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FEMB vs. HYEM
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FEMB vs. HYEM

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Emerging Markets Local Currency Bond ETF (FEMB) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM).

FEMB and HYEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEMB is an actively managed fund by First Trust. It was launched on Nov 4, 2014. HYEM is a passively managed fund by VanEck that tracks the performance of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. It was launched on May 8, 2012.

Performance

FEMB vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Emerging Markets Local Currency Bond ETF (FEMB) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). The values are adjusted to include any dividend payments, if applicable.

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FEMB vs. HYEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEMB
First Trust Emerging Markets Local Currency Bond ETF		-1.55%21.77%-5.61%17.12%-10.50%-13.40%3.16%11.52%-7.19%11.92%
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF		0.36%9.24%12.14%8.35%-13.39%-1.31%6.87%12.85%-3.38%7.94%

Returns By Period

In the year-to-date period, FEMB achieves a -1.55% return, which is significantly lower than HYEM's 0.36% return. Over the past 10 years, FEMB has underperformed HYEM with an annualized return of 2.00%, while HYEM has yielded a comparatively higher 4.66% annualized return.

FEMB

1D
0.58%
1M
-4.89%
YTD
-1.55%
6M
1.11%
1Y
13.82%
3Y*
7.39%
5Y*
2.26%
10Y*
2.00%

HYEM

1D
0.10%
1M
-1.79%
YTD
0.36%
6M
1.52%
1Y
7.53%
3Y*
9.25%
5Y*
2.64%
10Y*
4.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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First Trust Emerging Markets Local Currency Bond ETF

VanEck Vectors Emerging Markets High Yield Bond ETF

Often compared with FEMB:
FEMB vs. PCYFEMB vs. ELDFEMB vs. EMBFEMB vs. VRIGFEMB vs. BWZFEMB vs. EMLCFEMB vs. FALN
Often compared with HYEM:
HYEM vs. EMHYHYEM vs. EMLCHYEM vs. CEMBHYEM vs. EMBHYEM vs. IHYHYEM vs. HYZDHYEM vs. PGHY

FEMB vs. HYEM - Expense Ratio Comparison

FEMB has a 0.85% expense ratio, which is higher than HYEM's 0.40% expense ratio.

FEMB
First Trust Emerging Markets Local Currency Bond ETF
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF

Return for Risk

FEMB vs. HYEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEMB
FEMB Risk / Return Rank: 7474
Overall Rank
FEMB Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
FEMB Sortino Ratio Rank: 7979
Sortino Ratio Rank
FEMB Omega Ratio Rank: 7676
Omega Ratio Rank
FEMB Calmar Ratio Rank: 6868
Calmar Ratio Rank
FEMB Martin Ratio Rank: 6969
Martin Ratio Rank
HYEM
HYEM Risk / Return Rank: 6363
Overall Rank
HYEM Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
HYEM Sortino Ratio Rank: 6060
Sortino Ratio Rank
HYEM Omega Ratio Rank: 6767
Omega Ratio Rank
HYEM Calmar Ratio Rank: 5757
Calmar Ratio Rank
HYEM Martin Ratio Rank: 7070
Martin Ratio Rank
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.

FEMB vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Local Currency Bond ETF (FEMB) 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.

FEMBHYEMDifference

Sharpe ratio

Return per unit of total volatility

1.55

1.14

+0.41

Sortino ratio

Return per unit of downside risk

2.13

1.61

+0.52

Omega ratio

Gain probability vs. loss probability

1.30

1.26

+0.04

Calmar ratio

Return relative to maximum drawdown

1.86

1.54

+0.31

Martin ratio

Return relative to average drawdown

7.60

7.62

-0.02

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMB vs. HYEM - Sharpe Ratio Comparison

The current FEMB Sharpe Ratio is 1.55, which is higher than the HYEM Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of FEMB and HYEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FEMBHYEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.55

1.14

+0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

0.35

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.18

0.50

-0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

0.52

-0.45

Correlation

The correlation between FEMB and HYEM is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FEMB vs. HYEM - Dividend Comparison

FEMB's dividend yield for the trailing twelve months is around 5.97%, less than HYEM's 6.77% yield.

TTM20252024202320222021202020192018201720162015
FEMB
First Trust Emerging Markets Local Currency Bond ETF		5.97%5.67%6.09%5.15%6.35%6.12%5.29%5.40%5.86%6.38%5.83%4.89%
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF		6.77%6.67%6.34%6.27%6.47%5.33%5.56%6.14%5.71%5.86%6.25%7.64%

Drawdowns

FEMB vs. HYEM - Drawdown Comparison

The maximum FEMB drawdown since its inception was -30.44%, roughly equal to the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for FEMB and HYEM.

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Drawdown Indicators

FEMBHYEMDifference

Max Drawdown

Largest peak-to-trough decline

-30.44%

-30.96%

+0.52%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-4.85%

-2.73%

Max Drawdown (5Y)

Largest decline over 5 years

-27.85%

-26.30%

-1.55%

Max Drawdown (10Y)

Largest decline over 10 years

-30.44%

-30.96%

+0.52%

Current Drawdown

Current decline from peak

-5.97%

-2.13%

-3.84%

Average Drawdown

Average peak-to-trough decline

-10.03%

-4.45%

-5.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

0.98%

+0.87%

Volatility

FEMB vs. HYEM - Volatility Comparison

First Trust Emerging Markets Local Currency Bond ETF (FEMB) has a higher volatility of 3.52% compared to VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) at 2.06%. This indicates that FEMB'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

FEMBHYEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.52%

2.06%

+1.46%

Volatility (6M)

Calculated over the trailing 6-month period

5.49%

3.41%

+2.08%

Volatility (1Y)

Calculated over the trailing 1-year period

8.95%

6.64%

+2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.21%

7.47%

+2.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.21%

9.27%

+1.94%