HYEM.L vs. DFNS.L
HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - HYEM.L is a High Yield Bonds fund tracking the VanEck Emerging Markets High Yield Bond UCITS ETF, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, HYEM.L returned 9.82%/yr vs 35.29%/yr for DFNS.L. At a 0.19 correlation, their price movements are largely independent. HYEM.L charges 0.40%/yr vs 0.55%/yr for DFNS.L.
Performance
HYEM.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM.L achieves a 3.15% return, which is significantly higher than DFNS.L's -5.22% return.
HYEM.L
- 1D
- -0.36%
- 1M
- -0.68%
- 6M
- 2.60%
- YTD
- 3.15%
- 1Y
- 7.88%
- 3Y*
- 9.82%
- 5Y*
- 2.69%
- 10Y*
- —
DFNS.L
- 1D
- 0.00%
- 1M
- -5.79%
- 6M
- -20.35%
- YTD
- -5.22%
- 1Y
- 2.66%
- 3Y*
- 35.29%
- 5Y*
- —
- 10Y*
- —
HYEM.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF | 3.15% | 8.98% | 11.89% | 5.91% |
DFNS.L VanEck Defense UCITS ETF | -5.22% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between HYEM.L and DFNS.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 | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.19 |
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Return for Risk
HYEM.L vs. DFNS.L — Risk / Return Rank
HYEM.L
DFNS.L
HYEM.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) and VanEck Defense UCITS ETF (DFNS.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 | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.04 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 0.11 | +2.43 |
| Martin ratioReturn relative to average drawdown | 9.53 | 0.26 | +9.27 |
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Drawdowns
HYEM.L vs. DFNS.L - Drawdown Comparison
The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than DFNS.L's maximum drawdown of -25.29%. Use the drawdown chart below to compare losses from any high point for HYEM.L and DFNS.L.
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Drawdown Indicators
| HYEM.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.28% | -25.29% | -1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -25.29% | +22.35% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | -25.29% | +21.02% |
Max Drawdown (5Y)Largest decline over 5 years | -27.28% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -22.48% | +21.70% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -3.97% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 10.18% | -9.40% |
Volatility
HYEM.L vs. DFNS.L - Volatility Comparison
The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) is 1.28%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.92%. This indicates that HYEM.L experiences smaller price fluctuations and is considered to be less risky than DFNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 8.92% | -7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 4.14% | 19.77% | -15.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 25.92% | -20.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.98% | 21.86% | -14.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.24% | 21.86% | -14.62% |
HYEM.L vs. DFNS.L - Expense Ratio Comparison
HYEM.L has a 0.40% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
HYEM.L vs. DFNS.L - Dividend Comparison
Neither HYEM.L nor DFNS.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
HYEM.L and DFNS.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.
On fees, HYEM.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYEM.L is cheaper with a 0.40% expense ratio, compared with 0.55% for DFNS.L.
HYEM.L is categorized as High Yield Bonds, while DFNS.L is Aerospace & Defense. HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while DFNS.L tracks MarketVector™ Global Defense Industry Index. Their fees differ too: 0.40% for HYEM.L and 0.55% for DFNS.L.
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