HYEM vs. USO
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and USO (United States Oil Fund LP) 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 USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, HYEM returned 4.63%/yr vs 3.57%/yr for USO. At a 0.13 correlation, their price movements are largely independent. HYEM charges 0.40%/yr vs 0.86%/yr for USO.
Performance
HYEM vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM achieves a 3.81% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, HYEM has outperformed USO with an annualized return of 4.63%, while USO has yielded a comparatively lower 3.57% annualized return.
HYEM
- 1D
- -0.10%
- 1M
- 0.91%
- YTD
- 3.81%
- 6M
- 4.19%
- 1Y
- 10.08%
- 3Y*
- 10.82%
- 5Y*
- 3.02%
- 10Y*
- 4.63%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
HYEM vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 3.81% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 12.85% | -3.38% | 7.94% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between HYEM and USO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 15, 2012 | 0.13 |
The correlation between HYEM and USO shifts across timeframes, from -0.20 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM vs. USO — Risk / Return Rank
HYEM
USO
HYEM vs. USO - 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 United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.37 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.71 | 4.79 | -1.08 |
| Martin ratioReturn relative to average drawdown | 15.14 | 9.00 | +6.14 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | 2.21 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.66 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.09 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | -0.18 | +0.72 |
Drawdowns
HYEM vs. USO - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for HYEM and USO.
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Drawdown Indicators
| HYEM | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -98.19% | +67.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -20.39% | +17.66% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -26.05% | +20.82% |
Max Drawdown (5Y)Largest decline over 5 years | -26.30% | -36.23% | +9.93% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | -86.75% | +55.79% |
Current DrawdownCurrent decline from peak | -0.20% | -85.45% | +85.25% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -75.30% | +70.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 10.84% | -10.17% |
Volatility
HYEM vs. USO - Volatility Comparison
The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.32%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 14.97% | -13.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 38.35% | -35.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 44.32% | -39.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.49% | 36.09% | -28.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 39.00% | -29.73% |
HYEM vs. USO - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
HYEM vs. USO - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.53%, while USO has not paid dividends to shareholders.
| 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% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYEM and USO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to HYEM (1.32%). In terms of maximum drawdown, HYEM dropped -30.96% vs USO's -98.19%.
On 10-year performance, HYEM leads with 4.63% vs 3.57% for USO. On fees, HYEM is cheaper at 0.40% per year. On volatility, HYEM has been the lower-risk option at 1.32%. 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 4.63% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYEM is cheaper with a 0.40% expense ratio, compared with 0.86% for USO.
HYEM has the higher dividend yield at 6.53%, compared with 0.00% for USO.
HYEM is categorized as High Yield Bonds, while USO is Oil & Gas. HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: VanEck and USCF. Their fees differ too: 0.40% for HYEM and 0.86% for USO.
HYEM currently has the higher Sharpe Ratio (2.33 vs 2.21), 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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