HYEM vs. FDEM
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and FDEM (Fidelity Emerging Markets Multifactor 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 FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index. Both are passively managed. Over the past 5 years, HYEM returned 2.92%/yr vs 9.14%/yr for FDEM. At a 0.41 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.45%/yr for FDEM.
Performance
HYEM vs. FDEM - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM achieves a 3.86% return, which is significantly lower than FDEM's 20.05% return.
HYEM
- 1D
- 0.20%
- 1M
- 0.36%
- YTD
- 3.86%
- 6M
- 4.24%
- 1Y
- 9.18%
- 3Y*
- 10.57%
- 5Y*
- 2.92%
- 10Y*
- 4.72%
FDEM
- 1D
- 0.22%
- 1M
- 0.88%
- YTD
- 20.05%
- 6M
- 22.29%
- 1Y
- 38.42%
- 3Y*
- 21.94%
- 5Y*
- 9.14%
- 10Y*
- —
HYEM vs. FDEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 3.86% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 7.89% |
FDEM Fidelity Emerging Markets Multifactor ETF | 20.05% | 26.75% | 9.34% | 17.26% | -13.11% | -3.52% | 8.87% | 5.60% |
Correlation
The correlation between HYEM and FDEM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.41 |
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Return for Risk
HYEM vs. FDEM — Risk / Return Rank
HYEM
FDEM
HYEM vs. FDEM - 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 Fidelity Emerging Markets Multifactor ETF (FDEM). 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 | FDEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.36 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 2.88 | +0.56 |
| Martin ratioReturn relative to average drawdown | 14.00 | 10.85 | +3.15 |
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Drawdowns
HYEM vs. FDEM - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, smaller than the maximum FDEM drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for HYEM and FDEM.
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Drawdown Indicators
| HYEM | FDEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -33.65% | +2.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -12.70% | +9.97% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -16.04% | +10.81% |
Max Drawdown (5Y)Largest decline over 5 years | -26.30% | -28.47% | +2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | — | — |
Current DrawdownCurrent decline from peak | -0.15% | -3.51% | +3.36% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -8.82% | +4.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 3.37% | -2.70% |
Volatility
HYEM vs. FDEM - Volatility Comparison
The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.31%, while Fidelity Emerging Markets Multifactor ETF (FDEM) has a volatility of 9.65%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than FDEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM | FDEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 9.65% | -8.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 16.93% | -13.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 18.94% | -14.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 16.48% | -8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 18.10% | -8.83% |
HYEM vs. FDEM - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is lower than FDEM's 0.45% expense ratio.
Dividends
HYEM vs. FDEM - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.53%, more than FDEM's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDEM Fidelity Emerging Markets Multifactor ETF | 2.72% | 3.23% | 4.05% | 4.41% | 3.95% | 2.71% | 1.84% | 2.39% | 0.00% | 0.00% | 0.00% | 0.00% |
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.53% | 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 FDEM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDEM has higher volatility (9.65%) compared to HYEM (1.31%). In terms of maximum drawdown, HYEM dropped -30.96% vs FDEM's -33.65%.
On 5-year performance, FDEM leads with 9.14% vs 2.92% for HYEM. On fees, HYEM is cheaper at 0.40% per year. On volatility, HYEM has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FDEM has performed better with a 9.14% return vs 2.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYEM is cheaper with a 0.40% expense ratio, compared with 0.45% for FDEM.
HYEM has the higher dividend yield at 6.53%, compared with 2.72% for FDEM.
HYEM is categorized as High Yield Bonds, while FDEM is Emerging Markets Equities. HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while FDEM tracks Fidelity Targeted Emerging Markets Factor Index. They also come from different issuers: VanEck and Fidelity. Their fees differ too: 0.40% for HYEM and 0.45% for FDEM.
HYEM currently has the higher Sharpe Ratio (2.15 vs 1.93), 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.
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