GFGB.L vs. HYEM.L
GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds from VanEck - GFGB.L tracks the ICE BofA Gbl HY Constnd TR USD while HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, GFGB.L returned 3.45%/yr vs 3.12%/yr for HYEM.L. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
GFGB.L vs. HYEM.L - Performance Comparison
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Different Trading Currencies
GFGB.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, GFGB.L achieves a 3.33% return, which is significantly higher than HYEM.L's 3.10% return.
GFGB.L
- 1D
- -0.53%
- 1M
- -0.85%
- 6M
- 3.14%
- YTD
- 3.33%
- 1Y
- 6.10%
- 3Y*
- 7.30%
- 5Y*
- 3.45%
- 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*
- —
GFGB.L vs. HYEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.33% | 2.41% | 7.86% | 4.28% | -2.32% | 3.31% | 13.08% | 9.77% | -24.57% |
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 GFGB.L and HYEM.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.53 |
The correlation between GFGB.L and HYEM.L has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.
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Return for Risk
GFGB.L vs. HYEM.L — Risk / Return Rank
GFGB.L
HYEM.L
GFGB.L vs. HYEM.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 (GFGB.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.
| GFGB.L | HYEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 1.71 | +0.28 |
| Martin ratioReturn relative to average drawdown | 4.97 | 4.63 | +0.34 |
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Drawdowns
GFGB.L vs. HYEM.L - Drawdown Comparison
The maximum GFGB.L drawdown since its inception was -28.88%, 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 GFGB.L and HYEM.L.
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Drawdown Indicators
| GFGB.L | HYEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.88% | -15.44% | -13.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -4.06% | +1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -7.55% | -9.01% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -10.36% | -13.20% | +2.84% |
Current DrawdownCurrent decline from peak | -2.51% | -2.59% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -3.64% | -5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.50% | -0.28% |
Volatility
GFGB.L vs. HYEM.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a higher volatility of 2.13% compared to VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) at 1.74%. This indicates that GFGB.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.
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Volatility by Period
| GFGB.L | HYEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.13% | 1.74% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.04% | 5.85% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.08% | 7.61% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.86% | 9.99% | -2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.07% | 10.09% | +2.98% |
GFGB.L vs. HYEM.L - Expense Ratio Comparison
Both GFGB.L and HYEM.L have an expense ratio of 0.40%.
Dividends
GFGB.L vs. HYEM.L - Dividend Comparison
Neither GFGB.L nor HYEM.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond 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
GFGB.L and HYEM.L have a correlation of 0.48, 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.
GFGB.L and HYEM.L have the same expense ratio: 0.40% per year.
GFGB.L tracks ICE BofA Gbl HY Constnd TR USD, while HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF.
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