PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HYEM vs. EMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYEM vs. EMB

Last updated Jun 3, 2026

HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - HYEM is a High Yield Bonds fund tracking the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, HYEM returned 4.66%/yr vs 3.33%/yr for EMB. A 0.55 correlation means they provide meaningful diversification when combined. HYEM charges 0.40%/yr vs 0.39%/yr for EMB.

Performance

HYEM vs. EMB - 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 USD Emerging Markets Bond ETF (EMB). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, HYEM achieves a 4.02% return, which is significantly higher than EMB's 2.18% return. Over the past 10 years, HYEM has outperformed EMB with an annualized return of 4.66%, while EMB has yielded a comparatively lower 3.33% annualized return.

HYEM

1D
0.05%
1M
0.96%
YTD
4.02%
6M
4.56%
1Y
10.47%
3Y*
11.04%
5Y*
3.09%
10Y*
4.66%

EMB

1D
0.26%
1M
1.15%
YTD
2.18%
6M
2.44%
1Y
12.34%
3Y*
9.87%
5Y*
2.07%
10Y*
3.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYEM vs. EMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF		4.02%9.24%12.14%8.35%-13.39%-1.31%6.87%12.85%-3.38%7.94%
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		2.18%13.85%5.54%10.62%-18.63%-2.23%5.42%15.48%-5.47%10.28%

Correlation

The correlation between HYEM and EMB is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.53

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

0.58

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

0.66

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since May 15, 2012

0.55

The correlation between HYEM and EMB shifts across timeframes, from 0.53 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors Emerging Markets High Yield Bond ETF

iShares J.P. Morgan USD Emerging Markets Bond ETF

Often compared with HYEM:
HYEM vs. EMHYHYEM vs. EMLCHYEM vs. CEMBHYEM vs. IHYHYEM vs. HYZDHYEM vs. PGHYHYEM vs. HYG
Often compared with EMB:
EMB vs. VWOBEMB vs. EMLCEMB vs. LEMBEMB vs. PCYEMB vs. EMHYEMB vs. EMBE.LEMB vs. BND

Return for Risk

HYEM vs. EMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYEM
HYEM Risk / Return Rank: 7777
Overall Rank
HYEM Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HYEM Sortino Ratio Rank: 7878
Sortino Ratio Rank
HYEM Omega Ratio Rank: 8080
Omega Ratio Rank
HYEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
HYEM Martin Ratio Rank: 7979
Martin Ratio Rank
EMB
EMB Risk / Return Rank: 6666
Overall Rank
EMB Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EMB Sortino Ratio Rank: 7171
Sortino Ratio Rank
EMB Omega Ratio Rank: 7272
Omega Ratio Rank
EMB Calmar Ratio Rank: 5555
Calmar Ratio Rank
EMB Martin Ratio Rank: 6464
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 vs. EMB - 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 USD Emerging Markets Bond ETF (EMB). 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.

HYEMEMBDifference

Sharpe ratio

Return per unit of total volatility

2.43

2.24

+0.19

Sortino ratio

Return per unit of downside risk

3.55

3.26

+0.29

Omega ratio

Gain probability vs. loss probability

1.48

1.44

+0.04

Calmar ratio

Return relative to maximum drawdown

3.84

2.73

+1.11

Martin ratio

Return relative to average drawdown

15.70

11.69

+4.01

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. EMB - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 2.43, which is comparable to the EMB Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of HYEM and EMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

HYEMEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

2.24

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.21

+0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.34

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.44

+0.10

Drawdowns

HYEM vs. EMB - Drawdown Comparison

The maximum HYEM drawdown since its inception was -30.96%, smaller than the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for HYEM and EMB.

Loading charts...

Drawdown Indicators

HYEMEMBDifference

Max Drawdown

Largest peak-to-trough decline

-30.96%

-34.70%

+3.74%

Max Drawdown (1Y)

Largest decline over 1 year

-2.73%

-4.51%

+1.78%

Max Drawdown (3Y)

Largest decline over 3 years

-5.23%

-7.95%

+2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-26.30%

-28.74%

+2.44%

Max Drawdown (10Y)

Largest decline over 10 years

-30.96%

-28.74%

-2.22%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.40%

-5.06%

+0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

1.05%

-0.38%

Volatility

HYEM vs. EMB - Volatility Comparison

The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.40%, while iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) has a volatility of 1.89%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HYEMEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.40%

1.89%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

3.24%

4.52%

-1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

4.33%

5.55%

-1.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.49%

9.75%

-2.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.28%

9.96%

-0.68%

HYEM vs. EMB - Expense Ratio Comparison

HYEM has a 0.40% expense ratio, which is higher than EMB's 0.39% expense ratio.

Dividends

HYEM vs. EMB - Dividend Comparison

HYEM's dividend yield for the trailing twelve months is around 6.52%, more than EMB's 5.04% yield.

PositionTTM20252024202320222021202020192018201720162015
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		5.04%4.98%5.46%4.74%5.04%3.89%3.88%4.51%5.64%4.54%4.83%4.84%
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF		6.52%6.67%6.34%6.27%6.47%5.33%5.56%6.14%5.71%5.86%6.25%7.64%

Frequently Asked Questions

HYEM and EMB have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMB has higher volatility (1.89%) compared to HYEM (1.40%). In terms of maximum drawdown, HYEM dropped -30.96% vs EMB's -34.70%.

On 10-year performance, HYEM leads with 4.66% vs 3.33% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, HYEM has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HYEM has performed better with a 4.66% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMB is cheaper with a 0.39% expense ratio, compared with 0.40% for HYEM.

HYEM has the higher dividend yield at 6.52%, compared with 5.04% for EMB.

HYEM is categorized as High Yield Bonds, while EMB is Emerging Markets Bonds. HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while EMB tracks JPMorgan EMBI Global Core Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for HYEM and 0.39% for EMB.

HYEM currently has the higher Sharpe Ratio (2.43 vs 2.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

Find the right allocation for HYEM and EMB

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer