HYEM.L vs. GFA.L

Last updated Jul 18, 2026

HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - HYEM.L is a Emerging Markets Bonds fund tracking the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while GFA.L is a Global High Yield Bonds fund tracking the ICE Global Fallen Angel High Yield 10% Constrained Index. Both are passively managed. Over the past 5 years, HYEM.L returned 2.77%/yr vs 2.98%/yr for GFA.L. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

HYEM.L vs. GFA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) and VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HYEM.L having a 3.56% return and GFA.L slightly lower at 3.55%.

HYEM.L

• 1D: -0.01%
• 1M: -0.27%
• 6M: 2.87%
• YTD: 3.56%
• 1Y: 7.93%
• 3Y*: 9.90%
• 5Y*: 2.77%
• 10Y*: —

GFA.L

• 1D: -0.14%
• 1M: -0.18%
• 6M: 3.30%
• YTD: 3.55%
• 1Y: 6.91%
• 3Y*: 8.15%
• 5Y*: 2.98%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYEM.L vs. GFA.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%	-1.96%
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)	3.55%	9.97%	6.02%	10.29%	-12.56%	1.93%	16.95%	13.34%	-3.62%

Correlation

The correlation between HYEM.L and GFA.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.40

The correlation between HYEM.L and GFA.L shifts across timeframes, from 0.21 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYEM.L vs. GFA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYEM.L

HYEM.L Risk / Return Rank: 74
HYEM.L Sharpe Ratio Rank: 66
HYEM.L Sortino Ratio Rank: 75
HYEM.L Omega Ratio Rank: 82
HYEM.L Calmar Ratio Rank: 72
HYEM.L Martin Ratio Rank: 75

GFA.L

GFA.L Risk / Return Rank: 40
GFA.L Sharpe Ratio Rank: 39
GFA.L Sortino Ratio Rank: 36
GFA.L Omega Ratio Rank: 42
GFA.L Calmar Ratio Rank: 45
GFA.L Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYEM.L vs. GFA.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 VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.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	GFA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.06	+0.54
Sortino ratio: Return per unit of downside risk	2.54	1.50	+1.05
Omega ratio: Gain probability vs. loss probability	1.37	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	2.69	1.76	+0.93
Martin ratio: Return relative to average drawdown	10.12	4.76	+5.36

HYEM.L vs. GFA.L - Sharpe Ratio Comparison

The current HYEM.L Sharpe Ratio is 1.60, which is higher than the GFA.L Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of HYEM.L and GFA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYEM.L vs. GFA.L - Drawdown Comparison

The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than GFA.L's maximum drawdown of -22.98%. Use the drawdown chart below to compare losses from any high point for HYEM.L and GFA.L.

Drawdown Indicators

	HYEM.L	GFA.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.28%	-22.98%	-4.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-3.90%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-4.27%	-5.03%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-27.28%	-22.54%	-4.74%
Current Drawdown Current decline from peak	-0.39%	-0.80%	+0.41%
Average Drawdown Average peak-to-trough decline	-5.09%	-4.38%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.45%	-0.67%

Volatility

HYEM.L vs. GFA.L - Volatility Comparison

The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) is 1.12%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) has a volatility of 1.33%. This indicates that HYEM.L experiences smaller price fluctuations and is considered to be less risky than GFA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYEM.L	GFA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.33%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	5.65%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	6.49%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.98%	8.25%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	8.42%	-1.19%

HYEM.L vs. GFA.L - Expense Ratio Comparison

Both HYEM.L and GFA.L have an expense ratio of 0.40%.

Dividends

HYEM.L vs. GFA.L - Dividend Comparison

Neither HYEM.L nor GFA.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GFA.L VanEck Global Fallen Angel High Yield 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

Can I hold both HYEM.L and GFA.L in my portfolio?

HYEM.L and GFA.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYEM.L or GFA.L?

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYEM.L or GFA.L?

HYEM.L and GFA.L have the same expense ratio: 0.40% per year.

What is the main difference between HYEM.L and GFA.L?

HYEM.L is categorized as Emerging Markets Bonds, while GFA.L is Global High Yield Bonds. HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while GFA.L tracks ICE Global Fallen Angel High Yield 10% Constrained Index.