HYEM vs. HYMB

Last updated Jun 9, 2026

HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays 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 Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, HYEM returned 4.61%/yr vs 2.35%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYEM achieves a 3.71% return, which is significantly higher than HYMB's 2.75% return. Over the past 10 years, HYEM has outperformed HYMB with an annualized return of 4.61%, while HYMB has yielded a comparatively lower 2.35% annualized return.

HYEM

• 1D: 0.05%
• 1M: 0.21%
• YTD: 3.71%
• 6M: 4.40%
• 1Y: 9.80%
• 3Y*: 10.72%
• 5Y*: 2.93%
• 10Y*: 4.61%

HYMB

• 1D: -0.12%
• 1M: 0.38%
• YTD: 2.75%
• 6M: 2.85%
• 1Y: 7.57%
• 3Y*: 5.11%
• 5Y*: 0.31%
• 10Y*: 2.35%

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

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	3.71%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	2.75%	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 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
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	0.20
Correlation (All Time) Calculated using the full available price history since May 15, 2012	0.15

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.

HYEM vs. HYMB - Sectors Allocation Comparison

Sectors	HYEM	HYMB
Industrials	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

HYEM vs. HYMB — Risk / Return Rank

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

HYEM

HYEM Risk / Return Rank: 81
HYEM Sharpe Ratio Rank: 78
HYEM Sortino Ratio Rank: 83
HYEM Omega Ratio Rank: 83
HYEM Calmar Ratio Rank: 78
HYEM Martin Ratio Rank: 82

HYMB

HYMB Risk / Return Rank: 62
HYMB Sharpe Ratio Rank: 62
HYMB Sortino Ratio Rank: 64
HYMB Omega Ratio Rank: 72
HYMB Calmar Ratio Rank: 55
HYMB Martin Ratio Rank: 55

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. 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 SPDR Nuveen Bloomberg Barclays 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.

	HYEM	HYMB	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.88	+0.39
Sortino ratio: Return per unit of downside risk	3.33	2.69	+0.64
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.07
Calmar ratio: Return relative to maximum drawdown	3.61	2.45	+1.16
Martin ratio: Return relative to average drawdown	14.72	8.67	+6.05
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. HYMB - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 2.27, which is comparable to the HYMB Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of HYEM and HYMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYEM	HYMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	1.88	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.05	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.21	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.45	+0.09

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.

Drawdown Indicators

	HYEM	HYMB	Difference
Max Drawdown Largest 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	-26.30%	-20.15%	-6.15%
Max Drawdown (10Y) Largest decline over 10 years	-30.96%	-29.57%	-1.39%
Current Drawdown Current decline from peak	-0.30%	-0.32%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.40%	-3.80%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.88%	-0.21%

Volatility

HYEM vs. HYMB - Volatility Comparison

The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.16%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.34%. 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.

Volatility by Period

	HYEM	HYMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.34%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	3.15%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	4.05%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.49%	6.66%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.27%	11.36%	-2.09%

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 6.53%, 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	6.53%	6.67%	6.34%	6.27%	6.47%	5.33%	5.56%	6.14%	5.71%	5.86%	6.25%	7.64%
HYMB SPDR Nuveen Bloomberg Barclays 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

Can I hold both HYEM and HYMB in my portfolio?

HYEM and HYMB have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYEM or HYMB?

HYMB has higher volatility (1.34%) compared to HYEM (1.16%). In terms of maximum drawdown, HYEM dropped -30.96% vs HYMB's -29.57%.

Which ETF is better, HYEM or HYMB?

On 10-year performance, HYEM leads with 4.61% vs 2.35% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYEM has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYEM or HYMB?

Over the 10-year period, HYEM has performed better with a 4.61% return vs 2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYEM or HYMB?

HYMB is cheaper with a 0.35% expense ratio, compared with 0.40% for HYEM.

Which ETF pays a higher dividend yield, HYEM or HYMB?

HYEM has the higher dividend yield at 6.53%, compared with 4.55% for HYMB.

What is the main difference between HYEM and 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 Bloomberg Municipal Yield. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.40% for HYEM and 0.35% for HYMB.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.27 vs 1.88), 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.