ANGL vs. HYEM

Last updated Jun 4, 2026

ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds from VanEck - ANGL tracks the BofA Merrill Lynch US Fallen Angel High Yield Index while HYEM tracks the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 10 years, ANGL returned 6.27%/yr vs 4.65%/yr for HYEM. At a 0.40 correlation, their price movements are largely independent. ANGL charges 0.35%/yr vs 0.40%/yr for HYEM.

Performance

ANGL vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ANGL achieves a 1.55% return, which is significantly lower than HYEM's 3.92% return. Over the past 10 years, ANGL has outperformed HYEM with an annualized return of 6.27%, while HYEM has yielded a comparatively lower 4.65% annualized return.

ANGL

• 1D: -0.21%
• 1M: 0.49%
• YTD: 1.55%
• 6M: 1.64%
• 1Y: 8.16%
• 3Y*: 8.46%
• 5Y*: 3.44%
• 10Y*: 6.27%

HYEM

• 1D: -0.10%
• 1M: 1.26%
• YTD: 3.92%
• 6M: 4.87%
• 1Y: 10.30%
• 3Y*: 11.00%
• 5Y*: 3.04%
• 10Y*: 4.65%

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

ANGL vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF	1.55%	9.04%	6.06%	12.52%	-14.26%	6.84%	13.20%	18.06%	-5.84%	9.71%
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	3.92%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%

Correlation

The correlation between ANGL and HYEM is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 15, 2012	0.40

The correlation between ANGL and HYEM shifts across timeframes, from 0.40 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.

ANGL vs. HYEM - Sectors Allocation Comparison

Sectors	ANGL	HYEM
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	100.0%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ANGL vs. HYEM — Risk / Return Rank

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

ANGL

ANGL Risk / Return Rank: 52
ANGL Sharpe Ratio Rank: 55
ANGL Sortino Ratio Rank: 56
ANGL Omega Ratio Rank: 60
ANGL Calmar Ratio Rank: 41
ANGL Martin Ratio Rank: 50

HYEM

HYEM Risk / Return Rank: 76
HYEM Sharpe Ratio Rank: 72
HYEM Sortino Ratio Rank: 77
HYEM Omega Ratio Rank: 78
HYEM Calmar Ratio Rank: 75
HYEM Martin Ratio Rank: 79

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.

ANGL vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). 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.

	ANGL	HYEM	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.39	-0.49
Sortino ratio Return per unit of downside risk	2.73	3.50	-0.77
Omega ratio Gain probability vs. loss probability	1.37	1.47	-0.10
Calmar ratio Return relative to maximum drawdown	2.02	3.79	-1.77
Martin ratio Return relative to average drawdown	8.49	15.48	-6.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ANGL vs. HYEM - Sharpe Ratio Comparison

The current ANGL Sharpe Ratio is 1.90, which is comparable to the HYEM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ANGL and HYEM, 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

	ANGL	HYEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.39	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.41	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.50	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.54	+0.20

Drawdowns

ANGL vs. HYEM - Drawdown Comparison

The maximum ANGL drawdown since its inception was -29.31%, smaller than the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for ANGL and HYEM.

Drawdown Indicators

	ANGL	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-29.31%	-30.96%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-2.73%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-5.48%	-5.23%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.25%	-26.30%	+7.05%
Max Drawdown (10Y) Largest decline over 10 years	-29.31%	-30.96%	+1.65%
Current Drawdown Current decline from peak	-0.30%	-0.10%	-0.20%
Average Drawdown Average peak-to-trough decline	-3.30%	-4.40%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.67%	+0.29%

Volatility

ANGL vs. HYEM - Volatility Comparison

VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) have volatilities of 1.37% and 1.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANGL	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.33%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	3.24%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	4.33%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	7.49%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.28%	9.27%	+0.01%

ANGL vs. HYEM - Expense Ratio Comparison

ANGL has a 0.35% expense ratio, which is lower than HYEM's 0.40% expense ratio.

Dividends

ANGL vs. HYEM - Dividend Comparison

ANGL's dividend yield for the trailing twelve months is around 6.37%, less than HYEM's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF	6.37%	6.20%	6.29%	5.27%	4.72%	3.90%	4.67%	5.19%	5.99%	5.25%	5.34%	5.81%
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	6.52%	6.67%	6.34%	6.27%	6.47%	5.33%	5.56%	6.14%	5.71%	5.86%	6.25%	7.64%

Frequently Asked Questions

Can I hold both ANGL and HYEM in my portfolio?

ANGL and HYEM have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANGL or HYEM?

ANGL has higher volatility (1.37%) compared to HYEM (1.33%). In terms of maximum drawdown, ANGL dropped -29.31% vs HYEM's -30.96%.

Which ETF is better, ANGL or HYEM?

On 10-year performance, ANGL leads with 6.27% vs 4.65% for HYEM. On fees, ANGL is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ANGL or HYEM?

Over the 10-year period, ANGL has performed better with a 6.27% return vs 4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ANGL or HYEM?

ANGL is cheaper with a 0.35% expense ratio, compared with 0.40% for HYEM.

Which ETF pays a higher dividend yield, ANGL or HYEM?

HYEM has the higher dividend yield at 6.52%, compared with 6.37% for ANGL.

What is the main difference between ANGL and HYEM?

ANGL tracks BofA Merrill Lynch US Fallen Angel High Yield Index, while HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. Their fees differ too: 0.35% for ANGL and 0.40% for HYEM.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.39 vs 1.90), 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.