HYGB.L vs. CNYB.L
HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - HYGB.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, HYGB.L returned 3.29%/yr vs 3.58%/yr for CNYB.L. A 0.53 correlation means they provide meaningful diversification when combined. HYGB.L charges 0.40%/yr vs 0.35%/yr for CNYB.L.
Performance
HYGB.L vs. CNYB.L - Performance Comparison
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Returns By Period
In the year-to-date period, HYGB.L achieves a 3.73% return, which is significantly lower than CNYB.L's 5.09% return.
HYGB.L
- 1D
- 0.36%
- 1M
- -0.41%
- 6M
- 2.50%
- YTD
- 3.73%
- 1Y
- 7.76%
- 3Y*
- 8.68%
- 5Y*
- 3.29%
- 10Y*
- —
CNYB.L
- 1D
- 0.24%
- 1M
- -0.35%
- 6M
- 4.32%
- YTD
- 5.09%
- 1Y
- 7.12%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
HYGB.L vs. CNYB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.73% | 1.56% | 13.72% | 1.66% | -2.52% | 0.59% | 1.90% | -1.42% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.09% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
Correlation
The correlation between HYGB.L and CNYB.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.53 |
Over the past year, HYGB.L and CNYB.L have become more correlated (0.75) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
HYGB.L vs. CNYB.L — Risk / Return Rank
HYGB.L
CNYB.L
HYGB.L vs. CNYB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L). 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.
| HYGB.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.58 | -0.24 |
| Martin ratioReturn relative to average drawdown | 5.93 | 6.11 | -0.18 |
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Drawdowns
HYGB.L vs. CNYB.L - Drawdown Comparison
The maximum HYGB.L drawdown since its inception was -26.72%, roughly equal to the maximum CNYB.L drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for HYGB.L and CNYB.L.
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Drawdown Indicators
| HYGB.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.72% | -25.82% | -0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -2.75% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -8.96% | -9.03% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -15.44% | -7.58% |
Current DrawdownCurrent decline from peak | -1.93% | -7.24% | +5.31% |
Average DrawdownAverage peak-to-trough decline | -14.28% | -12.52% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 1.16% | +0.14% |
Volatility
HYGB.L vs. CNYB.L - Volatility Comparison
VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) has a higher volatility of 1.48% compared to iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) at 1.24%. This indicates that HYGB.L's price experiences larger fluctuations and is considered to be riskier than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGB.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.24% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.96% | 4.69% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.52% | 6.29% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 7.65% | +10.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 11.47% | +5.93% |
HYGB.L vs. CNYB.L - Expense Ratio Comparison
HYGB.L has a 0.40% expense ratio, which is higher than CNYB.L's 0.35% expense ratio.
Dividends
HYGB.L vs. CNYB.L - Dividend Comparison
HYGB.L has not paid dividends to shareholders, while CNYB.L's dividend yield for the trailing twelve months is around 1.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGB.L and CNYB.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNYB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNYB.L is cheaper with a 0.35% expense ratio, compared with 0.40% for HYGB.L.
HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for HYGB.L and 0.35% for CNYB.L.
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