HYEM.L vs. GFGB.L
HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both High Yield Bonds funds from VanEck - HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF while GFGB.L tracks the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 5 years, HYEM.L returned 2.69%/yr vs 3.11%/yr for GFGB.L. At a 0.30 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
HYEM.L vs. GFGB.L - Performance Comparison
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Different Trading Currencies
HYEM.L is traded in USD, while GFGB.L is traded in GBP. To make them comparable, the GFGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HYEM.L achieves a 3.15% return, which is significantly lower than GFGB.L's 3.93% 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*
- —
GFGB.L
- 1D
- 0.61%
- 1M
- 0.05%
- 6M
- 3.86%
- YTD
- 3.93%
- 1Y
- 7.32%
- 3Y*
- 8.49%
- 5Y*
- 3.11%
- 10Y*
- —
HYEM.L vs. GFGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF | 3.15% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 5.46% | 14.61% | -1.96% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.93% | 10.14% | 6.06% | 9.78% | -12.76% | 2.37% | 16.54% | 14.18% | -31.48% |
Correlation
The correlation between HYEM.L and GFGB.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.30 |
The correlation between HYEM.L and GFGB.L shifts across timeframes, from 0.12 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM.L vs. GFGB.L — Risk / Return Rank
HYEM.L
GFGB.L
HYEM.L vs. GFGB.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 Global Fallen Angel High Yield Bond UCITS ETF (GFGB.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 | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.20 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 1.87 | +0.67 |
| Martin ratioReturn relative to average drawdown | 9.53 | 5.82 | +3.71 |
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Drawdowns
HYEM.L vs. GFGB.L - Drawdown Comparison
The maximum HYEM.L drawdown since its inception was -27.28%, smaller than the maximum GFGB.L drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for HYEM.L and GFGB.L.
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Drawdown Indicators
| HYEM.L | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.28% | -41.73% | +14.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -3.90% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | -5.31% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -27.28% | -23.12% | -4.16% |
Current DrawdownCurrent decline from peak | -0.78% | -0.83% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -16.48% | +11.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.26% | -0.48% |
Volatility
HYEM.L vs. GFGB.L - Volatility Comparison
The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) is 1.28%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a volatility of 1.61%. This indicates that HYEM.L experiences smaller price fluctuations and is considered to be less risky than GFGB.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 | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.61% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.14% | 6.22% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 7.06% | -2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.98% | 8.61% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.24% | 13.51% | -6.27% |
HYEM.L vs. GFGB.L - Expense Ratio Comparison
Both HYEM.L and GFGB.L have an expense ratio of 0.40%.
Dividends
HYEM.L vs. GFGB.L - Dividend Comparison
Neither HYEM.L nor GFGB.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond 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 GFGB.L have a correlation of 0.12, 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 GFGB.L have the same expense ratio: 0.40% per year.
HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while GFGB.L tracks ICE BofA Gbl HY Constnd TR USD.
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