HY3M.DE vs. VGEM.DE
HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, HY3M.DE returned 3.45%/yr vs 2.77%/yr for VGEM.DE. A 0.58 correlation means they provide meaningful diversification when combined. HY3M.DE charges 0.40%/yr vs 0.25%/yr for VGEM.DE.
Performance
HY3M.DE vs. VGEM.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 VGEM.DE's 4.30% 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*
- —
VGEM.DE
- 1D
- 0.08%
- 1M
- 0.67%
- 6M
- 2.91%
- YTD
- 4.30%
- 1Y
- 9.57%
- 3Y*
- 7.30%
- 5Y*
- 2.77%
- 10Y*
- —
HY3M.DE vs. VGEM.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% | -14.66% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 4.30% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 16.11% | 6.75% |
Correlation
The correlation between HY3M.DE and VGEM.DE is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.58 |
The correlation between HY3M.DE and VGEM.DE has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.
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Return for Risk
HY3M.DE vs. VGEM.DE — Risk / Return Rank
HY3M.DE
VGEM.DE
HY3M.DE vs. VGEM.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.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 | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.30 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 3.21 | -0.10 |
| Martin ratioReturn relative to average drawdown | 9.17 | 8.93 | +0.24 |
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Drawdowns
HY3M.DE vs. VGEM.DE - Drawdown Comparison
The maximum HY3M.DE drawdown since its inception was -21.08%, which is greater than VGEM.DE's maximum drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for HY3M.DE and VGEM.DE.
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Drawdown Indicators
| HY3M.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.08% | -19.64% | -1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.97% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.09% | -11.92% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -13.58% | -12.13% | -1.45% |
Current DrawdownCurrent decline from peak | -0.77% | -1.41% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -5.88% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.07% | -0.03% |
Volatility
HY3M.DE vs. VGEM.DE - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a higher volatility of 1.80% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.33%. This indicates that HY3M.DE's price experiences larger fluctuations and is considered to be riskier than VGEM.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 | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.33% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.09% | 4.05% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 6.08% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.60% | 7.90% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.19% | 8.75% | +4.44% |
HY3M.DE vs. VGEM.DE - Expense Ratio Comparison
HY3M.DE has a 0.40% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
HY3M.DE vs. VGEM.DE - Dividend Comparison
HY3M.DE has not paid dividends to shareholders, while VGEM.DE's dividend yield for the trailing twelve months is around 5.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.76% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% |
Frequently Asked Questions
HY3M.DE and VGEM.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.40% for HY3M.DE.
HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.40% for HY3M.DE and 0.25% for VGEM.DE.
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