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HYEM vs. GDX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HYEM vs. GDX

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and VanEck Gold Miners ETF (GDX).

HYEM and GDX 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. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both HYEM and GDX 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. GDX - 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 VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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HYEM vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
GDX
VanEck Gold Miners ETF		11.94%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%

Returns By Period

In the year-to-date period, HYEM achieves a 0.36% return, which is significantly lower than GDX's 11.94% return. Over the past 10 years, HYEM has underperformed GDX with an annualized return of 4.66%, while GDX has yielded a comparatively higher 18.07% 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%

GDX

1D
4.62%
1M
-16.76%
YTD
11.94%
6M
25.38%
1Y
111.15%
3Y*
45.40%
5Y*
25.09%
10Y*
18.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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VanEck Vectors Emerging Markets High Yield Bond ETF

VanEck Gold Miners ETF

Often compared with HYEM:
HYEM vs. EMHYHYEM vs. EMLCHYEM vs. CEMBHYEM vs. EMBHYEM vs. IHYHYEM vs. HYZDHYEM vs. PGHY
Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

HYEM vs. GDX - Expense Ratio Comparison

HYEM has a 0.40% expense ratio, which is lower than GDX's 0.51% expense ratio.

GDX
VanEck Gold Miners ETF
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF

Return for Risk

HYEM vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYEM
HYEM Risk / Return Rank: 6363
Overall Rank
HYEM Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
HYEM Sortino Ratio Rank: 6060
Sortino Ratio Rank
HYEM Omega Ratio Rank: 6767
Omega Ratio Rank
HYEM Calmar Ratio Rank: 5757
Calmar Ratio Rank
HYEM Martin Ratio Rank: 7070
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 9292
Overall Rank
GDX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 9090
Sortino Ratio Rank
GDX Omega Ratio Rank: 8989
Omega Ratio Rank
GDX Calmar Ratio Rank: 9393
Calmar Ratio Rank
GDX Martin Ratio Rank: 9191
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. GDX - 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 VanEck Gold Miners ETF (GDX). 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.

HYEMGDXDifference

Sharpe ratio

Return per unit of total volatility

1.14

2.42

-1.28

Sortino ratio

Return per unit of downside risk

1.61

2.60

-0.98

Omega ratio

Gain probability vs. loss probability

1.26

1.38

-0.12

Calmar ratio

Return relative to maximum drawdown

1.54

3.58

-2.04

Martin ratio

Return relative to average drawdown

7.62

12.86

-5.24

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. GDX - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 1.14, which is lower than the GDX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of HYEM and GDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HYEMGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

2.42

-1.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.71

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.48

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.14

+0.37

Correlation

The correlation between HYEM and GDX is 0.15, 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. GDX - Dividend Comparison

HYEM's dividend yield for the trailing twelve months is around 6.77%, more than GDX's 0.66% yield.

TTM20252024202320222021202020192018201720162015
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%
GDX
VanEck Gold Miners ETF		0.66%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%

Drawdowns

HYEM vs. GDX - Drawdown Comparison

The maximum HYEM drawdown since its inception was -30.96%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for HYEM and GDX.

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Drawdown Indicators

HYEMGDXDifference

Max Drawdown

Largest peak-to-trough decline

-30.96%

-80.34%

+49.38%

Max Drawdown (1Y)

Largest decline over 1 year

-4.85%

-30.84%

+25.99%

Max Drawdown (5Y)

Largest decline over 5 years

-26.30%

-46.51%

+20.21%

Max Drawdown (10Y)

Largest decline over 10 years

-30.96%

-49.79%

+18.83%

Current Drawdown

Current decline from peak

-2.13%

-17.12%

+14.99%

Average Drawdown

Average peak-to-trough decline

-4.45%

-40.60%

+36.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.98%

8.58%

-7.60%

Volatility

HYEM vs. GDX - Volatility Comparison

The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 2.06%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.26%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYEMGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.06%

17.26%

-15.20%

Volatility (6M)

Calculated over the trailing 6-month period

3.41%

38.43%

-35.02%

Volatility (1Y)

Calculated over the trailing 1-year period

6.64%

46.20%

-39.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.47%

35.76%

-28.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.27%

37.46%

-28.19%