HY3M.DE vs. DFEN.DE
HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - HY3M.DE is a Emerging Markets Bonds fund tracking the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past 3 years, HY3M.DE returned 9.22%/yr vs 34.20%/yr for DFEN.DE. At a 0.14 correlation, their price movements are largely independent. HY3M.DE charges 0.40%/yr vs 0.55%/yr for DFEN.DE.
Performance
HY3M.DE vs. DFEN.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 higher than DFEN.DE's -3.41% 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*
- —
DFEN.DE
- 1D
- -0.24%
- 1M
- -4.70%
- 6M
- -19.37%
- YTD
- -3.41%
- 1Y
- 3.74%
- 3Y*
- 34.20%
- 5Y*
- —
- 10Y*
- —
HY3M.DE vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.33% | -3.30% | 18.25% | 3.60% |
DFEN.DE VanEck Defense UCITS ETF A | -3.41% | 50.76% | 51.97% | 22.65% |
Correlation
The correlation between HY3M.DE and DFEN.DE is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.14 |
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Return for Risk
HY3M.DE vs. DFEN.DE — Risk / Return Rank
HY3M.DE
DFEN.DE
HY3M.DE vs. DFEN.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 VanEck Defense UCITS ETF A (DFEN.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 | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.05 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 0.16 | +3.25 |
| Martin ratioReturn relative to average drawdown | 10.01 | 0.37 | +9.63 |
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Drawdowns
HY3M.DE vs. DFEN.DE - Drawdown Comparison
The maximum HY3M.DE drawdown since its inception was -21.08%, smaller than the maximum DFEN.DE drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for HY3M.DE and DFEN.DE.
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Drawdown Indicators
| HY3M.DE | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.08% | -23.39% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -23.39% | +20.31% |
Max Drawdown (3Y)Largest decline over 3 years | -12.09% | -23.39% | +11.30% |
Max Drawdown (5Y)Largest decline over 5 years | -13.58% | — | — |
Current DrawdownCurrent decline from peak | -1.17% | -21.27% | +20.10% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -3.70% | -3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 10.03% | -8.98% |
Volatility
HY3M.DE vs. DFEN.DE - Volatility Comparison
The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) is 1.97%, while VanEck Defense UCITS ETF A (DFEN.DE) has a volatility of 8.52%. This indicates that HY3M.DE experiences smaller price fluctuations and is considered to be less risky than DFEN.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 | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 8.52% | -6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 5.14% | 18.86% | -13.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 25.75% | -18.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.61% | 21.46% | -12.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 21.46% | -8.26% |
HY3M.DE vs. DFEN.DE - Expense Ratio Comparison
HY3M.DE has a 0.40% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.
Dividends
HY3M.DE vs. DFEN.DE - Dividend Comparison
Neither HY3M.DE nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
HY3M.DE and DFEN.DE have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HY3M.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HY3M.DE is cheaper with a 0.40% expense ratio, compared with 0.55% for DFEN.DE.
HY3M.DE is categorized as Emerging Markets Bonds, while DFEN.DE is Aerospace & Defense. HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while DFEN.DE tracks MarketVector Global Defense Industry Index. Their fees differ too: 0.40% for HY3M.DE and 0.55% for DFEN.DE.
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