EMD5.L vs. HYEM.L
EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMD5.L tracks the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index while HYEM.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, EMD5.L returned 2.39%/yr vs 2.77%/yr for HYEM.L. At a 0.36 correlation, their price movements are largely independent. EMD5.L charges 0.25%/yr vs 0.40%/yr for HYEM.L.
Performance
EMD5.L vs. HYEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMD5.L achieves a -0.96% return, which is significantly lower than HYEM.L's 3.56% return.
EMD5.L
- 1D
- 0.11%
- 1M
- -0.21%
- 6M
- 1.53%
- YTD
- -0.96%
- 1Y
- 3.67%
- 3Y*
- 7.13%
- 5Y*
- 2.39%
- 10Y*
- —
HYEM.L
- 1D
- -0.01%
- 1M
- -0.27%
- 6M
- 2.87%
- YTD
- 3.56%
- 1Y
- 7.93%
- 3Y*
- 9.90%
- 5Y*
- 2.77%
- 10Y*
- —
EMD5.L vs. HYEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | -0.96% | 10.15% | 8.41% | 7.84% | -10.41% | -0.28% | 0.80% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.56% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 0.85% |
Correlation
The correlation between EMD5.L and HYEM.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.36 |
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Return for Risk
EMD5.L vs. HYEM.L — Risk / Return Rank
EMD5.L
HYEM.L
EMD5.L vs. HYEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.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.
| EMD5.L | HYEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.37 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.69 | -1.59 |
| Martin ratioReturn relative to average drawdown | 2.76 | 10.12 | -7.36 |
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Drawdowns
EMD5.L vs. HYEM.L - Drawdown Comparison
The maximum EMD5.L drawdown since its inception was -16.04%, smaller than the maximum HYEM.L drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for EMD5.L and HYEM.L.
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Drawdown Indicators
| EMD5.L | HYEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.04% | -27.28% | +11.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -2.94% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -4.27% | +0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -27.28% | +11.24% |
Current DrawdownCurrent decline from peak | -1.06% | -0.39% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -5.09% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 0.78% | +0.53% |
Volatility
EMD5.L vs. HYEM.L - Volatility Comparison
The current volatility for L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) is 0.95%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) has a volatility of 1.12%. This indicates that EMD5.L experiences smaller price fluctuations and is considered to be less risky than HYEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMD5.L | HYEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.12% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 4.12% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 4.94% | -0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 6.98% | -2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 7.23% | -2.61% |
EMD5.L vs. HYEM.L - Expense Ratio Comparison
EMD5.L has a 0.25% expense ratio, which is lower than HYEM.L's 0.40% expense ratio.
Dividends
EMD5.L vs. HYEM.L - Dividend Comparison
Neither EMD5.L nor HYEM.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | 0.00% | 5.66% | 6.09% | 4.60% | 3.04% | 1.25% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.00% |
Frequently Asked Questions
EMD5.L and HYEM.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMD5.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.40% for HYEM.L.
EMD5.L tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity Index, while HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: L&G and VanEck. Their fees differ too: 0.25% for EMD5.L and 0.40% for HYEM.L.
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