EMLI.L vs. HYGB.L

Last updated Jul 18, 2026

EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMLI.L tracks the JPM GBI-EM Global Diversified TR USD 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, EMLI.L returned 4.12%/yr vs 2.83%/yr for HYGB.L. At a 0.18 correlation, their price movements are largely independent. EMLI.L charges 0.61%/yr vs 0.40%/yr for HYGB.L.

Performance

EMLI.L vs. HYGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMLI.L is traded in USD, while HYGB.L is traded in GBP. To make them comparable, the HYGB.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMLI.L achieves a 2.89% return, which is significantly lower than HYGB.L's 3.68% return.

EMLI.L

• 1D: -0.35%
• 1M: -0.59%
• 6M: 1.96%
• YTD: 2.89%
• 1Y: 8.22%
• 3Y*: 5.54%
• 5Y*: 4.12%
• 10Y*: 3.13%

HYGB.L

• 1D: 0.14%
• 1M: 0.78%
• 6M: 3.05%
• YTD: 3.68%
• 1Y: 8.03%
• 3Y*: 10.31%
• 5Y*: 2.83%
• 10Y*: —

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

EMLI.L vs. HYGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	2.89%	16.62%	-3.24%	13.70%	-5.63%	-5.51%	1.91%	13.04%	-9.15%
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	3.68%	9.22%	11.83%	7.02%	-12.94%	-0.32%	5.02%	15.45%	-30.18%

Correlation

The correlation between EMLI.L and HYGB.L is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.18

The correlation between EMLI.L and HYGB.L shifts across timeframes, from -0.03 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMLI.L vs. HYGB.L — Risk / Return Rank

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

EMLI.L

EMLI.L Risk / Return Rank: 42
EMLI.L Sharpe Ratio Rank: 44
EMLI.L Sortino Ratio Rank: 46
EMLI.L Omega Ratio Rank: 46
EMLI.L Calmar Ratio Rank: 36
EMLI.L Martin Ratio Rank: 39

HYGB.L

HYGB.L Risk / Return Rank: 48
HYGB.L Sharpe Ratio Rank: 44
HYGB.L Sortino Ratio Rank: 44
HYGB.L Omega Ratio Rank: 42
HYGB.L Calmar Ratio Rank: 63
HYGB.L Martin Ratio Rank: 47

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.

EMLI.L vs. HYGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.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.

	EMLI.L	HYGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.50	-0.28
Sortino ratio: Return per unit of downside risk	1.82	2.11	-0.29
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.45	2.75	-1.30
Martin ratio: Return relative to average drawdown	4.77	12.04	-7.28

EMLI.L vs. HYGB.L - Sharpe Ratio Comparison

The current EMLI.L Sharpe Ratio is 1.22, which is comparable to the HYGB.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of EMLI.L and HYGB.L, 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

EMLI.L vs. HYGB.L - Drawdown Comparison

The maximum EMLI.L drawdown since its inception was -25.82%, smaller than the maximum HYGB.L drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for EMLI.L and HYGB.L.

Drawdown Indicators

	EMLI.L	HYGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.82%	-37.51%	+11.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-2.91%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-7.82%	-4.72%	-3.10%
Max Drawdown (5Y) Largest decline over 5 years	-19.08%	-25.04%	+5.96%
Max Drawdown (10Y) Largest decline over 10 years	-21.08%	—	—
Current Drawdown Current decline from peak	-1.60%	-3.40%	+1.80%
Average Drawdown Average peak-to-trough decline	-7.30%	-21.18%	+13.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	0.67%	+1.05%

Volatility

EMLI.L vs. HYGB.L - Volatility Comparison

PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) has a higher volatility of 1.60% compared to VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) at 1.31%. This indicates that EMLI.L's price experiences larger fluctuations and is considered to be riskier than HYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLI.L	HYGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	1.31%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	4.67%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	5.35%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.89%	17.85%	-7.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.48%	17.17%	-7.69%

EMLI.L vs. HYGB.L - Expense Ratio Comparison

EMLI.L has a 0.61% expense ratio, which is higher than HYGB.L's 0.40% expense ratio.

Dividends

EMLI.L vs. HYGB.L - Dividend Comparison

EMLI.L's dividend yield for the trailing twelve months is around 6.90%, while HYGB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist	6.90%	5.81%	6.33%	5.70%	5.21%	4.50%	3.68%	5.24%	5.83%	5.76%	6.69%	7.09%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMLI.L and HYGB.L in my portfolio?

EMLI.L and HYGB.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMLI.L or HYGB.L?

On fees, HYGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMLI.L or HYGB.L?

HYGB.L is cheaper with a 0.40% expense ratio, compared with 0.61% for EMLI.L.

What is the main difference between EMLI.L and HYGB.L?

EMLI.L tracks JPM GBI-EM Global Diversified TR USD, while HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: PIMCO and VanEck. Their fees differ too: 0.61% for EMLI.L and 0.40% for HYGB.L.