HYEM vs. HYHG
HYEM (VanEck Emerging Markets High Yield Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - HYEM tracks the ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index while HYHG tracks the FTSE High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, HYEM returned 4.33%/yr vs 5.97%/yr for HYHG. Their 0.31 correlation means their historical movements had little consistent relationship. HYEM charges 0.40%/yr vs 0.50%/yr for HYHG.
Performance
HYEM vs. HYHG - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HYEM having a 4.38% return and HYHG slightly higher at 4.39%. Over the past 10 years, HYEM has underperformed HYHG with an annualized return of 4.33%, while HYHG has yielded a comparatively higher 5.97% annualized return.
HYEM
- 1D
- 0.15%
- 1M
- 0.25%
- 6M
- 2.70%
- YTD
- 4.38%
- 1Y
- 7.54%
- 3Y*
- 10.22%
- 5Y*
- 3.15%
- 10Y*
- 4.33%
- ALL TIME*
- 4.72%
HYHG
- 1D
- 0.31%
- 1M
- 0.56%
- 6M
- 3.29%
- YTD
- 4.39%
- 1Y
- 8.03%
- 3Y*
- 9.07%
- 5Y*
- 7.34%
- 10Y*
- 5.97%
- ALL TIME*
- 4.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89M | $2.23M | $4.32M | |
| $2.24M | $1.63M | $1.20M |
HYEM vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Emerging Markets High Yield Bond ETF | 4.38% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 12.85% | -3.38% | 7.94% |
HYHG ProShares High Yield-Interest Rate Hedged | 4.39% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
Correlation
The correlation between HYEM and HYHG is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 23, 2013 | 0.31 |
The correlation between HYEM and HYHG shifts across timeframes, from 0.19 (1 year) to 0.38 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM vs. HYHG — Risk / Return Rank
HYEM
HYHG
HYEM vs. HYHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond ETF (HYEM) and ProShares High Yield-Interest Rate Hedged (HYHG). 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 | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.26 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 3.99 | -1.22 |
| Martin ratioReturn relative to average drawdown | 11.12 | 13.34 | -2.22 |
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Drawdowns
HYEM vs. HYHG - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for HYEM and HYHG.
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Drawdown Indicators
| HYEM | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -25.71% | -5.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.02% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -7.47% | +2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -26.29% | -9.21% | -17.08% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | -25.71% | -5.25% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -3.01% | -1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.60% | +0.08% |
Volatility
HYEM vs. HYHG - Volatility Comparison
The current volatility for VanEck Emerging Markets High Yield Bond ETF (HYEM) is 0.72%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.33%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 1.33% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 3.16% | 3.96% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 5.59% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 8.17% | -0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 9.07% | +0.19% |
HYEM vs. HYHG - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
HYEM vs. HYHG - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.79%, more than HYHG's 6.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Emerging Markets High Yield Bond ETF | 6.79% | 6.67% | 6.34% | 6.27% | 6.47% | 5.33% | 5.56% | 6.14% | 5.71% | 5.86% | 6.25% | 7.64% |
HYHG ProShares High Yield-Interest Rate Hedged | 6.67% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
Frequently Asked Questions
HYEM and HYHG have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.33%) compared to HYEM (0.72%). In terms of maximum drawdown, HYEM dropped -30.96% vs HYHG's -25.71%.
On 10-year performance, HYHG leads with 5.97% vs 4.33% for HYEM. On fees, HYEM is cheaper at 0.40% per year. On volatility, HYEM has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYHG has performed better with a 5.97% return vs 4.33%. 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 0.50% for HYHG.
HYEM has the higher dividend yield at 6.79%, compared with 6.67% for HYHG.
HYEM tracks ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index, while HYHG tracks FTSE High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.40% for HYEM and 0.50% for HYHG.
HYEM currently has the higher Sharpe Ratio (1.72 vs 1.45), 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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