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HYEM.L vs. HYGU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYEM.L vs. HYGU.L

Last updated Jul 16, 2026
Documentation

HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and HYGU.L (iShares € High Yield Corp Bond UCITS ETF) are both High Yield Bonds funds - HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF while HYGU.L tracks the iShares € High Yield Corp Bond UCITS ETF. Both are passively managed. Over the past 5 years, HYEM.L returned 2.69%/yr vs 4.58%/yr for HYGU.L. At a 0.35 correlation, their price movements are largely independent. HYEM.L charges 0.40%/yr vs 0.55%/yr for HYGU.L.

Performance

HYEM.L vs. HYGU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) and iShares € High Yield Corp Bond UCITS ETF (HYGU.L). The values are adjusted to include any dividend payments, if applicable.

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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 HYGU.L's 2.18% 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*
—

HYGU.L

1D
-0.03%
1M
0.24%
6M
2.18%
YTD
2.18%
1Y
5.22%
3Y*
8.18%
5Y*
4.58%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYEM.L vs. HYGU.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
HYGU.L
iShares € High Yield Corp Bond UCITS ETF		2.18%7.24%7.29%13.55%-7.14%3.72%2.16%12.83%-0.81%

Correlation

The correlation between HYEM.L and HYGU.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.34

Correlation (5Y)
Calculated over the trailing 5-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Mar 20, 2018

0.35

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VanEck Emerging Markets High Yield Bond UCITS ETF

iShares € High Yield Corp Bond UCITS ETF

Return for Risk

HYEM.L vs. HYGU.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: 6464
Overall Rank
HYEM.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
HYEM.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
HYEM.L Omega Ratio Rank: 7272
Omega Ratio Rank
HYEM.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
HYEM.L Martin Ratio Rank: 6767
Martin Ratio Rank
HYGU.L
HYGU.L Risk / Return Rank: 6161
Overall Rank
HYGU.L Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
HYGU.L Sortino Ratio Rank: 6868
Sortino Ratio Rank
HYGU.L Omega Ratio Rank: 6868
Omega Ratio Rank
HYGU.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
HYGU.L Martin Ratio Rank: 6161
Martin Ratio Rank
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. HYGU.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 iShares € High Yield Corp Bond UCITS ETF (HYGU.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.LHYGU.LDifference
Sharpe ratioReturn per unit of total volatility
1.50
1.56

-0.06

Sortino ratioReturn per unit of downside risk
2.39
2.50

-0.11

Omega ratioGain probability vs. loss probability

1.34

1.33

+0.02

Calmar ratioReturn relative to maximum drawdown

2.53

2.00

+0.54

Martin ratioReturn relative to average drawdown

9.53

8.61

+0.92

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

The current HYEM.L Sharpe Ratio is 1.50, which is comparable to the HYGU.L Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of HYEM.L and HYGU.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.

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Drawdowns

HYEM.L vs. HYGU.L - Drawdown Comparison

The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than HYGU.L's maximum drawdown of -25.03%. Use the drawdown chart below to compare losses from any high point for HYEM.L and HYGU.L.

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Drawdown Indicators

HYEM.LHYGU.LDifference

Max Drawdown

Largest peak-to-trough decline

-27.28%

-25.03%

-2.25%

Max Drawdown (1Y)

Largest decline over 1 year

-2.94%

-2.60%

-0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-4.27%

-3.62%

-0.65%

Max Drawdown (5Y)

Largest decline over 5 years

-27.28%

-13.61%

-13.67%

Current Drawdown

Current decline from peak

-0.78%

-0.16%

-0.62%

Average Drawdown

Average peak-to-trough decline

-5.09%

-2.06%

-3.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

0.61%

+0.17%

Volatility

HYEM.L vs. HYGU.L - Volatility Comparison

VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) has a higher volatility of 1.28% compared to iShares € High Yield Corp Bond UCITS ETF (HYGU.L) at 0.62%. This indicates that HYEM.L's price experiences larger fluctuations and is considered to be riskier than HYGU.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.LHYGU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

0.62%

+0.66%

Volatility (6M)

Calculated over the trailing 6-month period

4.14%

2.85%

+1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

4.96%

3.33%

+1.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.98%

5.37%

+1.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.24%

7.10%

+0.14%

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

HYEM.L has a 0.40% expense ratio, which is lower than HYGU.L's 0.55% expense ratio.

Dividends

HYEM.L vs. HYGU.L - Dividend Comparison

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

PositionTTM2025202420232022
HYEM.L
VanEck Emerging Markets High Yield Bond UCITS ETF		0.00%0.00%0.00%0.00%0.09%
HYGU.L
iShares € High Yield Corp Bond UCITS ETF		0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HYEM.L and HYGU.L have a correlation of 0.34, 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 HYGU.L.

HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while HYGU.L tracks iShares € High Yield Corp Bond UCITS ETF. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for HYEM.L and 0.55% for HYGU.L.

Portfolio Optimizer

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