HYEM vs. HYHG

Last updated Apr 3, 2026

Compare and contrast key facts about VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and ProShares High Yield-Interest Rate Hedged (HYHG).

HYEM and HYHG 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. HYHG is a passively managed fund by ProShares that tracks the performance of the Citi High Yield (Treasury Rate-Hedged) Index. It was launched on May 21, 2013. Both HYEM and HYHG 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. HYHG - 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 ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

HYEM vs. HYHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	0.26%	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	0.77%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%

Returns By Period

In the year-to-date period, HYEM achieves a 0.26% return, which is significantly lower than HYHG's 0.77% return. Over the past 10 years, HYEM has underperformed HYHG with an annualized return of 4.66%, while HYHG has yielded a comparatively higher 6.30% annualized return.

HYEM

• 1D: -0.10%
• 1M: -1.50%
• YTD: 0.26%
• 6M: 1.62%
• 1Y: 6.98%
• 3Y*: 8.91%
• 5Y*: 2.62%
• 10Y*: 4.66%

HYHG

• 1D: 0.02%
• 1M: 0.72%
• YTD: 0.77%
• 6M: 2.34%
• 1Y: 6.89%
• 3Y*: 9.60%
• 5Y*: 6.54%
• 10Y*: 6.30%

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

HYEM vs. HYHG - Expense Ratio Comparison

HYEM has a 0.40% expense ratio, which is lower than HYHG's 0.50% expense ratio.

HYHG

ProShares High Yield-Interest Rate Hedged

HYEM

VanEck Vectors Emerging Markets High Yield Bond ETF

Return for Risk

HYEM vs. HYHG — Risk / Return Rank

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

HYEM

HYEM Risk / Return Rank: 57
HYEM Sharpe Ratio Rank: 55
HYEM Sortino Ratio Rank: 54
HYEM Omega Ratio Rank: 61
HYEM Calmar Ratio Rank: 50
HYEM Martin Ratio Rank: 64

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 42
HYHG Sortino Ratio Rank: 43
HYHG Omega Ratio Rank: 43
HYHG Calmar Ratio Rank: 60
HYHG Martin Ratio Rank: 71

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. HYHG - 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 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.

	HYEM	HYHG	Difference
Sharpe ratio Return per unit of total volatility	1.06	0.86	+0.20
Sortino ratio Return per unit of downside risk	1.50	1.29	+0.21
Omega ratio Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio Return relative to maximum drawdown	1.53	1.77	-0.24
Martin ratio Return relative to average drawdown	7.48	8.44	-0.97
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. HYHG - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 1.06, which is comparable to the HYHG Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of HYEM and HYHG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYEM	HYHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.86	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.81	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.69	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.45	+0.07

Correlation

The correlation between HYEM and HYHG is 0.31, 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. HYHG - Dividend Comparison

HYEM's dividend yield for the trailing twelve months is around 6.78%, less than HYHG's 6.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	6.78%	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	6.92%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%

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.

Drawdown Indicators

	HYEM	HYHG	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-25.71%	-5.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-3.03%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	-9.21%	-17.09%
Max Drawdown (10Y) Largest decline over 10 years	-30.96%	-25.71%	-5.25%
Current Drawdown Current decline from peak	-2.23%	-0.55%	-1.68%
Average Drawdown Average peak-to-trough decline	-4.45%	-3.08%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.89%	+0.10%

Volatility

HYEM vs. HYHG - Volatility Comparison

The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.99%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 2.35%. 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.

Volatility by Period

	HYEM	HYHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	2.35%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	4.48%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	8.09%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.47%	8.12%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.27%	9.20%	+0.07%