HY3M.DE vs. UEFE.DE
HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) and UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. Both are passively managed. Over the past 5 years, HY3M.DE returned 3.45%/yr vs 3.28%/yr for UEFE.DE. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
HY3M.DE vs. UEFE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HY3M.DE achieves a 6.76% return, which is significantly higher than UEFE.DE's 4.68% return.
HY3M.DE
- 1D
- 0.18%
- 1M
- 0.99%
- 6M
- 4.21%
- YTD
- 6.76%
- 1Y
- 9.61%
- 3Y*
- 9.20%
- 5Y*
- 3.45%
- 10Y*
- —
UEFE.DE
- 1D
- -0.26%
- 1M
- 0.17%
- 6M
- 2.36%
- YTD
- 4.68%
- 1Y
- 10.66%
- 3Y*
- 6.54%
- 5Y*
- 3.28%
- 10Y*
- —
HY3M.DE vs. UEFE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.76% | -3.30% | 18.25% | 4.13% | -7.66% | 7.35% | -3.67% | 17.71% | 2.77% |
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 4.68% | 6.42% | 4.70% | 10.83% | -7.97% | -1.52% | -6.87% | 15.85% | -7.00% |
Correlation
The correlation between HY3M.DE and UEFE.DE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018 | 0.40 |
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Return for Risk
HY3M.DE vs. UEFE.DE — Risk / Return Rank
HY3M.DE
UEFE.DE
HY3M.DE vs. UEFE.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 UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.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 | UEFE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.37 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 2.72 | +0.39 |
| Martin ratioReturn relative to average drawdown | 9.17 | 9.53 | -0.36 |
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Drawdowns
HY3M.DE vs. UEFE.DE - Drawdown Comparison
The maximum HY3M.DE drawdown since its inception was -21.08%, smaller than the maximum UEFE.DE drawdown of -23.70%. Use the drawdown chart below to compare losses from any high point for HY3M.DE and UEFE.DE.
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Drawdown Indicators
| HY3M.DE | UEFE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.08% | -23.70% | +2.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.90% | +0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -12.09% | -7.95% | -4.14% |
Max Drawdown (5Y)Largest decline over 5 years | -13.58% | -12.90% | -0.68% |
Current DrawdownCurrent decline from peak | -0.77% | -0.68% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -8.52% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.12% | -0.08% |
Volatility
HY3M.DE vs. UEFE.DE - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a higher volatility of 1.80% compared to UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) at 1.16%. This indicates that HY3M.DE's price experiences larger fluctuations and is considered to be riskier than UEFE.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 | UEFE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.16% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 5.09% | 4.71% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 5.48% | +1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.60% | 8.08% | +0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.19% | 12.98% | +0.21% |
HY3M.DE vs. UEFE.DE - Expense Ratio Comparison
Both HY3M.DE and UEFE.DE have an expense ratio of 0.40%.
Dividends
HY3M.DE vs. UEFE.DE - Dividend Comparison
HY3M.DE has not paid dividends to shareholders, while UEFE.DE's dividend yield for the trailing twelve months is around 5.37%.
| 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% |
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 5.37% | 5.84% | 4.97% | 4.52% | 4.68% | 4.87% | 5.10% | 4.88% |
Frequently Asked Questions
HY3M.DE and UEFE.DE have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HY3M.DE and UEFE.DE have the same expense ratio: 0.40% per year.
HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. They also come from different issuers: VanEck and UBS.
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