WIP vs. EMLC

Last updated Jun 3, 2026

WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD), 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, WIP returned 1.68%/yr vs 2.19%/yr for EMLC. A 0.65 correlation means they provide meaningful diversification when combined. WIP charges 0.50%/yr vs 0.30%/yr for EMLC.

Performance

WIP vs. EMLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WIP achieves a 5.06% return, which is significantly higher than EMLC's 1.48% return. Over the past 10 years, WIP has underperformed EMLC with an annualized return of 1.68%, while EMLC has yielded a comparatively higher 2.19% annualized return.

WIP

• 1D: 0.22%
• 1M: 0.53%
• YTD: 5.06%
• 6M: 6.53%
• 1Y: 10.65%
• 3Y*: 5.34%
• 5Y*: -0.36%
• 10Y*: 1.68%

EMLC

• 1D: 0.12%
• 1M: 1.02%
• YTD: 1.48%
• 6M: 2.90%
• 1Y: 9.92%
• 3Y*: 7.11%
• 5Y*: 1.50%
• 10Y*: 2.19%

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

WIP vs. EMLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WIP SPDR FTSE International Government Inflation-Protected Bond ETF	5.06%	15.18%	-8.71%	8.84%	-15.54%	-4.15%	8.37%	8.62%	-5.97%	12.73%
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	1.48%	18.81%	-2.97%	11.18%	-10.58%	-9.72%	3.08%	9.79%	-7.57%	13.84%

Correlation

The correlation between WIP and EMLC is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 26, 2010	0.65

The correlation between WIP and EMLC shifts across timeframes, from 0.65 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

WIP vs. EMLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WIP

WIP Risk / Return Rank: 37
WIP Sharpe Ratio Rank: 34
WIP Sortino Ratio Rank: 32
WIP Omega Ratio Rank: 31
WIP Calmar Ratio Rank: 45
WIP Martin Ratio Rank: 42

EMLC

EMLC Risk / Return Rank: 39
EMLC Sharpe Ratio Rank: 41
EMLC Sortino Ratio Rank: 39
EMLC Omega Ratio Rank: 44
EMLC Calmar Ratio Rank: 34
EMLC Martin Ratio Rank: 38

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.

WIP vs. EMLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) 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.

	WIP	EMLC	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.45	-0.22
Sortino ratio Return per unit of downside risk	1.74	2.04	-0.31
Omega ratio Gain probability vs. loss probability	1.21	1.28	-0.07
Calmar ratio Return relative to maximum drawdown	2.26	1.71	+0.55
Martin ratio Return relative to average drawdown	6.79	5.94	+0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WIP vs. EMLC - Sharpe Ratio Comparison

The current WIP Sharpe Ratio is 1.23, which is comparable to the EMLC Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of WIP 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.

Sharpe Ratios by Period

	WIP	EMLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.45	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.17	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.22	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.11	+0.02

Drawdowns

WIP vs. EMLC - Drawdown Comparison

The maximum WIP drawdown since its inception was -29.60%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for WIP and EMLC.

Drawdown Indicators

	WIP	EMLC	Difference
Max Drawdown Largest peak-to-trough decline	-29.60%	-32.43%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.16%	-6.19%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-11.16%	-9.15%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-28.84%	-25.26%	-3.58%
Max Drawdown (10Y) Largest decline over 10 years	-28.84%	-26.47%	-2.37%
Current Drawdown Current decline from peak	-3.17%	-3.76%	+0.59%
Average Drawdown Average peak-to-trough decline	-8.58%	-14.37%	+5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.78%	-0.06%

Volatility

WIP vs. EMLC - Volatility Comparison

SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 3.00% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.22%. This indicates that WIP'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.

Volatility by Period

	WIP	EMLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	2.22%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	5.97%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	8.74%	6.90%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	9.13%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.16%	10.05%	+0.11%

WIP vs. EMLC - Expense Ratio Comparison

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

Dividends

WIP vs. EMLC - Dividend Comparison

WIP's dividend yield for the trailing twelve months is around 5.75%, 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%
WIP SPDR FTSE International Government Inflation-Protected Bond ETF	5.75%	5.51%	6.06%	6.54%	11.15%	4.63%	1.59%	2.49%	4.05%	1.91%	1.27%	1.14%

Frequently Asked Questions

Can I hold both WIP and EMLC in my portfolio?

WIP and EMLC have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WIP or EMLC?

WIP has higher volatility (3.00%) compared to EMLC (2.22%). In terms of maximum drawdown, WIP dropped -29.60% vs EMLC's -32.43%.

Which ETF is better, WIP or EMLC?

On 10-year performance, EMLC leads with 2.19% vs 1.68% for WIP. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WIP or EMLC?

Over the 10-year period, EMLC has performed better with a 2.19% return vs 1.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WIP or EMLC?

EMLC is cheaper with a 0.30% expense ratio, compared with 0.50% for WIP.

Which ETF pays a higher dividend yield, WIP or EMLC?

EMLC has the higher dividend yield at 6.16%, compared with 5.75% for WIP.

What is the main difference between WIP and EMLC?

WIP is categorized as Inflation-Protected Bonds, while EMLC is Emerging Markets Bonds. WIP tracks FTSE International Inflation-Linked Securities Select (USD), 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: 0.50% for WIP and 0.30% for EMLC.

Which has better risk-adjusted returns?

EMLC currently has the higher Sharpe Ratio (1.45 vs 1.23), 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.