB vs. EMLC - Drawdown Comparison

The maximum PICB drawdown since its inception was -37.10%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for PICB and EMLC.

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Drawdown Indicators

PICBEMLCDifference

Max Drawdown

Largest peak-to-trough decline

-37.10%

-32.43%

-4.67%

Max Drawdown (1Y)

Largest decline over 1 year

-6.41%

-6.19%

-0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-9.76%

-9.15%

-0.61%

Max Drawdown (5Y)

Largest decline over 5 years

-36.51%

-25.26%

-11.25%

Max Drawdown (10Y)

Largest decline over 10 years

-37.10%

-26.47%

-10.63%

Current Drawdown

Current decline from peak

-11.81%

-4.28%

-7.53%

Average Drawdown

Average peak-to-trough decline

-9.67%

-14.37%

+4.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

1.79%

+0.51%

Volatility

PICB vs. EMLC - Volatility Comparison

Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.56% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.21%. This indicates that PICB'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

PICBEMLCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.56%

2.21%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

6.00%

5.99%

+0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

7.81%

6.90%

+0.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.19%

9.13%

+1.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.06%

10.05%

+0.01%

PICB vs. EMLC - Expense Ratio Comparison

PICB has a 0.50% expense ratio, which is higher than EMLC's 0.30% expense ratio.

Dividends

PICB vs. EMLC - Dividend Comparison

PICB's dividend yield for the trailing twelve months is around 3.34%, less than EMLC's 6.19% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
PICB
Invesco International Corporate Bond ETF		3.34%3.17%3.19%2.24%1.64%1.34%1.22%1.42%1.70%1.47%2.20%2.39%

Frequently Asked Questions

PICB and EMLC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PICB has higher volatility (2.56%) compared to EMLC (2.21%). In terms of maximum drawdown, PICB dropped -37.10% vs EMLC's -32.43%.

On 10-year performance, EMLC leads with 2.14% vs 0.71% for PICB. 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 0.71%. 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 PICB.

EMLC has the higher dividend yield at 6.19%, compared with 3.34% for PICB.

PICB is categorized as Corporate Bonds, while EMLC is Emerging Markets Bonds. PICB tracks S&P International Corporate Bond Index, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.50% for PICB and 0.30% for EMLC.

EMLC currently has the higher Sharpe Ratio (1.39 vs 0.38), 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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