PXH vs. EMLC
PXH (Invesco FTSE RAFI Emerging Markets ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets 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, PXH returned 10.91%/yr vs 2.28%/yr for EMLC. A 0.66 correlation means they provide meaningful diversification when combined. PXH charges 0.50%/yr vs 0.30%/yr for EMLC.
Performance
PXH vs. EMLC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PXH achieves a 12.73% return, which is significantly higher than EMLC's 1.40% return. Over the past 10 years, PXH has outperformed EMLC with an annualized return of 10.91%, while EMLC has yielded a comparatively lower 2.28% annualized return.
PXH
- 1D
- 0.66%
- 1M
- -1.13%
- YTD
- 12.73%
- 6M
- 14.41%
- 1Y
- 29.04%
- 3Y*
- 20.06%
- 5Y*
- 8.70%
- 10Y*
- 10.91%
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%
PXH vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PXH Invesco FTSE RAFI Emerging Markets ETF | 12.73% | 31.44% | 12.09% | 13.93% | -15.18% | 8.31% | -1.91% | 16.77% | -8.68% | 26.60% |
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 PXH and EMLC is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010 | 0.66 |
The correlation between PXH and EMLC has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PXH vs. EMLC — Risk / Return Rank
PXH
EMLC
PXH vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) 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.
| PXH | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.24 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 1.42 | +1.42 |
| Martin ratioReturn relative to average drawdown | 10.21 | 4.75 | +5.46 |
Loading charts...
Drawdowns
PXH vs. EMLC - Drawdown Comparison
The maximum PXH drawdown since its inception was -63.63%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for PXH and EMLC.
Loading charts...
Drawdown Indicators
| PXH | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.63% | -32.43% | -31.20% |
Max Drawdown (1Y)Largest decline over 1 year | -10.24% | -6.19% | -4.05% |
Max Drawdown (3Y)Largest decline over 3 years | -17.72% | -9.15% | -8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -29.59% | -24.70% | -4.89% |
Max Drawdown (10Y)Largest decline over 10 years | -40.42% | -26.47% | -13.95% |
Current DrawdownCurrent decline from peak | -3.27% | -3.83% | +0.56% |
Average DrawdownAverage peak-to-trough decline | -16.84% | -14.35% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 1.86% | +0.99% |
Volatility
PXH vs. EMLC - Volatility Comparison
Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 6.41% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.44%. This indicates that PXH'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.
Loading charts...
Volatility by Period
| PXH | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 2.44% | +3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 6.17% | +6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 7.06% | +8.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 9.14% | +8.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.06% | 10.04% | +10.02% |
PXH vs. EMLC - Expense Ratio Comparison
PXH has a 0.50% expense ratio, which is higher than EMLC's 0.30% expense ratio.
Dividends
PXH vs. EMLC - Dividend Comparison
PXH's dividend yield for the trailing twelve months is around 3.49%, 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% |
PXH Invesco FTSE RAFI Emerging Markets ETF | 3.49% | 4.02% | 4.43% | 4.84% | 5.33% | 4.69% | 2.79% | 3.28% | 3.30% | 2.74% | 1.97% | 3.44% |
Frequently Asked Questions
PXH and EMLC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXH has higher volatility (6.41%) compared to EMLC (2.44%). In terms of maximum drawdown, PXH dropped -63.63% vs EMLC's -32.43%.
On 10-year performance, PXH leads with 10.91% 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, PXH has performed better with a 10.91% 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 0.50% for PXH.
EMLC has the higher dividend yield at 6.16%, compared with 3.49% for PXH.
PXH is categorized as Emerging Markets Equities, while EMLC is Emerging Markets Bonds. PXH tracks FTSE RAFI Emerging Markets 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 PXH and 0.30% for EMLC.
PXH currently has the higher Sharpe Ratio (1.84 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.
Find the right allocation for PXH and EMLC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer