HYEM.L vs. EMCA.L
HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and EMCA.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - HYEM.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while EMCA.L tracks the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, HYEM.L returned 2.77%/yr vs 1.90%/yr for EMCA.L. At a 0.41 correlation, their price movements are largely independent. HYEM.L charges 0.40%/yr vs 0.50%/yr for EMCA.L.
Performance
HYEM.L vs. EMCA.L - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM.L achieves a 3.56% return, which is significantly higher than EMCA.L's 1.49% return.
HYEM.L
- 1D
- -0.01%
- 1M
- -0.27%
- 6M
- 2.87%
- YTD
- 3.56%
- 1Y
- 7.93%
- 3Y*
- 9.90%
- 5Y*
- 2.77%
- 10Y*
- —
EMCA.L
- 1D
- -0.15%
- 1M
- -0.44%
- 6M
- 1.04%
- YTD
- 1.49%
- 1Y
- 5.60%
- 3Y*
- 6.82%
- 5Y*
- 1.90%
- 10Y*
- —
HYEM.L vs. EMCA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.56% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 5.46% | 14.61% | -1.23% |
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 1.49% | 8.60% | 6.21% | 7.96% | -12.09% | -0.51% | 7.04% | 13.77% | 0.89% |
Correlation
The correlation between HYEM.L and EMCA.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since May 31, 2018 | 0.41 |
The correlation between HYEM.L and EMCA.L shifts across timeframes, from 0.27 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM.L vs. EMCA.L — Risk / Return Rank
HYEM.L
EMCA.L
HYEM.L vs. EMCA.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 J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.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 | EMCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.27 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 2.52 | +0.17 |
| Martin ratioReturn relative to average drawdown | 10.12 | 9.78 | +0.35 |
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Drawdowns
HYEM.L vs. EMCA.L - Drawdown Comparison
The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than EMCA.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for HYEM.L and EMCA.L.
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Drawdown Indicators
| HYEM.L | EMCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.28% | -24.69% | -2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -2.21% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | -3.58% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -27.28% | -20.14% | -7.14% |
Current DrawdownCurrent decline from peak | -0.39% | -0.59% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -4.05% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.57% | +0.21% |
Volatility
HYEM.L vs. EMCA.L - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) has a higher volatility of 1.12% compared to iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) (EMCA.L) at 1.06%. This indicates that HYEM.L's price experiences larger fluctuations and is considered to be riskier than EMCA.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 | EMCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.06% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 4.12% | 3.26% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.94% | 3.82% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.98% | 5.25% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 8.78% | -1.55% |
HYEM.L vs. EMCA.L - Expense Ratio Comparison
HYEM.L has a 0.40% expense ratio, which is lower than EMCA.L's 0.50% expense ratio.
Dividends
HYEM.L vs. EMCA.L - Dividend Comparison
Neither HYEM.L nor EMCA.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EMCA.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% |
Frequently Asked Questions
HYEM.L and EMCA.L have a correlation of 0.27, 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 0.50% for EMCA.L.
HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while EMCA.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for HYEM.L and 0.50% for EMCA.L.
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