HY3M.DE vs. CGB.DE
HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) and CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds - HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Both are passively managed. Over the past 5 years, HY3M.DE returned 3.37%/yr vs 3.09%/yr for CGB.DE. A 0.53 correlation means they provide meaningful diversification when combined. HY3M.DE charges 0.40%/yr vs 0.20%/yr for CGB.DE.
Performance
HY3M.DE vs. CGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HY3M.DE achieves a 6.33% return, which is significantly lower than CGB.DE's 8.16% return.
HY3M.DE
- 1D
- -0.75%
- 1M
- 0.99%
- 6M
- 4.72%
- YTD
- 6.33%
- 1Y
- 9.36%
- 3Y*
- 9.22%
- 5Y*
- 3.37%
- 10Y*
- —
CGB.DE
- 1D
- 0.35%
- 1M
- 1.57%
- 6M
- 7.02%
- YTD
- 8.16%
- 1Y
- 9.96%
- 3Y*
- 4.67%
- 5Y*
- 3.09%
- 10Y*
- 2.45%
HY3M.DE vs. CGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.33% | -3.30% | 18.25% | 4.13% | -7.66% | 7.35% | -3.67% | 17.71% | -14.66% |
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.16% | -6.58% | 9.93% | -2.82% | -0.10% | 15.85% | -0.38% | 4.86% | 3.56% |
Correlation
The correlation between HY3M.DE and CGB.DE is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.53 |
The correlation between HY3M.DE and CGB.DE shifts across timeframes, from 0.53 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HY3M.DE vs. CGB.DE — Risk / Return Rank
HY3M.DE
CGB.DE
HY3M.DE vs. CGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) and Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.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.
| HY3M.DE | CGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.29 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 3.51 | -0.10 |
| Martin ratioReturn relative to average drawdown | 10.01 | 10.39 | -0.38 |
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Drawdowns
HY3M.DE vs. CGB.DE - Drawdown Comparison
The maximum HY3M.DE drawdown since its inception was -21.08%, which is greater than CGB.DE's maximum drawdown of -20.06%. Use the drawdown chart below to compare losses from any high point for HY3M.DE and CGB.DE.
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Drawdown Indicators
| HY3M.DE | CGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.08% | -20.06% | -1.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.83% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -12.09% | -11.08% | -1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -13.58% | -13.94% | +0.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.64% | — |
Current DrawdownCurrent decline from peak | -1.17% | -0.79% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -9.26% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.96% | +0.09% |
Volatility
HY3M.DE vs. CGB.DE - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a higher volatility of 1.97% compared to Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) at 1.78%. This indicates that HY3M.DE's price experiences larger fluctuations and is considered to be riskier than CGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HY3M.DE | CGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.78% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 5.14% | 4.02% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 5.84% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.61% | 6.74% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 11.06% | +2.14% |
HY3M.DE vs. CGB.DE - Expense Ratio Comparison
HY3M.DE has a 0.40% expense ratio, which is higher than CGB.DE's 0.20% expense ratio.
Dividends
HY3M.DE vs. CGB.DE - Dividend Comparison
HY3M.DE has not paid dividends to shareholders, while CGB.DE's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 1.99% | 2.40% | 2.37% | 2.97% | 4.40% | 2.17% | 2.15% | 2.56% | 0.72% | 2.64% | 0.38% |
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HY3M.DE and CGB.DE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGB.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.40% for HY3M.DE.
HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. They also come from different issuers: VanEck and Xtrackers. Their fees differ too: 0.40% for HY3M.DE and 0.20% for CGB.DE.
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