CNYB.L vs. HYGB.L
CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index while HYGB.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, CNYB.L returned 3.58%/yr vs 3.29%/yr for HYGB.L. A 0.53 correlation means they provide meaningful diversification when combined. CNYB.L charges 0.35%/yr vs 0.40%/yr for HYGB.L.
Performance
CNYB.L vs. HYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNYB.L achieves a 5.09% return, which is significantly higher than HYGB.L's 3.73% return.
CNYB.L
- 1D
- 0.24%
- 1M
- -0.35%
- 6M
- 4.32%
- YTD
- 5.09%
- 1Y
- 7.12%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
HYGB.L
- 1D
- 0.36%
- 1M
- -0.41%
- 6M
- 2.50%
- YTD
- 3.73%
- 1Y
- 7.76%
- 3Y*
- 8.68%
- 5Y*
- 3.29%
- 10Y*
- —
CNYB.L vs. HYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.09% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.73% | 1.56% | 13.72% | 1.66% | -2.52% | 0.59% | 1.90% | -1.42% |
Correlation
The correlation between CNYB.L and HYGB.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.53 |
Over the past year, CNYB.L and HYGB.L have become more correlated (0.75) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
CNYB.L vs. HYGB.L — Risk / Return Rank
CNYB.L
HYGB.L
CNYB.L vs. HYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CNYB.L | HYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.33 | +0.24 |
| Martin ratioReturn relative to average drawdown | 6.11 | 5.93 | +0.18 |
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Drawdowns
CNYB.L vs. HYGB.L - Drawdown Comparison
The maximum CNYB.L drawdown since its inception was -25.82%, roughly equal to the maximum HYGB.L drawdown of -26.72%. Use the drawdown chart below to compare losses from any high point for CNYB.L and HYGB.L.
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Drawdown Indicators
| CNYB.L | HYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -26.72% | +0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -3.31% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -8.96% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -23.02% | +7.58% |
Current DrawdownCurrent decline from peak | -7.24% | -1.93% | -5.31% |
Average DrawdownAverage peak-to-trough decline | -12.52% | -14.28% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.30% | -0.14% |
Volatility
CNYB.L vs. HYGB.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) is 1.24%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) has a volatility of 1.48%. This indicates that CNYB.L experiences smaller price fluctuations and is considered to be less risky than HYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYB.L | HYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.48% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 4.96% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 6.52% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 18.18% | -10.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.47% | 17.40% | -5.93% |
CNYB.L vs. HYGB.L - Expense Ratio Comparison
CNYB.L has a 0.35% expense ratio, which is lower than HYGB.L's 0.40% expense ratio.
Dividends
CNYB.L vs. HYGB.L - Dividend Comparison
CNYB.L's dividend yield for the trailing twelve months is around 1.72%, while HYGB.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CNYB.L and HYGB.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNYB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNYB.L is cheaper with a 0.35% expense ratio, compared with 0.40% for HYGB.L.
CNYB.L tracks Bloomberg China Treasury + Policy Bank Index, while HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.35% for CNYB.L and 0.40% for HYGB.L.
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