HYEM.L vs. DRGN.L
HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. HYEM.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, HYEM.L returned 2.77%/yr vs 2.15%/yr for DRGN.L. At a 0.21 correlation, their price movements are largely independent. HYEM.L charges 0.40%/yr vs 0.30%/yr for DRGN.L.
Performance
HYEM.L vs. DRGN.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HYEM.L having a 3.56% return and DRGN.L slightly higher at 3.71%.
HYEM.L
- 1D
- -0.01%
- 1M
- -0.27%
- 6M
- 2.87%
- YTD
- 3.56%
- 1Y
- 7.93%
- 3Y*
- 9.90%
- 5Y*
- 2.77%
- 10Y*
- —
DRGN.L
- 1D
- 0.00%
- 1M
- -0.16%
- 6M
- 4.23%
- YTD
- 3.71%
- 1Y
- 7.03%
- 3Y*
- 4.89%
- 5Y*
- 2.15%
- 10Y*
- —
HYEM.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.56% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 0.85% |
DRGN.L L&G China CNY Bond UCITS ETF | 3.71% | 5.48% | 3.14% | 0.48% | -5.41% | 7.20% | 1.10% |
Correlation
The correlation between HYEM.L and DRGN.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.21 |
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Return for Risk
HYEM.L vs. DRGN.L — Risk / Return Rank
HYEM.L
DRGN.L
HYEM.L vs. DRGN.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 L&G China CNY Bond UCITS ETF (DRGN.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 | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.44 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 4.80 | -2.11 |
| Martin ratioReturn relative to average drawdown | 10.12 | 16.30 | -6.18 |
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Drawdowns
HYEM.L vs. DRGN.L - Drawdown Comparison
The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than DRGN.L's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for HYEM.L and DRGN.L.
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Drawdown Indicators
| HYEM.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.28% | -11.78% | -15.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -1.46% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | -3.47% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -27.28% | -11.78% | -15.50% |
Current DrawdownCurrent decline from peak | -0.39% | -0.35% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -3.56% | -1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.43% | +0.35% |
Volatility
HYEM.L vs. DRGN.L - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) has a higher volatility of 1.12% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 0.96%. This indicates that HYEM.L's price experiences larger fluctuations and is considered to be riskier than DRGN.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 | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.96% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.12% | 3.06% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.94% | 3.52% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.98% | 4.65% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 4.57% | +2.66% |
HYEM.L vs. DRGN.L - Expense Ratio Comparison
HYEM.L has a 0.40% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
HYEM.L vs. DRGN.L - Dividend Comparison
HYEM.L has not paid dividends to shareholders, while DRGN.L's dividend yield for the trailing twelve months is around 0.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 0.71% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% |
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 DRGN.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN.L is cheaper with a 0.30% expense ratio, compared with 0.40% for HYEM.L.
They also come from different issuers: VanEck and Legal & General. Their fees differ too: 0.40% for HYEM.L and 0.30% for DRGN.L.
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