HYEM vs. HYG
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds - HYEM tracks the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index while HYG tracks the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, HYEM returned 4.64%/yr vs 5.00%/yr for HYG. At a 0.46 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.49%/yr for HYG.
Performance
HYEM vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM achieves a 4.28% return, which is significantly higher than HYG's 1.56% return. Over the past 10 years, HYEM has underperformed HYG with an annualized return of 4.64%, while HYG has yielded a comparatively higher 5.00% annualized return.
HYEM
- 1D
- -0.15%
- 1M
- 1.26%
- YTD
- 4.28%
- 6M
- 4.29%
- 1Y
- 9.50%
- 3Y*
- 10.35%
- 5Y*
- 2.95%
- 10Y*
- 4.64%
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
HYEM vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 4.28% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 12.85% | -3.38% | 7.94% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between HYEM and HYG is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 14, 2012 | 0.46 |
The correlation between HYEM and HYG shifts across timeframes, from 0.46 (all time) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM vs. HYG — Risk / Return Rank
HYEM
HYG
HYEM vs. HYG - 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 iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.29 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 2.55 | +0.95 |
| Martin ratioReturn relative to average drawdown | 14.23 | 11.18 | +3.05 |
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Drawdowns
HYEM vs. HYG - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for HYEM and HYG.
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Drawdown Indicators
| HYEM | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -34.25% | +3.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.34% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -4.56% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -26.29% | -15.79% | -10.50% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | -22.03% | -8.93% |
Current DrawdownCurrent decline from peak | -0.20% | -0.21% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -3.23% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.53% | +0.14% |
Volatility
HYEM vs. HYG - Volatility Comparison
VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG) have volatilities of 1.14% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.13% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 3.11% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 3.88% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 7.54% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 8.27% | +1.00% |
HYEM vs. HYG - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
HYEM vs. HYG - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.50%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.50% | 6.67% | 6.34% | 6.27% | 6.47% | 5.33% | 5.56% | 6.14% | 5.71% | 5.86% | 6.25% | 7.64% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
HYEM and HYG have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYEM has higher volatility (1.14%) compared to HYG (1.13%). In terms of maximum drawdown, HYEM dropped -30.96% vs HYG's -34.25%.
On 10-year performance, HYG leads with 5.00% vs 4.64% for HYEM. On fees, HYEM is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 5.00% return vs 4.64%. 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 0.49% for HYG.
HYEM has the higher dividend yield at 6.50%, compared with 5.91% for HYG.
HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for HYEM and 0.49% for HYG.
HYEM currently has the higher Sharpe Ratio (2.17 vs 1.54), 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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