HYEM vs. CEMB

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB).

HYEM and CEMB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYEM is a passively managed fund by VanEck that tracks the performance of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. It was launched on May 8, 2012. CEMB is a passively managed fund by iShares that tracks the performance of the JP Morgan CEMBI Broad Diversified. It was launched on Apr 17, 2012. Both HYEM and CEMB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HYEM vs. CEMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). The values are adjusted to include any dividend payments, if applicable.

HYEM vs. CEMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	0.36%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%
CEMB iShares J.P. Morgan EM Corporate Bond ETF	-0.52%	8.86%	5.81%	8.37%	-12.58%	-0.59%	6.77%	13.90%	-2.57%	7.11%

Returns By Period

In the year-to-date period, HYEM achieves a 0.36% return, which is significantly higher than CEMB's -0.52% return. Over the past 10 years, HYEM has outperformed CEMB with an annualized return of 4.66%, while CEMB has yielded a comparatively lower 3.61% annualized return.

HYEM

• 1D: 0.10%
• 1M: -1.79%
• YTD: 0.36%
• 6M: 1.52%
• 1Y: 7.53%
• 3Y*: 9.25%
• 5Y*: 2.64%
• 10Y*: 4.66%

CEMB

• 1D: -0.06%
• 1M: -1.84%
• YTD: -0.52%
• 6M: 0.37%
• 1Y: 5.38%
• 3Y*: 6.58%
• 5Y*: 1.79%
• 10Y*: 3.61%

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

HYEM vs. CEMB - Expense Ratio Comparison

HYEM has a 0.40% expense ratio, which is lower than CEMB's 0.50% expense ratio.

CEMB

iShares J.P. Morgan EM Corporate Bond ETF

HYEM

VanEck Vectors Emerging Markets High Yield Bond ETF

Return for Risk

HYEM vs. CEMB — Risk / Return Rank

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

HYEM

HYEM Risk / Return Rank: 63
HYEM Sharpe Ratio Rank: 62
HYEM Sortino Ratio Rank: 60
HYEM Omega Ratio Rank: 67
HYEM Calmar Ratio Rank: 57
HYEM Martin Ratio Rank: 70

CEMB

CEMB Risk / Return Rank: 68
CEMB Sharpe Ratio Rank: 70
CEMB Sortino Ratio Rank: 65
CEMB Omega Ratio Rank: 73
CEMB Calmar Ratio Rank: 67
CEMB Martin Ratio Rank: 66

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 vs. CEMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and iShares J.P. Morgan EM Corporate Bond ETF (CEMB). 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.

	HYEM	CEMB	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.27	-0.14
Sortino ratio Return per unit of downside risk	1.61	1.70	-0.08
Omega ratio Gain probability vs. loss probability	1.26	1.28	-0.03
Calmar ratio Return relative to maximum drawdown	1.54	1.79	-0.24
Martin ratio Return relative to average drawdown	7.62	7.02	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYEM vs. CEMB - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 1.14, which is comparable to the CEMB Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of HYEM and CEMB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYEM	CEMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.27	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.32	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.57	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.48	+0.04

Correlation

The correlation between HYEM and CEMB is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HYEM vs. CEMB - Dividend Comparison

HYEM's dividend yield for the trailing twelve months is around 6.77%, more than CEMB's 5.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	6.77%	6.67%	6.34%	6.27%	6.47%	5.33%	5.56%	6.14%	5.71%	5.86%	6.25%	7.64%
CEMB iShares J.P. Morgan EM Corporate Bond ETF	5.22%	5.14%	5.11%	4.77%	4.29%	3.51%	3.86%	4.19%	4.66%	4.06%	4.26%	4.76%

Drawdowns

HYEM vs. CEMB - Drawdown Comparison

The maximum HYEM drawdown since its inception was -30.96%, which is greater than CEMB's maximum drawdown of -20.84%. Use the drawdown chart below to compare losses from any high point for HYEM and CEMB.

Drawdown Indicators

	HYEM	CEMB	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-20.84%	-10.12%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-3.04%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	-20.48%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	-30.96%	-20.84%	-10.12%
Current Drawdown Current decline from peak	-2.13%	-2.20%	+0.07%
Average Drawdown Average peak-to-trough decline	-4.45%	-3.69%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.78%	+0.20%

Volatility

HYEM vs. CEMB - Volatility Comparison

VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) has a higher volatility of 2.06% compared to iShares J.P. Morgan EM Corporate Bond ETF (CEMB) at 1.55%. This indicates that HYEM's price experiences larger fluctuations and is considered to be riskier than CEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYEM	CEMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	1.55%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	2.30%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	4.24%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.47%	5.62%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.27%	6.39%	+2.88%