EMHY vs. HYEM
EMHY (iShares J.P. Morgan EM High Yield Bond ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both exchange-traded funds - EMHY is a Emerging Markets Bonds fund tracking the J.P. Morgan USD Emerging Markets High Yield Bond Index, while HYEM is a High Yield Bonds fund tracking the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 10 years, EMHY returned 4.67%/yr vs 4.64%/yr for HYEM. A 0.59 correlation means they provide meaningful diversification when combined. EMHY charges 0.50%/yr vs 0.40%/yr for HYEM.
Performance
EMHY vs. HYEM - Performance Comparison
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Returns By Period
In the year-to-date period, EMHY achieves a 3.26% return, which is significantly lower than HYEM's 4.28% return. Both investments have delivered pretty close results over the past 10 years, with EMHY having a 4.67% annualized return and HYEM not far behind at 4.64%.
EMHY
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 3.26%
- 6M
- 3.35%
- 1Y
- 12.55%
- 3Y*
- 12.57%
- 5Y*
- 4.36%
- 10Y*
- 4.67%
HYEM
- 1D
- -0.15%
- 1M
- 1.26%
- YTD
- 4.28%
- 6M
- 4.29%
- 1Y
- 9.50%
- 3Y*
- 10.35%
- 5Y*
- 2.95%
- 10Y*
- 4.64%
EMHY vs. HYEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 3.26% | 13.70% | 11.97% | 11.47% | -13.03% | -1.91% | 3.83% | 12.98% | -5.21% | 8.54% |
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 4.28% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 12.85% | -3.38% | 7.94% |
Correlation
The correlation between EMHY and HYEM is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 14, 2012 | 0.59 |
The correlation between EMHY and HYEM shifts across timeframes, from 0.58 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMHY vs. HYEM — Risk / Return Rank
EMHY
HYEM
EMHY vs. HYEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM High Yield Bond ETF (EMHY) 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.
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.
| EMHY | HYEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.42 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.50 | -0.60 |
| Martin ratioReturn relative to average drawdown | 13.15 | 14.23 | -1.08 |
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Drawdowns
EMHY vs. HYEM - Drawdown Comparison
The maximum EMHY drawdown since its inception was -30.11%, roughly equal to the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for EMHY and HYEM.
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Drawdown Indicators
| EMHY | HYEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.11% | -30.96% | +0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -2.73% | -1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -5.23% | -0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -25.83% | -26.29% | +0.46% |
Max Drawdown (10Y)Largest decline over 10 years | -30.11% | -30.96% | +0.85% |
Current DrawdownCurrent decline from peak | -0.47% | -0.20% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -4.38% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.67% | +0.29% |
Volatility
EMHY vs. HYEM - Volatility Comparison
iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a higher volatility of 1.58% compared to VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) at 1.14%. This indicates that EMHY's price experiences larger fluctuations and is considered to be riskier than HYEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHY | HYEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.14% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 3.25% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.74% | 4.40% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.11% | 7.51% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 9.27% | +1.39% |
EMHY vs. HYEM - Expense Ratio Comparison
EMHY has a 0.50% expense ratio, which is higher than HYEM's 0.40% expense ratio.
Dividends
EMHY vs. HYEM - Dividend Comparison
EMHY's dividend yield for the trailing twelve months is around 6.38%, less than HYEM's 6.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.38% | 6.52% | 6.86% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% |
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.50% | 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
EMHY and HYEM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHY has higher volatility (1.58%) compared to HYEM (1.14%). In terms of maximum drawdown, EMHY dropped -30.11% vs HYEM's -30.96%.
On 10-year performance, EMHY leads with 4.67% vs 4.64% for HYEM. On fees, HYEM is cheaper at 0.40% per year. On volatility, HYEM has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMHY has performed better with a 4.67% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYEM is cheaper with a 0.40% expense ratio, compared with 0.50% for EMHY.
HYEM has the higher dividend yield at 6.50%, compared with 6.38% for EMHY.
EMHY is categorized as Emerging Markets Bonds, while HYEM is High Yield Bonds. EMHY tracks J.P. Morgan USD Emerging Markets High Yield Bond Index, while HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.50% for EMHY and 0.40% for HYEM.
EMHY currently has the higher Sharpe Ratio (2.20 vs 2.17), 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.
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