HIGH.L vs. EMNE.DE
HIGH.L (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)) and EMNE.DE (iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist)) are both exchange-traded funds - HIGH.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while EMNE.DE is a Europe Equities fund tracking the MSCI EMU ESG Enhanced Focus CTB Index. Both are passively managed. Over the past 5 years, HIGH.L returned 2.73%/yr vs 10.42%/yr for EMNE.DE. A 0.57 correlation means they provide meaningful diversification when combined. HIGH.L charges 0.50%/yr vs 0.12%/yr for EMNE.DE.
Performance
HIGH.L vs. EMNE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH.L achieves a 1.29% return, which is significantly lower than EMNE.DE's 9.92% return.
HIGH.L
- 1D
- 0.00%
- 1M
- -0.00%
- 6M
- 1.45%
- YTD
- 1.29%
- 1Y
- 3.11%
- 3Y*
- 6.20%
- 5Y*
- 2.73%
- 10Y*
- —
- ALL TIME*
- 2.65%
EMNE.DE
- 1D
- 0.22%
- 1M
- -2.09%
- 6M
- 8.22%
- YTD
- 9.92%
- 1Y
- 18.82%
- 3Y*
- 14.84%
- 5Y*
- 10.42%
- 10Y*
- —
- ALL TIME*
- 11.44%
HIGH.L vs. EMNE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIGH.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) | 1.29% | 4.89% | 5.70% | 11.59% | -9.32% | 2.82% | 1.10% | 5.47% |
EMNE.DE iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) | 9.92% | 22.18% | 9.86% | 18.79% | -12.35% | 22.75% | 1.44% | 16.09% |
Correlation
The correlation between HIGH.L and EMNE.DE is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019 | 0.57 |
The correlation between HIGH.L and EMNE.DE has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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Return for Risk
HIGH.L vs. EMNE.DE — Risk / Return Rank
HIGH.L
EMNE.DE
HIGH.L vs. EMNE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) and iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE). 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.
| HIGH.L | EMNE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.24 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.72 | -0.64 |
| Martin ratioReturn relative to average drawdown | 4.35 | 6.34 | -1.99 |
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Drawdowns
HIGH.L vs. EMNE.DE - Drawdown Comparison
The maximum HIGH.L drawdown since its inception was -25.42%, smaller than the maximum EMNE.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for HIGH.L and EMNE.DE.
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Drawdown Indicators
| HIGH.L | EMNE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.42% | -34.37% | +8.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -10.90% | +8.02% |
Max Drawdown (3Y)Largest decline over 3 years | -3.65% | -15.10% | +11.45% |
Max Drawdown (5Y)Largest decline over 5 years | -14.64% | -24.70% | +10.06% |
Current DrawdownCurrent decline from peak | -0.47% | -2.73% | +2.26% |
Average DrawdownAverage peak-to-trough decline | -2.68% | -5.19% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 2.96% | -2.25% |
Volatility
HIGH.L vs. EMNE.DE - Volatility Comparison
The current volatility for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) is 0.73%, while iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE) has a volatility of 3.80%. This indicates that HIGH.L experiences smaller price fluctuations and is considered to be less risky than EMNE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIGH.L | EMNE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 3.80% | -3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 12.63% | -9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 14.93% | -11.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.47% | 16.24% | -10.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.16% | 19.98% | -12.82% |
HIGH.L vs. EMNE.DE - Expense Ratio Comparison
HIGH.L has a 0.50% expense ratio, which is higher than EMNE.DE's 0.12% expense ratio.
Dividends
HIGH.L vs. EMNE.DE - Dividend Comparison
HIGH.L has not paid dividends to shareholders, while EMNE.DE's dividend yield for the trailing twelve months is around 2.39%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMNE.DE iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) | 2.39% | 2.61% | 2.95% | 3.17% | 3.34% | 2.40% | 1.85% | 2.67% |
HIGH.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HIGH.L and EMNE.DE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMNE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMNE.DE is cheaper with a 0.12% expense ratio, compared with 0.50% for HIGH.L.
HIGH.L is categorized as European High Yield Bonds, while EMNE.DE is Europe Equities. HIGH.L tracks Bloomberg Pan Euro HY Euro TR EUR, while EMNE.DE tracks MSCI EMU ESG Enhanced Focus CTB Index. Their fees differ too: 0.50% for HIGH.L and 0.12% for EMNE.DE.
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