GFA.L vs. HYGB.L
GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds from VanEck - GFA.L tracks the VanEck Global Fallen Angel High Yield Bond UCITS ETF while HYGB.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, GFA.L returned 2.71%/yr vs 2.90%/yr for HYGB.L. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
GFA.L vs. HYGB.L - Performance Comparison
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Different Trading Currencies
GFA.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, GFA.L achieves a 2.23% return, which is significantly lower than HYGB.L's 4.01% return.
GFA.L
- 1D
- -1.58%
- 1M
- -1.67%
- 6M
- 2.02%
- YTD
- 2.23%
- 1Y
- 5.68%
- 3Y*
- 7.70%
- 5Y*
- 2.71%
- 10Y*
- —
HYGB.L
- 1D
- 0.58%
- 1M
- 0.40%
- 6M
- 3.60%
- YTD
- 4.01%
- 1Y
- 8.89%
- 3Y*
- 10.43%
- 5Y*
- 2.90%
- 10Y*
- —
GFA.L vs. HYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 2.23% | 9.97% | 6.02% | 10.29% | -12.56% | 1.93% | 16.95% | 13.34% | -3.62% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF | 4.01% | 9.22% | 11.83% | 7.02% | -12.94% | -0.32% | 5.02% | 15.45% | -30.18% |
Correlation
The correlation between GFA.L and HYGB.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.21 |
The correlation between GFA.L and HYGB.L shifts across timeframes, from 0.11 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GFA.L vs. HYGB.L — Risk / Return Rank
GFA.L
HYGB.L
GFA.L vs. HYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) and VanEck Emerging Markets High Yield Bond UCITS ETF (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.
| GFA.L | HYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.32 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 3.04 | -1.62 |
| Martin ratioReturn relative to average drawdown | 3.83 | 13.36 | -9.53 |
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Drawdowns
GFA.L vs. HYGB.L - Drawdown Comparison
The maximum GFA.L drawdown since its inception was -22.98%, smaller than the maximum HYGB.L drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for GFA.L and HYGB.L.
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Drawdown Indicators
| GFA.L | HYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -37.51% | +14.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -2.91% | -0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -5.14% | -4.72% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | -25.04% | +2.50% |
Current DrawdownCurrent decline from peak | -2.07% | -3.08% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -21.20% | +16.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.66% | +0.79% |
Volatility
GFA.L vs. HYGB.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) has a higher volatility of 2.17% compared to VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) at 1.59%. This indicates that GFA.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.
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Volatility by Period
| GFA.L | HYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 1.59% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 4.63% | +1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.68% | 5.32% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 17.85% | -9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 17.18% | -8.74% |
GFA.L vs. HYGB.L - Expense Ratio Comparison
Both GFA.L and HYGB.L have an expense ratio of 0.40%.
Dividends
GFA.L vs. HYGB.L - Dividend Comparison
Neither GFA.L nor HYGB.L has paid dividends to shareholders.
Frequently Asked Questions
GFA.L and HYGB.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GFA.L and HYGB.L have the same expense ratio: 0.40% per year.
GFA.L tracks VanEck Global Fallen Angel High Yield Bond UCITS ETF, while HYGB.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF.
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