SMLV vs. EMLC
SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility 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, SMLV returned 10.74%/yr vs 2.28%/yr for EMLC. At a 0.34 correlation, their price movements are largely independent. SMLV charges 0.12%/yr vs 0.30%/yr for EMLC.
Performance
SMLV vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, SMLV achieves a 18.33% return, which is significantly higher than EMLC's 1.40% return. Over the past 10 years, SMLV has outperformed EMLC with an annualized return of 10.74%, while EMLC has yielded a comparatively lower 2.28% annualized return.
SMLV
- 1D
- 0.75%
- 1M
- 7.09%
- YTD
- 18.33%
- 6M
- 15.42%
- 1Y
- 26.61%
- 3Y*
- 16.39%
- 5Y*
- 8.66%
- 10Y*
- 10.74%
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%
SMLV vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 18.33% | 5.66% | 16.77% | 7.52% | -7.69% | 27.67% | -1.55% | 24.10% | -6.62% | 5.68% |
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 SMLV and EMLC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013 | 0.34 |
The correlation between SMLV and EMLC shifts across timeframes, from 0.34 (10 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMLV vs. EMLC — Risk / Return Rank
SMLV
EMLC
SMLV vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.
| SMLV | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 1.42 | +2.22 |
| Martin ratioReturn relative to average drawdown | 10.07 | 4.75 | +5.33 |
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Drawdowns
SMLV vs. EMLC - Drawdown Comparison
The maximum SMLV drawdown since its inception was -42.45%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for SMLV and EMLC.
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Drawdown Indicators
| SMLV | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.45% | -32.43% | -10.02% |
Max Drawdown (1Y)Largest decline over 1 year | -7.34% | -6.19% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -20.40% | -9.15% | -11.25% |
Max Drawdown (5Y)Largest decline over 5 years | -20.40% | -24.70% | +4.30% |
Max Drawdown (10Y)Largest decline over 10 years | -42.45% | -26.47% | -15.98% |
Current DrawdownCurrent decline from peak | 0.00% | -3.83% | +3.83% |
Average DrawdownAverage peak-to-trough decline | -5.45% | -14.35% | +8.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 1.86% | +0.80% |
Volatility
SMLV vs. EMLC - Volatility Comparison
SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 3.80% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.44%. This indicates that SMLV'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
| SMLV | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 2.44% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.81% | 6.17% | +3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.74% | 7.06% | +8.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.29% | 9.14% | +9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.95% | 10.04% | +10.91% |
SMLV vs. EMLC - Expense Ratio Comparison
SMLV has a 0.12% expense ratio, which is lower than EMLC's 0.30% expense ratio.
Dividends
SMLV vs. EMLC - Dividend Comparison
SMLV's dividend yield for the trailing twelve months is around 2.24%, 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% |
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 2.24% | 2.74% | 2.68% | 2.68% | 2.40% | 2.12% | 2.47% | 2.62% | 3.15% | 7.92% | 3.04% | 2.63% |
Frequently Asked Questions
SMLV and EMLC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMLV has higher volatility (3.80%) compared to EMLC (2.44%). In terms of maximum drawdown, SMLV dropped -42.45% vs EMLC's -32.43%.
On 10-year performance, SMLV leads with 10.74% vs 2.28% for EMLC. On fees, SMLV is cheaper at 0.12% 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, SMLV has performed better with a 10.74% return vs 2.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMLV is cheaper with a 0.12% expense ratio, compared with 0.30% for EMLC.
EMLC has the higher dividend yield at 6.16%, compared with 2.24% for SMLV.
SMLV is categorized as Volatility Hedged Equity, while EMLC is Emerging Markets Bonds. SMLV tracks SSGA US Small Cap Low Volatility Index, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.12% for SMLV and 0.30% for EMLC.
SMLV currently has the higher Sharpe Ratio (1.70 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.
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