EMLP.L vs. HYGB.L
EMLP.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - EMLP.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, EMLP.L returned 4.40%/yr vs 3.29%/yr for HYGB.L. A 0.54 correlation means they provide meaningful diversification when combined. EMLP.L charges 0.61%/yr vs 0.40%/yr for HYGB.L.
Performance
EMLP.L vs. HYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMLP.L achieves a 2.55% return, which is significantly lower than HYGB.L's 3.73% return.
EMLP.L
- 1D
- 0.09%
- 1M
- -1.02%
- 6M
- 1.39%
- YTD
- 2.55%
- 1Y
- 8.05%
- 3Y*
- 4.78%
- 5Y*
- 4.40%
- 10Y*
- 2.95%
HYGB.L
- 1D
- 0.36%
- 1M
- -0.41%
- 6M
- 2.50%
- YTD
- 3.73%
- 1Y
- 7.76%
- 3Y*
- 8.68%
- 5Y*
- 3.29%
- 10Y*
- —
EMLP.L vs. HYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMLP.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc | 2.55% | 9.09% | -1.67% | 7.52% | 5.55% | -4.33% | -1.55% | 9.56% | -0.27% |
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% | 10.99% | -23.28% |
Correlation
The correlation between EMLP.L and HYGB.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.54 |
The correlation between EMLP.L and HYGB.L has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
EMLP.L vs. HYGB.L — Risk / Return Rank
EMLP.L
HYGB.L
EMLP.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 Acc (EMLP.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.
| EMLP.L | HYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 2.33 | -0.45 |
| Martin ratioReturn relative to average drawdown | 5.21 | 5.93 | -0.72 |
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Drawdowns
EMLP.L vs. HYGB.L - Drawdown Comparison
The maximum EMLP.L drawdown since its inception was -53.09%, which is greater than HYGB.L's maximum drawdown of -26.72%. Use the drawdown chart below to compare losses from any high point for EMLP.L and HYGB.L.
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Drawdown Indicators
| EMLP.L | HYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.09% | -26.72% | -26.37% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -3.31% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.90% | -8.96% | +4.06% |
Max Drawdown (5Y)Largest decline over 5 years | -11.24% | -23.02% | +11.78% |
Max Drawdown (10Y)Largest decline over 10 years | -19.11% | — | — |
Current DrawdownCurrent decline from peak | -14.28% | -1.93% | -12.35% |
Average DrawdownAverage peak-to-trough decline | -27.90% | -14.28% | -13.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 1.30% | +0.26% |
Volatility
EMLP.L vs. HYGB.L - Volatility Comparison
The current volatility for PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Acc (EMLP.L) is 1.23%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) has a volatility of 1.48%. This indicates that EMLP.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
| EMLP.L | HYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.48% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 4.96% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 6.52% | -1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.06% | 18.18% | -10.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 17.40% | -8.22% |
EMLP.L vs. HYGB.L - Expense Ratio Comparison
EMLP.L has a 0.61% expense ratio, which is higher than HYGB.L's 0.40% expense ratio.
Dividends
EMLP.L vs. HYGB.L - Dividend Comparison
Neither EMLP.L nor HYGB.L has paid dividends to shareholders.
Frequently Asked Questions
EMLP.L and HYGB.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
HYGB.L is cheaper with a 0.40% expense ratio, compared with 0.61% for EMLP.L.
EMLP.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 EMLP.L and 0.40% for HYGB.L.
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