HY3M.DE vs. ZPR6.DE
HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) and ZPR6.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc) are both Emerging Markets Bonds funds - HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while ZPR6.DE tracks the ICE BofAML 0-5 EM USD Government Bond (EUR Hedged). Both are passively managed. Over the past 5 years, HY3M.DE returned 3.37%/yr vs 0.28%/yr for ZPR6.DE. At a correlation of -0.04, they often move in opposite directions. HY3M.DE charges 0.40%/yr vs 0.47%/yr for ZPR6.DE.
Performance
HY3M.DE vs. ZPR6.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 ZPR6.DE's 0.13% 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*
- —
ZPR6.DE
- 1D
- -0.16%
- 1M
- -0.23%
- 6M
- 0.39%
- YTD
- 0.13%
- 1Y
- 2.77%
- 3Y*
- 3.87%
- 5Y*
- 0.28%
- 10Y*
- —
HY3M.DE vs. ZPR6.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% | 7.80% |
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc | 0.13% | 5.64% | 3.09% | 3.98% | -9.09% | -1.16% | 0.67% | -0.10% |
Correlation
The correlation between HY3M.DE and ZPR6.DE is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | -0.04 |
The correlation between HY3M.DE and ZPR6.DE shifts across timeframes, from -0.22 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HY3M.DE vs. ZPR6.DE — Risk / Return Rank
HY3M.DE
ZPR6.DE
HY3M.DE vs. ZPR6.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 SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.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 | ZPR6.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 1.52 | +1.89 |
| Martin ratioReturn relative to average drawdown | 10.01 | 6.00 | +4.01 |
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Drawdowns
HY3M.DE vs. ZPR6.DE - Drawdown Comparison
The maximum HY3M.DE drawdown since its inception was -21.08%, which is greater than ZPR6.DE's maximum drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for HY3M.DE and ZPR6.DE.
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Drawdown Indicators
| HY3M.DE | ZPR6.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.08% | -13.49% | -7.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -1.81% | -1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -12.09% | -1.81% | -10.28% |
Max Drawdown (5Y)Largest decline over 5 years | -13.58% | -13.37% | -0.21% |
Current DrawdownCurrent decline from peak | -1.17% | -0.39% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -4.55% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.46% | +0.59% |
Volatility
HY3M.DE vs. ZPR6.DE - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a higher volatility of 1.97% compared to SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.DE) at 0.77%. This indicates that HY3M.DE's price experiences larger fluctuations and is considered to be riskier than ZPR6.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 | ZPR6.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 0.77% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.14% | 2.20% | +2.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 2.55% | +4.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.61% | 4.42% | +4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 5.09% | +8.11% |
HY3M.DE vs. ZPR6.DE - Expense Ratio Comparison
HY3M.DE has a 0.40% expense ratio, which is lower than ZPR6.DE's 0.47% expense ratio.
Dividends
HY3M.DE vs. ZPR6.DE - Dividend Comparison
Neither HY3M.DE nor ZPR6.DE has paid dividends to shareholders.
Frequently Asked Questions
HY3M.DE and ZPR6.DE have a correlation of -0.22, 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 0.47% for ZPR6.DE.
HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while ZPR6.DE tracks ICE BofAML 0-5 EM USD Government Bond (EUR Hedged). They also come from different issuers: VanEck and State Street. Their fees differ too: 0.40% for HY3M.DE and 0.47% for ZPR6.DE.
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