HY3M.DE vs. ICGB.DE
HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, HY3M.DE returned 3.37%/yr vs 3.74%/yr for ICGB.DE. A 0.52 correlation means they provide meaningful diversification when combined. HY3M.DE charges 0.40%/yr vs 0.35%/yr for ICGB.DE.
Performance
HY3M.DE vs. ICGB.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 ICGB.DE's 8.51% 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*
- —
ICGB.DE
- 1D
- 0.20%
- 1M
- 1.66%
- 6M
- 7.11%
- YTD
- 8.51%
- 1Y
- 9.27%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
HY3M.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.33% | -3.30% | 18.25% | 4.13% | -7.66% | 7.35% | -3.67% | 4.19% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.51% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
Correlation
The correlation between HY3M.DE and ICGB.DE is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.52 |
The correlation between HY3M.DE and ICGB.DE shifts across timeframes, from 0.52 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HY3M.DE vs. ICGB.DE — Risk / Return Rank
HY3M.DE
ICGB.DE
HY3M.DE vs. ICGB.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 iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.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 | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 3.33 | +0.08 |
| Martin ratioReturn relative to average drawdown | 10.01 | 8.75 | +1.26 |
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Drawdowns
HY3M.DE vs. ICGB.DE - Drawdown Comparison
The maximum HY3M.DE drawdown since its inception was -21.08%, which is greater than ICGB.DE's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for HY3M.DE and ICGB.DE.
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Drawdown Indicators
| HY3M.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.08% | -13.36% | -7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.77% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -12.09% | -11.17% | -0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -13.58% | -13.36% | -0.22% |
Current DrawdownCurrent decline from peak | -1.17% | -1.22% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -6.40% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.06% | -0.01% |
Volatility
HY3M.DE vs. ICGB.DE - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a higher volatility of 1.97% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.31%. This indicates that HY3M.DE's price experiences larger fluctuations and is considered to be riskier than ICGB.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 | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.31% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 5.14% | 3.60% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 5.40% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.61% | 6.63% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 7.90% | +5.30% |
HY3M.DE vs. ICGB.DE - Expense Ratio Comparison
HY3M.DE has a 0.40% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
HY3M.DE vs. ICGB.DE - Dividend Comparison
HY3M.DE has not paid dividends to shareholders, while ICGB.DE's dividend yield for the trailing twelve months is around 1.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.68% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
Frequently Asked Questions
HY3M.DE and ICGB.DE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICGB.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGB.DE is cheaper with a 0.35% expense ratio, compared with 0.40% for HY3M.DE.
HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for HY3M.DE and 0.35% for ICGB.DE.
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