VOO vs. EMLC
VOO (Vanguard S&P 500 ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 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, VOO returned 15.35%/yr vs 1.99%/yr for EMLC. At a 0.45 correlation, their price movements are largely independent. VOO charges 0.03%/yr vs 0.30%/yr for EMLC.
Performance
VOO vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, VOO achieves a 8.72% return, which is significantly higher than EMLC's -0.23% return. Over the past 10 years, VOO has outperformed EMLC with an annualized return of 15.35%, while EMLC has yielded a comparatively lower 1.99% annualized return.
VOO
- 1D
- 0.25%
- 1M
- 0.24%
- YTD
- 8.72%
- 6M
- 8.77%
- 1Y
- 24.91%
- 3Y*
- 21.45%
- 5Y*
- 13.49%
- 10Y*
- 15.35%
EMLC
- 1D
- -0.16%
- 1M
- -1.80%
- YTD
- -0.23%
- 6M
- 1.29%
- 1Y
- 7.90%
- 3Y*
- 6.04%
- 5Y*
- 0.97%
- 10Y*
- 1.99%
VOO vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOO Vanguard S&P 500 ETF | 8.72% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | -0.23% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between VOO and EMLC is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | 0.45 |
The correlation between VOO and EMLC shifts across timeframes, from 0.42 (3 years) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VOO vs. EMLC — Risk / Return Rank
VOO
EMLC
VOO vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.
| VOO | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.22 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 1.28 | +1.53 |
| Martin ratioReturn relative to average drawdown | 12.97 | 4.34 | +8.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VOO | EMLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 1.14 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 0.11 | +0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.20 | +0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.10 | +0.78 |
Drawdowns
VOO vs. EMLC - Drawdown Comparison
The maximum VOO drawdown since its inception was -33.99%, roughly equal to the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for VOO and EMLC.
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Drawdown Indicators
| VOO | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -32.43% | -1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -6.19% | -2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -9.15% | -9.54% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -25.26% | +0.74% |
Max Drawdown (10Y)Largest decline over 10 years | -33.99% | -26.47% | -7.52% |
Current DrawdownCurrent decline from peak | -2.66% | -5.38% | +2.72% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -14.36% | +10.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 1.82% | +0.10% |
Volatility
VOO vs. EMLC - Volatility Comparison
Vanguard S&P 500 ETF (VOO) has a higher volatility of 3.73% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.20%. This indicates that VOO'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
| VOO | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 2.20% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 6.08% | +3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 7.00% | +5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 9.13% | +7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 10.05% | +7.98% |
VOO vs. EMLC - Expense Ratio Comparison
VOO has a 0.03% expense ratio, which is lower than EMLC's 0.30% expense ratio.
Dividends
VOO vs. EMLC - Dividend Comparison
VOO's dividend yield for the trailing twelve months is around 1.05%, less than EMLC's 6.26% 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 | 6.26% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
VOO and EMLC have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (3.73%) compared to EMLC (2.20%). In terms of maximum drawdown, VOO dropped -33.99% vs EMLC's -32.43%.
On 10-year performance, VOO leads with 15.35% vs 1.99% for EMLC. On fees, VOO is cheaper at 0.03% per year. On volatility, EMLC has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.35% return vs 1.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.30% for EMLC.
EMLC has the higher dividend yield at 6.26%, compared with 1.05% for VOO.
VOO is categorized as S&P 500, while EMLC is Emerging Markets Bonds. VOO tracks S&P 500 Index, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.03% for VOO and 0.30% for EMLC.
VOO currently has the higher Sharpe Ratio (2.08 vs 1.14), 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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