HYEM vs. VWOB
HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) and VWOB (Vanguard Emerging Markets Government 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 VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 10 years, HYEM returned 4.63%/yr vs 3.52%/yr for VWOB. A 0.55 correlation means they provide meaningful diversification when combined. HYEM charges 0.40%/yr vs 0.15%/yr for VWOB.
Performance
HYEM vs. VWOB - Performance Comparison
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Returns By Period
In the year-to-date period, HYEM achieves a 3.97% return, which is significantly higher than VWOB's 2.24% return. Over the past 10 years, HYEM has outperformed VWOB with an annualized return of 4.63%, while VWOB has yielded a comparatively lower 3.52% annualized return.
HYEM
- 1D
- -0.15%
- 1M
- 0.66%
- YTD
- 3.97%
- 6M
- 3.83%
- 1Y
- 8.96%
- 3Y*
- 10.22%
- 5Y*
- 2.91%
- 10Y*
- 4.63%
VWOB
- 1D
- 0.00%
- 1M
- 1.46%
- YTD
- 2.24%
- 6M
- 2.00%
- 1Y
- 9.93%
- 3Y*
- 9.00%
- 5Y*
- 2.19%
- 10Y*
- 3.52%
HYEM vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 3.97% | 9.24% | 12.14% | 8.35% | -13.39% | -1.31% | 6.87% | 12.85% | -3.38% | 7.94% |
VWOB Vanguard Emerging Markets Government Bond ETF | 2.24% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
Correlation
The correlation between HYEM and VWOB is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.55 |
The correlation between HYEM and VWOB shifts across timeframes, from 0.55 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYEM vs. VWOB — Risk / Return Rank
HYEM
VWOB
HYEM vs. VWOB - 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 Vanguard Emerging Markets Government Bond ETF (VWOB). 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 | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.36 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 2.23 | +1.07 |
| Martin ratioReturn relative to average drawdown | 13.39 | 9.37 | +4.01 |
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Drawdowns
HYEM vs. VWOB - Drawdown Comparison
The maximum HYEM drawdown since its inception was -30.96%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for HYEM and VWOB.
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Drawdown Indicators
| HYEM | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.96% | -26.98% | -3.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -4.48% | +1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -7.71% | +2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -26.29% | -26.98% | +0.69% |
Max Drawdown (10Y)Largest decline over 10 years | -30.96% | -26.98% | -3.98% |
Current DrawdownCurrent decline from peak | -0.49% | -0.22% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -4.78% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 1.06% | -0.39% |
Volatility
HYEM vs. VWOB - Volatility Comparison
The current volatility for VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) is 1.14%, while Vanguard Emerging Markets Government Bond ETF (VWOB) has a volatility of 1.70%. This indicates that HYEM experiences smaller price fluctuations and is considered to be less risky than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEM | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.70% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 4.35% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 5.27% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 9.19% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.27% | 9.34% | -0.07% |
HYEM vs. VWOB - Expense Ratio Comparison
HYEM has a 0.40% expense ratio, which is higher than VWOB's 0.15% expense ratio.
Dividends
HYEM vs. VWOB - Dividend Comparison
HYEM's dividend yield for the trailing twelve months is around 6.52%, more than VWOB's 5.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.52% | 6.67% | 6.34% | 6.27% | 6.47% | 5.33% | 5.56% | 6.14% | 5.71% | 5.86% | 6.25% | 7.64% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.81% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
HYEM and VWOB have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWOB has higher volatility (1.70%) compared to HYEM (1.14%). In terms of maximum drawdown, HYEM dropped -30.96% vs VWOB's -26.98%.
On 10-year performance, HYEM leads with 4.63% vs 3.52% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, HYEM has been the lower-risk option at 1.14%. 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 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 0.40% for HYEM.
HYEM has the higher dividend yield at 6.52%, compared with 5.81% for VWOB.
HYEM is categorized as High Yield Bonds, while VWOB is Emerging Markets Bonds. HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index, while VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.40% for HYEM and 0.15% for VWOB.
HYEM currently has the higher Sharpe Ratio (2.04 vs 1.89), 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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