HYGB.L vs. CYGB.L
HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds - HYGB.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while CYGB.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 5.42%/yr for CYGB.L. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.40% expense ratio.
Performance
HYGB.L vs. CYGB.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 higher than CYGB.L's 3.44% 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*
- —
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
HYGB.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.73% | 1.56% | 13.72% | 1.66% | -2.52% | 2.80% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
Correlation
The correlation between HYGB.L and CYGB.L is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | -0.02 |
The correlation between HYGB.L and CYGB.L shifts across timeframes, from -0.14 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYGB.L vs. CYGB.L — Risk / Return Rank
HYGB.L
CYGB.L
HYGB.L vs. CYGB.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 GBP Hedged (Dist) (CYGB.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 | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.28 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 5.28 | -2.95 |
| Martin ratioReturn relative to average drawdown | 5.93 | 12.15 | -6.22 |
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Drawdowns
HYGB.L vs. CYGB.L - Drawdown Comparison
The maximum HYGB.L drawdown since its inception was -26.72%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for HYGB.L and CYGB.L.
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Drawdown Indicators
| HYGB.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.72% | -1.56% | -25.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -0.69% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -8.96% | -1.56% | -7.40% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -1.56% | -21.46% |
Current DrawdownCurrent decline from peak | -1.93% | -0.17% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -14.28% | -0.24% | -14.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.29% | +1.01% |
Volatility
HYGB.L vs. CYGB.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 GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that HYGB.L's price experiences larger fluctuations and is considered to be riskier than CYGB.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 | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 0.59% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 4.96% | 2.24% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.52% | 2.72% | +3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 2.38% | +15.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 2.33% | +15.07% |
HYGB.L vs. CYGB.L - Expense Ratio Comparison
Both HYGB.L and CYGB.L have an expense ratio of 0.40%.
Dividends
HYGB.L vs. CYGB.L - Dividend Comparison
HYGB.L has not paid dividends to shareholders, while CYGB.L's dividend yield for the trailing twelve months is around 1.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYGB.L and CYGB.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HYGB.L and CYGB.L have the same expense ratio: 0.40% per year.
HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: VanEck and iShares.
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