EMKT.AX vs. SUBD.AX

Last updated Jul 16, 2026

EMKT.AX (VanEck MSCI Multifactor Emerging Markets Equity ETF) and SUBD.AX (Vaneck Australian Subordinated Debt ETF) are both exchange-traded funds - EMKT.AX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Multi-Factor Select Index, while SUBD.AX is a High Yield Bonds fund tracking the iBoxx AUD Investment Grade Subordinated Debt Mid Price Index. Both are passively managed. Over the past 5 years, EMKT.AX returned 15.12%/yr vs 4.63%/yr for SUBD.AX. At a 0.03 correlation, their price movements are largely independent. EMKT.AX charges 0.69%/yr vs 0.29%/yr for SUBD.AX.

Performance

EMKT.AX vs. SUBD.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) and Vaneck Australian Subordinated Debt ETF (SUBD.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMKT.AX achieves a 26.61% return, which is significantly higher than SUBD.AX's 3.04% return.

EMKT.AX

• 1D: -3.02%
• 1M: -5.25%
• 6M: 18.61%
• YTD: 26.61%
• 1Y: 37.00%
• 3Y*: 25.77%
• 5Y*: 15.12%
• 10Y*: —

SUBD.AX

• 1D: 0.04%
• 1M: 0.80%
• 6M: 2.67%
• YTD: 3.04%
• 1Y: 6.00%
• 3Y*: 6.36%
• 5Y*: 4.63%
• 10Y*: —

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

EMKT.AX vs. SUBD.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF	26.61%	21.60%	25.43%	18.32%	-10.53%	12.71%	0.07%	5.33%
SUBD.AX Vaneck Australian Subordinated Debt ETF	3.04%	5.55%	7.13%	7.11%	0.27%	2.12%	2.39%	0.59%

Correlation

The correlation between EMKT.AX and SUBD.AX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 28, 2019	0.03

Return for Risk

EMKT.AX vs. SUBD.AX — Risk / Return Rank

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

EMKT.AX

EMKT.AX Risk / Return Rank: 55
EMKT.AX Sharpe Ratio Rank: 51
EMKT.AX Sortino Ratio Rank: 48
EMKT.AX Omega Ratio Rank: 54
EMKT.AX Calmar Ratio Rank: 63
EMKT.AX Martin Ratio Rank: 59

SUBD.AX

SUBD.AX Risk / Return Rank: 99
SUBD.AX Sharpe Ratio Rank: 99
SUBD.AX Sortino Ratio Rank: 99
SUBD.AX Omega Ratio Rank: 99
SUBD.AX Calmar Ratio Rank: 99
SUBD.AX Martin Ratio Rank: 99

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.

EMKT.AX vs. SUBD.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) and Vaneck Australian Subordinated Debt ETF (SUBD.AX). 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.

	EMKT.AX	SUBD.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	6.73	-5.28
Sortino ratio: Return per unit of downside risk	2.01	12.70	-10.69
Omega ratio: Gain probability vs. loss probability	1.28	3.06	-1.78
Calmar ratio: Return relative to maximum drawdown	2.57	24.82	-22.25
Martin ratio: Return relative to average drawdown	8.39	101.01	-92.62

EMKT.AX vs. SUBD.AX - Sharpe Ratio Comparison

The current EMKT.AX Sharpe Ratio is 1.46, which is lower than the SUBD.AX Sharpe Ratio of 6.73. The chart below compares the historical Sharpe Ratios of EMKT.AX and SUBD.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMKT.AX vs. SUBD.AX - Drawdown Comparison

The maximum EMKT.AX drawdown since its inception was -23.26%, which is greater than SUBD.AX's maximum drawdown of -10.85%. Use the drawdown chart below to compare losses from any high point for EMKT.AX and SUBD.AX.

Drawdown Indicators

	EMKT.AX	SUBD.AX	Difference
Max Drawdown Largest peak-to-trough decline	-23.26%	-10.85%	-12.41%
Max Drawdown (1Y) Largest decline over 1 year	-13.55%	-0.24%	-13.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-1.19%	-12.36%
Max Drawdown (5Y) Largest decline over 5 years	-18.03%	-2.99%	-15.04%
Current Drawdown Current decline from peak	-7.87%	0.00%	-7.87%
Average Drawdown Average peak-to-trough decline	-5.78%	-0.44%	-5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	0.06%	+4.17%

Volatility

EMKT.AX vs. SUBD.AX - Volatility Comparison

VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) has a higher volatility of 11.32% compared to Vaneck Australian Subordinated Debt ETF (SUBD.AX) at 0.27%. This indicates that EMKT.AX's price experiences larger fluctuations and is considered to be riskier than SUBD.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMKT.AX	SUBD.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	0.27%	+11.05%
Volatility (6M) Calculated over the trailing 6-month period	22.45%	0.64%	+21.81%
Volatility (1Y) Calculated over the trailing 1-year period	23.92%	0.88%	+23.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	1.35%	+14.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	4.76%	+11.42%

EMKT.AX vs. SUBD.AX - Expense Ratio Comparison

EMKT.AX has a 0.69% expense ratio, which is higher than SUBD.AX's 0.29% expense ratio.

Dividends

EMKT.AX vs. SUBD.AX - Dividend Comparison

EMKT.AX's dividend yield for the trailing twelve months is around 13.38%, more than SUBD.AX's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF	13.38%	2.92%	2.48%	5.28%	4.20%	1.67%	2.40%	1.41%	0.52%
SUBD.AX Vaneck Australian Subordinated Debt ETF	5.35%	5.54%	5.85%	5.13%	2.60%	1.90%	2.01%	0.18%	0.00%

Frequently Asked Questions

Can I hold both EMKT.AX and SUBD.AX in my portfolio?

EMKT.AX and SUBD.AX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMKT.AX or SUBD.AX?

On fees, SUBD.AX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMKT.AX or SUBD.AX?

SUBD.AX is cheaper with a 0.29% expense ratio, compared with 0.69% for EMKT.AX.

What is the main difference between EMKT.AX and SUBD.AX?

EMKT.AX is categorized as Emerging Markets Equities, while SUBD.AX is High Yield Bonds. EMKT.AX tracks MSCI Emerging Markets Multi-Factor Select Index, while SUBD.AX tracks iBoxx AUD Investment Grade Subordinated Debt Mid Price Index. Their fees differ too: 0.69% for EMKT.AX and 0.29% for SUBD.AX.