ERNA.L vs. HYEM.L
ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while HYEM.L is a Emerging Markets Bonds fund tracking the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, ERNA.L returned 3.85%/yr vs 2.77%/yr for HYEM.L. At a 0.08 correlation, their price movements are largely independent. ERNA.L charges 0.09%/yr vs 0.40%/yr for HYEM.L.
Performance
ERNA.L vs. HYEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNA.L achieves a 2.07% return, which is significantly lower than HYEM.L's 3.56% return.
ERNA.L
- 1D
- 0.00%
- 1M
- 0.31%
- 6M
- 1.91%
- YTD
- 2.07%
- 1Y
- 4.23%
- 3Y*
- 5.12%
- 5Y*
- 3.85%
- 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*
- —
ERNA.L vs. HYEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.07% | 4.85% | 5.65% | 5.44% | 1.46% | 0.11% | 1.27% | 3.19% | 1.14% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.56% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 5.46% | 14.61% | 0.10% |
Correlation
The correlation between ERNA.L and HYEM.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.08 |
The correlation between ERNA.L and HYEM.L shifts across timeframes, from 0.08 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERNA.L vs. HYEM.L — Risk / Return Rank
ERNA.L
HYEM.L
ERNA.L vs. HYEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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.
| ERNA.L | HYEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.60 | ||
| Omega ratioGain probability vs. loss probability | 2.10 | 1.37 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 13.33 | 2.69 | +10.64 |
| Martin ratioReturn relative to average drawdown | 55.76 | 10.12 | +45.64 |
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Drawdowns
ERNA.L vs. HYEM.L - Drawdown Comparison
The maximum ERNA.L drawdown since its inception was -8.63%, smaller than the maximum HYEM.L drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for ERNA.L and HYEM.L.
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Drawdown Indicators
| ERNA.L | HYEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.63% | -27.28% | +18.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.32% | -2.94% | +2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -4.27% | +3.94% |
Max Drawdown (5Y)Largest decline over 5 years | -0.81% | -27.28% | +26.47% |
Current DrawdownCurrent decline from peak | 0.00% | -0.39% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -5.09% | +5.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.78% | -0.70% |
Volatility
ERNA.L vs. HYEM.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) is 0.34%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) has a volatility of 1.12%. This indicates that ERNA.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
| ERNA.L | HYEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 1.12% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 1.24% | 4.12% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.41% | 4.94% | -3.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.24% | 6.98% | -5.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.25% | 7.23% | -4.98% |
ERNA.L vs. HYEM.L - Expense Ratio Comparison
ERNA.L has a 0.09% expense ratio, which is lower than HYEM.L's 0.40% expense ratio.
Dividends
ERNA.L vs. HYEM.L - Dividend Comparison
Neither ERNA.L nor HYEM.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
ERNA.L and HYEM.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.40% for HYEM.L.
ERNA.L is categorized as Corporate Bonds, while HYEM.L is Emerging Markets Bonds. ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD, while HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.09% for ERNA.L and 0.40% for HYEM.L.
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