HYGB.L vs. GDGB.L

Last updated Jul 16, 2026

HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and GDGB.L (VanEck Gold Miners UCITS ETF) are both exchange-traded funds - HYGB.L is a High Yield Bonds fund tracking the VanEck Emerging Markets High Yield Bond UCITS ETF, while GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, HYGB.L returned 3.23%/yr vs 18.53%/yr for GDGB.L. At a correlation of -0.07, they often move in opposite directions. HYGB.L charges 0.40%/yr vs 0.53%/yr for GDGB.L.

Performance

HYGB.L vs. GDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) and VanEck Gold Miners UCITS ETF (GDGB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGB.L achieves a 3.41% return, which is significantly higher than GDGB.L's -14.69% return.

HYGB.L

• 1D: -0.56%
• 1M: -0.50%
• 6M: 2.88%
• YTD: 3.41%
• 1Y: 7.65%
• 3Y*: 8.57%
• 5Y*: 3.23%
• 10Y*: —

GDGB.L

• 1D: -3.56%
• 1M: -14.99%
• 6M: -24.57%
• YTD: -14.69%
• 1Y: 43.75%
• 3Y*: 31.62%
• 5Y*: 18.53%
• 10Y*: —

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

HYGB.L vs. GDGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF	3.41%	1.56%	13.72%	1.66%	-2.52%	0.59%	1.90%	10.99%	-23.28%
GDGB.L VanEck Gold Miners UCITS ETF	-14.69%	138.26%	11.24%	3.69%	3.04%	-10.47%	19.56%	38.86%	7.26%

Correlation

The correlation between HYGB.L and GDGB.L is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	-0.07

The correlation between HYGB.L and GDGB.L shifts across timeframes, from -0.23 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYGB.L vs. GDGB.L — Risk / Return Rank

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

HYGB.L

HYGB.L Risk / Return Rank: 43
HYGB.L Sharpe Ratio Rank: 39
HYGB.L Sortino Ratio Rank: 39
HYGB.L Omega Ratio Rank: 37
HYGB.L Calmar Ratio Rank: 57
HYGB.L Martin Ratio Rank: 44

GDGB.L

GDGB.L Risk / Return Rank: 30
GDGB.L Sharpe Ratio Rank: 32
GDGB.L Sortino Ratio Rank: 32
GDGB.L Omega Ratio Rank: 31
GDGB.L Calmar Ratio Rank: 29
GDGB.L Martin Ratio Rank: 26

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.

HYGB.L vs. GDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) and VanEck Gold Miners UCITS ETF (GDGB.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	GDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.96	+0.21
Sortino ratio: Return per unit of downside risk	1.71	1.46	+0.26
Omega ratio: Gain probability vs. loss probability	1.21	1.18	+0.03
Calmar ratio: Return relative to maximum drawdown	2.30	1.18	+1.12
Martin ratio: Return relative to average drawdown	5.91	2.80	+3.11

HYGB.L vs. GDGB.L - Sharpe Ratio Comparison

The current HYGB.L Sharpe Ratio is 1.17, which is comparable to the GDGB.L Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of HYGB.L and GDGB.L, 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

HYGB.L vs. GDGB.L - Drawdown Comparison

The maximum HYGB.L drawdown since its inception was -26.72%, smaller than the maximum GDGB.L drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for HYGB.L and GDGB.L.

Drawdown Indicators

	HYGB.L	GDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.72%	-40.80%	+14.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-36.94%	+33.63%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-36.94%	+27.98%
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	-36.94%	+13.92%
Current Drawdown Current decline from peak	-2.23%	-36.36%	+34.13%
Average Drawdown Average peak-to-trough decline	-14.29%	-17.68%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	15.58%	-14.29%

Volatility

HYGB.L vs. GDGB.L - Volatility Comparison

The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) is 1.95%, while VanEck Gold Miners UCITS ETF (GDGB.L) has a volatility of 14.74%. This indicates that HYGB.L experiences smaller price fluctuations and is considered to be less risky than GDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGB.L	GDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	14.74%	-12.79%
Volatility (6M) Calculated over the trailing 6-month period	4.98%	36.46%	-31.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	45.32%	-38.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	33.60%	-15.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.41%	32.52%	-15.11%

HYGB.L vs. GDGB.L - Expense Ratio Comparison

HYGB.L has a 0.40% expense ratio, which is lower than GDGB.L's 0.53% expense ratio.

Dividends

HYGB.L vs. GDGB.L - Dividend Comparison

Neither HYGB.L nor GDGB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HYGB.L and GDGB.L in my portfolio?

HYGB.L and GDGB.L have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGB.L or GDGB.L?

On fees, HYGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGB.L or GDGB.L?

HYGB.L is cheaper with a 0.40% expense ratio, compared with 0.53% for GDGB.L.

What is the main difference between HYGB.L and GDGB.L?

HYGB.L is categorized as High Yield Bonds, while GDGB.L is Gold. HYGB.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while GDGB.L tracks MarketVector Global Gold Miners Index. Their fees differ too: 0.40% for HYGB.L and 0.53% for GDGB.L.