The relative contributions to the valence nuclear European Muon Collaboration (EMC) effect in the deuteron arising from nucleon off-shell effects and Fermi motion are examined in models which include nuclear binding and off-shell effects. Contrary to expectations, the effect of Fermi motion overwhelms the off-shell effects for nucleons in short-range correlations (SRCs), calling into question the hypothesized causal connection between SRCs and the EMC effect.