HYEM.L vs. CYGB.L
HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds - HYEM.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, HYEM.L returned 2.77%/yr vs 4.95%/yr for CYGB.L. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
HYEM.L vs. CYGB.L - Performance Comparison
Loading charts...
Different Trading Currencies
HYEM.L is traded in USD, while CYGB.L is traded in GBP. To make them comparable, the CYGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with HYEM.L having a 3.56% return and CYGB.L slightly lower at 3.39%.
HYEM.L
- 1D
- -0.01%
- 1M
- -0.27%
- 6M
- 2.87%
- YTD
- 3.56%
- 1Y
- 7.93%
- 3Y*
- 9.90%
- 5Y*
- 2.77%
- 10Y*
- —
CYGB.L
- 1D
- -0.38%
- 1M
- 1.67%
- 6M
- 3.64%
- YTD
- 3.39%
- 1Y
- 3.93%
- 3Y*
- 7.75%
- 5Y*
- 4.95%
- 10Y*
- —
HYEM.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.56% | 8.98% | 11.89% | 7.56% | -12.87% | -1.72% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.39% | 9.91% | 9.53% | 12.79% | -8.81% | -1.56% |
Correlation
The correlation between HYEM.L and CYGB.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.18 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYEM.L vs. CYGB.L — Risk / Return Rank
HYEM.L
CYGB.L
HYEM.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L). 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.
| HYEM.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.09 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 0.97 | +1.72 |
| Martin ratioReturn relative to average drawdown | 10.12 | 2.20 | +7.92 |
Loading charts...
Drawdowns
HYEM.L vs. CYGB.L - Drawdown Comparison
The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than CYGB.L's maximum drawdown of -22.10%. Use the drawdown chart below to compare losses from any high point for HYEM.L and CYGB.L.
Loading charts...
Drawdown Indicators
| HYEM.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.28% | -22.10% | -5.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -4.04% | +1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | -6.48% | +2.21% |
Max Drawdown (5Y)Largest decline over 5 years | -27.28% | -21.63% | -5.65% |
Current DrawdownCurrent decline from peak | -0.39% | -0.67% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -4.36% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.78% | -1.00% |
Volatility
HYEM.L vs. CYGB.L - Volatility Comparison
The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) is 1.12%, while iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) has a volatility of 1.86%. This indicates that HYEM.L experiences smaller price fluctuations and is considered to be less risky than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HYEM.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.86% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.12% | 5.73% | -1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.94% | 7.40% | -2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.98% | 8.87% | -1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 8.74% | -1.51% |
HYEM.L vs. CYGB.L - Expense Ratio Comparison
Both HYEM.L and CYGB.L have an expense ratio of 0.40%.
Dividends
HYEM.L vs. CYGB.L - Dividend Comparison
HYEM.L has not paid dividends to shareholders, while CYGB.L's dividend yield for the trailing twelve months is around 1.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.00% |
Frequently Asked Questions
HYEM.L and CYGB.L have a correlation of 0.17, 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.
HYEM.L and CYGB.L have the same expense ratio: 0.40% per year.
HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: VanEck and iShares.
Find the right allocation for HYEM.L and CYGB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer