GDGB.L vs. HYEM.L

Last updated Jul 16, 2026

GDGB.L (VanEck Gold Miners UCITS ETF) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both exchange-traded funds - GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index, while HYEM.L is a High Yield Bonds fund tracking the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, GDGB.L returned 18.53%/yr vs 3.12%/yr for HYEM.L. At a correlation of -0.05, they often move in opposite directions. GDGB.L charges 0.53%/yr vs 0.40%/yr for HYEM.L.

Performance

GDGB.L vs. HYEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Gold Miners UCITS ETF (GDGB.L) and VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, GDGB.L achieves a -14.69% return, which is significantly lower than HYEM.L's 3.10% return.

GDGB.L

• 1D: -3.56%
• 1M: -14.99%
• 6M: -24.57%
• YTD: -14.69%
• 1Y: 43.75%
• 3Y*: 31.62%
• 5Y*: 18.53%
• 10Y*: —

HYEM.L

• 1D: 0.00%
• 1M: -1.20%
• 6M: 2.35%
• YTD: 3.10%
• 1Y: 7.12%
• 3Y*: 8.70%
• 5Y*: 3.12%
• 10Y*: —

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

GDGB.L vs. HYEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GDGB.L VanEck Gold Miners UCITS ETF	-14.69%	138.26%	11.24%	3.69%	3.04%	-10.47%	19.56%	38.86%	7.26%
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF	3.10%	1.22%	13.85%	2.19%	-2.51%	0.29%	2.36%	10.25%	7.60%

Correlation

The correlation between GDGB.L and HYEM.L is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	-0.05

Return for Risk

GDGB.L vs. HYEM.L — Risk / Return Rank

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

GDGB.L

GDGB.L Risk / Return Rank: 30
GDGB.L Sharpe Ratio Rank: 32
GDGB.L Sortino Ratio Rank: 32
GDGB.L Omega Ratio Rank: 31
GDGB.L Calmar Ratio Rank: 29
GDGB.L Martin Ratio Rank: 26

HYEM.L

HYEM.L Risk / Return Rank: 64
HYEM.L Sharpe Ratio Rank: 54
HYEM.L Sortino Ratio Rank: 64
HYEM.L Omega Ratio Rank: 72
HYEM.L Calmar Ratio Rank: 63
HYEM.L Martin Ratio Rank: 67

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.

GDGB.L vs. HYEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDGB.L) and VanEck Emerging Markets High Yield Bond UCITS ETF (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.

	GDGB.L	HYEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.91	+0.05
Sortino ratio: Return per unit of downside risk	1.46	1.33	+0.13
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.18	1.71	-0.53
Martin ratio: Return relative to average drawdown	2.80	4.63	-1.82

GDGB.L vs. HYEM.L - Sharpe Ratio Comparison

The current GDGB.L Sharpe Ratio is 0.96, which is comparable to the HYEM.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of GDGB.L and HYEM.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

GDGB.L vs. HYEM.L - Drawdown Comparison

The maximum GDGB.L drawdown since its inception was -40.80%, which is greater than HYEM.L's maximum drawdown of -15.44%. Use the drawdown chart below to compare losses from any high point for GDGB.L and HYEM.L.

Drawdown Indicators

	GDGB.L	HYEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.80%	-15.44%	-25.36%
Max Drawdown (1Y) Largest decline over 1 year	-36.94%	-4.06%	-32.88%
Max Drawdown (3Y) Largest decline over 3 years	-36.94%	-9.01%	-27.93%
Max Drawdown (5Y) Largest decline over 5 years	-36.94%	-13.20%	-23.74%
Current Drawdown Current decline from peak	-36.36%	-2.59%	-33.77%
Average Drawdown Average peak-to-trough decline	-17.68%	-3.64%	-14.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.58%	1.50%	+14.08%

Volatility

GDGB.L vs. HYEM.L - Volatility Comparison

VanEck Gold Miners UCITS ETF (GDGB.L) has a higher volatility of 14.74% compared to VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) at 1.74%. This indicates that GDGB.L's price experiences larger fluctuations and is considered to be riskier than HYEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDGB.L	HYEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.74%	1.74%	+13.00%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	5.85%	+30.61%
Volatility (1Y) Calculated over the trailing 1-year period	45.32%	7.61%	+37.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.60%	9.99%	+23.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.52%	10.09%	+22.43%

GDGB.L vs. HYEM.L - Expense Ratio Comparison

GDGB.L has a 0.53% expense ratio, which is higher than HYEM.L's 0.40% expense ratio.

Dividends

GDGB.L vs. HYEM.L - Dividend Comparison

Neither GDGB.L nor HYEM.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GDGB.L VanEck Gold Miners UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.09%

Frequently Asked Questions

Can I hold both GDGB.L and HYEM.L in my portfolio?

GDGB.L and HYEM.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDGB.L or HYEM.L?

On fees, HYEM.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, GDGB.L or HYEM.L?

HYEM.L is cheaper with a 0.40% expense ratio, compared with 0.53% for GDGB.L.

What is the main difference between GDGB.L and HYEM.L?

GDGB.L is categorized as Gold, while HYEM.L is High Yield Bonds. GDGB.L tracks MarketVector Global Gold Miners Index, while HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF. Their fees differ too: 0.53% for GDGB.L and 0.40% for HYEM.L.