HYEM vs. FELG

Last updated Jun 14, 2026

HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and FELG (Fidelity Enhanced Large Cap Growth 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 FELG is a Large Cap Growth Equities fund actively managed by Fidelity. HYEM is passively managed, while FELG is actively managed. Over the past year, HYEM returned 9.18% vs 22.20% for FELG. At a 0.38 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.18%/yr for FELG.

Performance

HYEM vs. FELG - 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 Fidelity Enhanced Large Cap Growth ETF (FELG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYEM achieves a 3.86% return, which is significantly higher than FELG's 3.31% 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%

FELG

• 1D: 0.12%
• 1M: -3.56%
• YTD: 3.31%
• 6M: 4.10%
• 1Y: 22.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYEM vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	3.86%	9.24%	12.14%	4.49%
FELG Fidelity Enhanced Large Cap Growth ETF	3.31%	18.44%	35.45%	4.37%

Correlation

The correlation between HYEM and FELG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.38

Return for Risk

HYEM vs. FELG — Risk / Return Rank

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

HYEM

HYEM Risk / Return Rank: 80
HYEM Sharpe Ratio Rank: 77
HYEM Sortino Ratio Rank: 81
HYEM Omega Ratio Rank: 82
HYEM Calmar Ratio Rank: 76
HYEM Martin Ratio Rank: 81

FELG

FELG Risk / Return Rank: 36
FELG Sharpe Ratio Rank: 41
FELG Sortino Ratio Rank: 39
FELG Omega Ratio Rank: 39
FELG Calmar Ratio Rank: 29
FELG Martin Ratio Rank: 33

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. FELG - 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 Enhanced Large Cap Growth ETF (FELG). 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	FELG	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.29	+0.87
Sortino ratio: Return per unit of downside risk	3.13	1.79	+1.34
Omega ratio: Gain probability vs. loss probability	1.42	1.23	+0.19
Calmar ratio: Return relative to maximum drawdown	3.44	1.28	+2.17
Martin ratio: Return relative to average drawdown	14.00	4.30	+9.70

HYEM vs. FELG - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 2.15, which is higher than the FELG Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of HYEM and FELG, 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 vs. FELG - Drawdown Comparison

The maximum HYEM drawdown since its inception was -30.96%, which is greater than FELG's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for HYEM and FELG.

Drawdown Indicators

	HYEM	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-23.89%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-16.17%	+13.44%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.96%	—	—
Current Drawdown Current decline from peak	-0.15%	-5.36%	+5.21%
Average Drawdown Average peak-to-trough decline	-4.39%	-3.53%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	4.79%	-4.12%

Volatility

HYEM vs. FELG - Volatility Comparison

The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.31%, while Fidelity Enhanced Large Cap Growth ETF (FELG) has a volatility of 5.41%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than FELG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYEM	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	5.41%	-4.10%
Volatility (6M) Calculated over the trailing 6-month period	3.21%	12.43%	-9.22%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	16.04%	-11.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	19.97%	-12.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.27%	19.97%	-10.70%

HYEM vs. FELG - Expense Ratio Comparison

HYEM has a 0.40% expense ratio, which is higher than FELG's 0.18% expense ratio.

Dividends

HYEM vs. FELG - Dividend Comparison

HYEM's dividend yield for the trailing twelve months is around 6.53%, more than FELG's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELG Fidelity Enhanced Large Cap Growth ETF	0.35%	0.38%	0.44%	0.11%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both HYEM and FELG in my portfolio?

HYEM and FELG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYEM or FELG?

FELG has higher volatility (5.41%) compared to HYEM (1.31%). In terms of maximum drawdown, HYEM dropped -30.96% vs FELG's -23.89%.

Which ETF is better, HYEM or FELG?

On 1-year performance, FELG leads with 22.20% vs 9.18% for HYEM. On fees, FELG is cheaper at 0.18% 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.

Which ETF has performed better, HYEM or FELG?

Over the 1-year period, FELG has performed better with a 22.20% return vs 9.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYEM or FELG?

FELG is cheaper with a 0.18% expense ratio, compared with 0.40% for HYEM.

Which ETF pays a higher dividend yield, HYEM or FELG?

HYEM has the higher dividend yield at 6.53%, compared with 0.35% for FELG.

What is the main difference between HYEM and FELG?

HYEM is categorized as High Yield Bonds, while FELG is Large Cap Growth Equities. They also come from different issuers: VanEck and Fidelity. Their fees differ too: 0.40% for HYEM and 0.18% for FELG.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.15 vs 1.29), 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.