BKHY vs. HDEF

Last updated Jun 3, 2026

BKHY (BNY Mellon High Yield Beta ETF) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) are both exchange-traded funds - BKHY is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield Index, while HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 5 years, BKHY returned 4.26%/yr vs 10.18%/yr for HDEF. A 0.57 correlation means they provide meaningful diversification when combined. BKHY charges 0.22%/yr vs 0.20%/yr for HDEF.

Performance

BKHY vs. HDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon High Yield Beta ETF (BKHY) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKHY achieves a 2.00% return, which is significantly lower than HDEF's 5.00% return.

BKHY

• 1D: 0.15%
• 1M: 0.50%
• YTD: 2.00%
• 6M: 2.32%
• 1Y: 7.78%
• 3Y*: 8.93%
• 5Y*: 4.26%
• 10Y*: —

HDEF

• 1D: 0.28%
• 1M: -1.91%
• YTD: 5.00%
• 6M: 7.21%
• 1Y: 16.33%
• 3Y*: 16.77%
• 5Y*: 10.18%
• 10Y*: 8.69%

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

BKHY vs. HDEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKHY BNY Mellon High Yield Beta ETF	2.00%	8.48%	8.37%	12.40%	-10.97%	4.75%	17.83%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	5.00%	33.01%	2.85%	18.53%	-2.51%	6.95%	27.48%

Correlation

The correlation between BKHY and HDEF is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.57

The correlation between BKHY and HDEF has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

Return for Risk

BKHY vs. HDEF — Risk / Return Rank

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

BKHY

BKHY Risk / Return Rank: 67
BKHY Sharpe Ratio Rank: 62
BKHY Sortino Ratio Rank: 69
BKHY Omega Ratio Rank: 70
BKHY Calmar Ratio Rank: 61
BKHY Martin Ratio Rank: 73

HDEF

HDEF Risk / Return Rank: 41
HDEF Sharpe Ratio Rank: 39
HDEF Sortino Ratio Rank: 39
HDEF Omega Ratio Rank: 40
HDEF Calmar Ratio Rank: 43
HDEF Martin Ratio Rank: 41

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.

BKHY vs. HDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Beta ETF (BKHY) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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.

	BKHY	HDEF	Difference
Sharpe ratio Return per unit of total volatility	2.12	1.41	+0.71
Sortino ratio Return per unit of downside risk	3.21	1.99	+1.21
Omega ratio Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio Return relative to maximum drawdown	3.07	2.13	+0.94
Martin ratio Return relative to average drawdown	14.14	6.67	+7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKHY vs. HDEF - Sharpe Ratio Comparison

The current BKHY Sharpe Ratio is 2.12, which is higher than the HDEF Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of BKHY and HDEF, 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

	BKHY	HDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.41	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.72	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.45	+0.45

Drawdowns

BKHY vs. HDEF - Drawdown Comparison

The maximum BKHY drawdown since its inception was -15.89%, smaller than the maximum HDEF drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for BKHY and HDEF.

Drawdown Indicators

	BKHY	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-15.89%	-36.43%	+20.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-8.03%	+5.50%
Max Drawdown (3Y) Largest decline over 3 years	-4.87%	-11.15%	+6.28%
Max Drawdown (5Y) Largest decline over 5 years	-15.89%	-23.63%	+7.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.43%	—
Current Drawdown Current decline from peak	0.00%	-4.78%	+4.78%
Average Drawdown Average peak-to-trough decline	-2.98%	-5.04%	+2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	2.56%	-2.01%

Volatility

BKHY vs. HDEF - Volatility Comparison

The current volatility for BNY Mellon High Yield Beta ETF (BKHY) is 1.13%, while Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) has a volatility of 3.93%. This indicates that BKHY experiences smaller price fluctuations and is considered to be less risky than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKHY	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	3.93%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	9.15%	-6.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	11.64%	-7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.58%	14.14%	-6.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.37%	16.24%	-8.87%

BKHY vs. HDEF - Expense Ratio Comparison

BKHY has a 0.22% expense ratio, which is higher than HDEF's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKHY vs. HDEF - Dividend Comparison

BKHY's dividend yield for the trailing twelve months is around 7.44%, more than HDEF's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKHY BNY Mellon High Yield Beta ETF	7.44%	7.33%	7.34%	8.67%	6.59%	6.78%	4.65%	0.00%	0.00%	0.00%	0.00%	0.00%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.61%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both BKHY and HDEF in my portfolio?

BKHY and HDEF have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKHY or HDEF?

HDEF has higher volatility (3.93%) compared to BKHY (1.13%). In terms of maximum drawdown, BKHY dropped -15.89% vs HDEF's -36.43%.

Which ETF is better, BKHY or HDEF?

On 5-year performance, HDEF leads with 10.18% vs 4.26% for BKHY. On fees, HDEF is cheaper at 0.20% per year. On volatility, BKHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKHY or HDEF?

Over the 5-year period, HDEF has performed better with a 10.18% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKHY or HDEF?

HDEF is cheaper with a 0.20% expense ratio, compared with 0.22% for BKHY.

Which ETF pays a higher dividend yield, BKHY or HDEF?

BKHY has the higher dividend yield at 7.44%, compared with 3.61% for HDEF.

What is the main difference between BKHY and HDEF?

BKHY is categorized as High Yield Bonds, while HDEF is Foreign Large Cap Equities. BKHY tracks Bloomberg US Corporate High Yield Index, while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. They also come from different issuers: BNY Mellon and Deutsche Bank. Their fees differ too: 0.22% for BKHY and 0.20% for HDEF.

Which has better risk-adjusted returns?

BKHY currently has the higher Sharpe Ratio (2.12 vs 1.41), 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.