HDEF vs. BKHY
HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and BKHY (BNY Mellon High Yield Beta ETF) are both exchange-traded funds - HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index, while BKHY is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield Index. Both are passively managed. Over the past 5 years, HDEF returned 10.35%/yr vs 4.01%/yr for BKHY. A 0.57 correlation means they provide meaningful diversification when combined. HDEF charges 0.20%/yr vs 0.22%/yr for BKHY.
Performance
HDEF vs. BKHY - Performance Comparison
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Returns By Period
In the year-to-date period, HDEF achieves a 4.97% return, which is significantly higher than BKHY's 1.83% return.
HDEF
- 1D
- 0.28%
- 1M
- -2.23%
- YTD
- 4.97%
- 6M
- 4.60%
- 1Y
- 15.97%
- 3Y*
- 16.71%
- 5Y*
- 10.35%
- 10Y*
- 8.94%
BKHY
- 1D
- -0.12%
- 1M
- 0.45%
- YTD
- 1.83%
- 6M
- 2.12%
- 1Y
- 6.68%
- 3Y*
- 9.02%
- 5Y*
- 4.01%
- 10Y*
- —
HDEF vs. BKHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 4.97% | 33.01% | 2.85% | 18.53% | -2.51% | 6.95% | 28.85% |
BKHY BNY Mellon High Yield Beta ETF | 1.83% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
Correlation
The correlation between HDEF and BKHY is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020 | 0.57 |
The correlation between HDEF and BKHY has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
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Return for Risk
HDEF vs. BKHY — Risk / Return Rank
HDEF
BKHY
HDEF vs. BKHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) and BNY Mellon High Yield Beta ETF (BKHY). 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.
| HDEF | BKHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.35 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.65 | -0.65 |
| Martin ratioReturn relative to average drawdown | 5.75 | 12.09 | -6.34 |
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Drawdowns
HDEF vs. BKHY - Drawdown Comparison
The maximum HDEF drawdown since its inception was -36.43%, which is greater than BKHY's maximum drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for HDEF and BKHY.
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Drawdown Indicators
| HDEF | BKHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.43% | -15.89% | -20.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.03% | -2.53% | -5.50% |
Max Drawdown (3Y)Largest decline over 3 years | -11.15% | -4.87% | -6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -23.63% | -15.89% | -7.74% |
Max Drawdown (10Y)Largest decline over 10 years | -36.43% | — | — |
Current DrawdownCurrent decline from peak | -4.80% | -0.37% | -4.43% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -2.95% | -2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 0.55% | +2.23% |
Volatility
HDEF vs. BKHY - Volatility Comparison
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) has a higher volatility of 3.05% compared to BNY Mellon High Yield Beta ETF (BKHY) at 0.93%. This indicates that HDEF's price experiences larger fluctuations and is considered to be riskier than BKHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDEF | BKHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 0.93% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 9.32% | 3.03% | +6.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.77% | 3.73% | +8.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.13% | 7.59% | +6.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 7.34% | +8.78% |
HDEF vs. BKHY - Expense Ratio Comparison
HDEF has a 0.20% expense ratio, which is lower than BKHY's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HDEF vs. BKHY - Dividend Comparison
HDEF's dividend yield for the trailing twelve months is around 3.96%, less than BKHY's 7.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.46% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 3.96% | 3.88% | 4.53% | 4.38% | 5.41% | 4.76% | 3.93% | 4.20% | 3.55% | 3.38% | 9.53% | 1.87% |
Frequently Asked Questions
HDEF and BKHY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDEF has higher volatility (3.05%) compared to BKHY (0.93%). In terms of maximum drawdown, HDEF dropped -36.43% vs BKHY's -15.89%.
On 5-year performance, HDEF leads with 10.35% vs 4.01% for BKHY. On fees, HDEF is cheaper at 0.20% per year. On volatility, BKHY has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDEF has performed better with a 10.35% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDEF is cheaper with a 0.20% expense ratio, compared with 0.22% for BKHY.
BKHY has the higher dividend yield at 7.46%, compared with 3.96% for HDEF.
HDEF is categorized as Foreign Large Cap Equities, while BKHY is High Yield Bonds. HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index, while BKHY tracks Bloomberg US Corporate High Yield Index. They also come from different issuers: Deutsche Bank and BNY Mellon. Their fees differ too: 0.20% for HDEF and 0.22% for BKHY.
BKHY currently has the higher Sharpe Ratio (1.80 vs 1.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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