HYEM.L vs. VDEA.L

Last updated Jul 18, 2026

HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and VDEA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation) are both Emerging Markets Bonds funds - HYEM.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while VDEA.L tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index. Both are passively managed. Over the past 5 years, HYEM.L returned 2.77%/yr vs 2.15%/yr for VDEA.L. At a 0.44 correlation, their price movements are largely independent. HYEM.L charges 0.40%/yr vs 0.23%/yr for VDEA.L.

Performance

HYEM.L vs. VDEA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYEM.L achieves a 3.56% return, which is significantly higher than VDEA.L's 1.34% 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*: —

VDEA.L

• 1D: 0.00%
• 1M: -0.76%
• 6M: 1.53%
• YTD: 1.34%
• 1Y: 7.95%
• 3Y*: 7.99%
• 5Y*: 2.15%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%	9.35%
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation	1.34%	11.45%	6.35%	9.71%	-15.28%	-1.74%	6.10%	9.44%

Correlation

The correlation between HYEM.L and VDEA.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.44

The correlation between HYEM.L and VDEA.L shifts across timeframes, from 0.31 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HYEM.L vs. VDEA.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

VDEA.L

VDEA.L Risk / Return Rank: 62
VDEA.L Sharpe Ratio Rank: 63
VDEA.L Sortino Ratio Rank: 68
VDEA.L Omega Ratio Rank: 62
VDEA.L Calmar Ratio Rank: 56
VDEA.L Martin Ratio Rank: 63

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. VDEA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.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	VDEA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.59	+0.01
Sortino ratio: Return per unit of downside risk	2.54	2.39	+0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	2.69	2.16	+0.53
Martin ratio: Return relative to average drawdown	10.12	8.48	+1.64

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

The current HYEM.L Sharpe Ratio is 1.60, which is comparable to the VDEA.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HYEM.L and VDEA.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. VDEA.L - Drawdown Comparison

The maximum HYEM.L drawdown since its inception was -27.28%, which is greater than VDEA.L's maximum drawdown of -24.08%. Use the drawdown chart below to compare losses from any high point for HYEM.L and VDEA.L.

Drawdown Indicators

	HYEM.L	VDEA.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.28%	-24.08%	-3.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-3.66%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-4.27%	-6.15%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-27.28%	-24.08%	-3.20%
Current Drawdown Current decline from peak	-0.39%	-0.86%	+0.47%
Average Drawdown Average peak-to-trough decline	-5.09%	-5.81%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.94%	-0.16%

Volatility

HYEM.L vs. VDEA.L - Volatility Comparison

VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) has a higher volatility of 1.12% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) at 1.03%. This indicates that HYEM.L's price experiences larger fluctuations and is considered to be riskier than VDEA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYEM.L	VDEA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.03%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	4.11%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	5.00%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.98%	7.26%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	8.19%	-0.96%

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

HYEM.L has a 0.40% expense ratio, which is higher than VDEA.L's 0.23% expense ratio.

Dividends

HYEM.L vs. VDEA.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.09%
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

HYEM.L and VDEA.L have a correlation of 0.31, 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 VDEA.L?

On fees, VDEA.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VDEA.L is cheaper with a 0.23% expense ratio, compared with 0.40% for HYEM.L.

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

HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while VDEA.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.40% for HYEM.L and 0.23% for VDEA.L.