HYEM vs. TPYP

Last updated Jun 13, 2026

HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and TPYP (Tortoise North American Pipeline Fund) 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 TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, HYEM returned 4.72%/yr vs 12.22%/yr for TPYP. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

HYEM vs. TPYP - 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 Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYEM achieves a 3.86% return, which is significantly lower than TPYP's 22.03% return. Over the past 10 years, HYEM has underperformed TPYP with an annualized return of 4.72%, while TPYP has yielded a comparatively higher 12.22% annualized return.

HYEM

• 1D: 0.20%
• 1M: 0.81%
• YTD: 3.86%
• 6M: 4.24%
• 1Y: 9.35%
• 3Y*: 10.57%
• 5Y*: 2.92%
• 10Y*: 4.72%

TPYP

• 1D: 0.86%
• 1M: 0.08%
• YTD: 22.03%
• 6M: 22.42%
• 1Y: 24.05%
• 3Y*: 25.50%
• 5Y*: 17.51%
• 10Y*: 12.22%

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

HYEM vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	3.86%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%
TPYP Tortoise North American Pipeline Fund	22.03%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%

Correlation

The correlation between HYEM and TPYP is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.27

The correlation between HYEM and TPYP shifts across timeframes, from -0.01 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

HYEM vs. TPYP - Sectors Allocation Comparison

Sectors	HYEM	TPYP
Industrials	100.0%	-
Basic Materials	-	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	68.8%
Financial Services	-	2.4%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	22.0%

Return for Risk

HYEM vs. TPYP — Risk / Return Rank

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

HYEM

HYEM Risk / Return Rank: 80
HYEM Sharpe Ratio Rank: 77
HYEM Sortino Ratio Rank: 81
HYEM Omega Ratio Rank: 82
HYEM Calmar Ratio Rank: 76
HYEM Martin Ratio Rank: 81

TPYP

TPYP Risk / Return Rank: 65
TPYP Sharpe Ratio Rank: 64
TPYP Sortino Ratio Rank: 64
TPYP Omega Ratio Rank: 59
TPYP Calmar Ratio Rank: 78
TPYP Martin Ratio Rank: 59

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. TPYP - 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 Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.84	+0.31
Sortino ratio: Return per unit of downside risk	3.13	2.57	+0.56
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.11
Calmar ratio: Return relative to maximum drawdown	3.44	3.53	-0.09
Martin ratio: Return relative to average drawdown	14.00	9.15	+4.85

HYEM vs. TPYP - Sharpe Ratio Comparison

The current HYEM Sharpe Ratio is 2.15, which is comparable to the TPYP Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HYEM and TPYP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYEM vs. TPYP - Drawdown Comparison

The maximum HYEM drawdown since its inception was -30.96%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for HYEM and TPYP.

Drawdown Indicators

	HYEM	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-51.91%	+20.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-6.84%	+4.11%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-13.17%	+7.94%
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	-17.96%	-8.34%
Max Drawdown (10Y) Largest decline over 10 years	-30.96%	-51.91%	+20.95%
Current Drawdown Current decline from peak	-0.15%	-3.72%	+3.57%
Average Drawdown Average peak-to-trough decline	-4.39%	-7.88%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	2.64%	-1.97%

Volatility

HYEM vs. TPYP - Volatility Comparison

The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.31%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 5.30%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYEM	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	5.30%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	3.21%	10.26%	-7.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	13.14%	-8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	17.46%	-9.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.27%	21.93%	-12.66%

HYEM vs. TPYP - Expense Ratio Comparison

Both HYEM and TPYP have an expense ratio of 0.40%.

Dividends

HYEM vs. TPYP - Dividend Comparison

HYEM's dividend yield for the trailing twelve months is around 6.53%, more than TPYP's 3.20% 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%
TPYP Tortoise North American Pipeline Fund	3.20%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both HYEM and TPYP in my portfolio?

HYEM and TPYP have a correlation of -0.01, 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 TPYP?

TPYP has higher volatility (5.30%) compared to HYEM (1.31%). In terms of maximum drawdown, HYEM dropped -30.96% vs TPYP's -51.91%.

Which ETF is better, HYEM or TPYP?

On 10-year performance, TPYP leads with 12.22% vs 4.72% for HYEM. Both ETFs have the same 0.40% expense ratio. On volatility, HYEM has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYEM or TPYP?

Over the 10-year period, TPYP has performed better with a 12.22% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYEM or TPYP?

HYEM and TPYP have the same expense ratio: 0.40% per year.

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

HYEM has the higher dividend yield at 6.53%, compared with 3.20% for TPYP.

What is the main difference between HYEM and TPYP?

HYEM is categorized as High Yield Bonds, while TPYP is Energy Equities. HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: VanEck and Tortoise.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.15 vs 1.84), 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.