HYEM vs. HYMB
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond 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 HYMB is a Municipal Bonds fund tracking the ICE US Select High Yield Crossover Municipal Index. Both are passively managed. Over the past 10 years, HYEM returned 4.39%/yr vs 2.27%/yr for HYMB. At a 0.15 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.35%/yr for HYMB.
Performance
HYEM vs. HYMB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYEM achieves a 4.39% return, which is significantly higher than HYMB's 3.11% return. Over the past 10 years, HYEM has outperformed HYMB with an annualized return of 4.39%, while HYMB has yielded a comparatively lower 2.27% annualized return.
HYEM
- 1D
- 0.20%
- 1M
- 0.15%
- 6M
- 3.40%
- YTD
- 4.39%
- 1Y
- 8.45%
- 3Y*
- 10.31%
- 5Y*
- 3.10%
- 10Y*
- 4.39%
- ALL TIME*
- 4.74%
HYMB
- 1D
- -0.14%
- 1M
- -0.32%
- 6M
- 2.05%
- YTD
- 3.11%
- 1Y
- 8.78%
- 3Y*
- 4.45%
- 5Y*
- 0.18%
- 10Y*
- 2.27%
- ALL TIME*
- 4.39%
HYEM vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 4.39% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 12.85% | -3.38% | 7.94% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 3.11% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between HYEM and HYMB is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 14, 2012 | 0.16 |
The correlation between HYEM and HYMB shifts across timeframes, from 0.15 (all time) to 0.32 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYEM vs. HYMB — Risk / Return Rank
HYEM
HYMB
HYEM vs. HYMB - 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 State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.47 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 2.84 | +0.28 |
| Martin ratioReturn relative to average drawdown | 12.52 | 12.79 | -0.27 |
Loading charts...
Drawdowns
HYEM vs. HYMB - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, roughly equal to the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for HYEM and HYMB.
Loading charts...
Drawdown Indicators
| HYEM | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -29.57% | -1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -3.11% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -7.44% | +2.21% |
Max Drawdown (5Y)Largest decline over 5 years | -26.29% | -20.15% | -6.14% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | -29.57% | -1.39% |
Current DrawdownCurrent decline from peak | -0.09% | -0.93% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -3.78% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.69% | -0.01% |
Volatility
HYEM vs. HYMB - Volatility Comparison
The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 0.76%, while State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) has a volatility of 0.84%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HYEM | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.84% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.16% | 3.17% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 3.97% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 6.67% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 11.36% | -2.10% |
HYEM vs. HYMB - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is higher than HYMB's 0.35% expense ratio.
Dividends
HYEM vs. HYMB - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.73%, more than HYMB's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.73% | 6.67% | 6.34% | 6.27% | 6.47% | 5.33% | 5.56% | 6.14% | 5.71% | 5.86% | 6.25% | 7.64% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.55% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
HYEM and HYMB have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (0.84%) compared to HYEM (0.76%). In terms of maximum drawdown, HYEM dropped -30.96% vs HYMB's -29.57%.
On 10-year performance, HYEM leads with 4.39% vs 2.27% for HYMB. On fees, HYMB is cheaper at 0.35% 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, HYEM has performed better with a 4.39% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.40% for HYEM.
HYEM has the higher dividend yield at 6.73%, compared with 4.55% for HYMB.
HYEM is categorized as High Yield Bonds, while HYMB is Municipal Bonds. HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while HYMB tracks ICE US Select High Yield Crossover Municipal Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.40% for HYEM and 0.35% for HYMB.
HYMB currently has the higher Sharpe Ratio (2.22 vs 1.93), 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.
Find the right allocation for HYEM and HYMB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer