HYEM vs. JAAA
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and JAAA (Janus Henderson AAA CLO 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 JAAA is a CLO fund actively managed by Janus Henderson. HYEM is passively managed, while JAAA is actively managed. Over the past 5 years, HYEM returned 2.93%/yr vs 4.80%/yr for JAAA. At a 0.09 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.20%/yr for JAAA.
Performance
HYEM vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM achieves a 3.71% return, which is significantly higher than JAAA's 1.95% 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%
JAAA
- 1D
- 0.02%
- 1M
- 0.35%
- YTD
- 1.95%
- 6M
- 2.57%
- 1Y
- 5.12%
- 3Y*
- 6.67%
- 5Y*
- 4.80%
- 10Y*
- —
HYEM vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 3.71% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 7.15% |
JAAA Janus Henderson AAA CLO ETF | 1.95% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between HYEM and JAAA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.09 |
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Return for Risk
HYEM vs. JAAA — Risk / Return Rank
HYEM
JAAA
HYEM vs. JAAA - 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 Janus Henderson AAA CLO ETF (JAAA). 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 | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.87 | ||
| Sortino ratioReturn per unit of downside risk | -6.97 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 2.77 | -1.32 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 13.24 | -9.63 |
| Martin ratioReturn relative to average drawdown | 14.72 | 71.21 | -56.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYEM | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 6.15 | -3.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 2.88 | -2.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 2.78 | -2.24 |
Drawdowns
HYEM vs. JAAA - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for HYEM and JAAA.
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Drawdown Indicators
| HYEM | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -2.64% | -28.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -0.39% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -1.46% | -3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -26.30% | -2.64% | -23.66% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | 0.00% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -0.25% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.07% | +0.60% |
Volatility
HYEM vs. JAAA - Volatility Comparison
VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) has a higher volatility of 1.16% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that HYEM's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.13% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 0.64% | +2.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 0.84% | +3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.49% | 1.68% | +5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 1.64% | +7.63% |
HYEM vs. JAAA - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
HYEM vs. JAAA - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.53%, more than JAAA's 4.99% 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% |
JAAA Janus Henderson AAA CLO ETF | 4.99% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYEM and JAAA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYEM has higher volatility (1.16%) compared to JAAA (0.13%). In terms of maximum drawdown, HYEM dropped -30.96% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.80% vs 2.93% for HYEM. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JAAA has performed better with a 4.80% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.40% for HYEM.
HYEM has the higher dividend yield at 6.53%, compared with 4.99% for JAAA.
HYEM is categorized as High Yield Bonds, while JAAA is CLO. They also come from different issuers: VanEck and Janus Henderson. Their fees differ too: 0.40% for HYEM and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.15 vs 2.27), 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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