HYGB.L vs. GFGB.L
HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both High Yield Bonds funds from VanEck - HYGB.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF while GFGB.L tracks the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 5 years, HYGB.L returned 3.23%/yr vs 3.45%/yr for GFGB.L. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
HYGB.L vs. GFGB.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HYGB.L having a 3.41% return and GFGB.L slightly lower at 3.33%.
HYGB.L
- 1D
- -0.56%
- 1M
- -0.50%
- 6M
- 2.88%
- YTD
- 3.41%
- 1Y
- 7.65%
- 3Y*
- 8.57%
- 5Y*
- 3.23%
- 10Y*
- —
GFGB.L
- 1D
- -0.53%
- 1M
- -0.85%
- 6M
- 3.14%
- YTD
- 3.33%
- 1Y
- 6.10%
- 3Y*
- 7.30%
- 5Y*
- 3.45%
- 10Y*
- —
HYGB.L vs. GFGB.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% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.33% | 2.41% | 7.86% | 4.28% | -2.32% | 3.31% | 13.08% | 9.77% | -24.57% |
Correlation
The correlation between HYGB.L and GFGB.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.67 |
The correlation between HYGB.L and GFGB.L has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.
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Return for Risk
HYGB.L vs. GFGB.L — Risk / Return Rank
HYGB.L
GFGB.L
HYGB.L vs. GFGB.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 Global Fallen Angel High Yield Bond UCITS ETF (GFGB.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 | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 1.99 | +0.31 |
| Martin ratioReturn relative to average drawdown | 5.91 | 4.97 | +0.94 |
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Drawdowns
HYGB.L vs. GFGB.L - Drawdown Comparison
The maximum HYGB.L drawdown since its inception was -26.72%, smaller than the maximum GFGB.L drawdown of -28.88%. Use the drawdown chart below to compare losses from any high point for HYGB.L and GFGB.L.
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Drawdown Indicators
| HYGB.L | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.72% | -28.88% | +2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -3.05% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -8.96% | -7.55% | -1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -10.36% | -12.66% |
Current DrawdownCurrent decline from peak | -2.23% | -2.51% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -14.29% | -9.25% | -5.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.22% | +0.07% |
Volatility
HYGB.L vs. GFGB.L - Volatility Comparison
The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) is 1.95%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a volatility of 2.13%. This indicates that HYGB.L experiences smaller price fluctuations and is considered to be less risky than GFGB.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 | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 2.13% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.98% | 6.04% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.52% | 7.08% | -0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.19% | 7.86% | +10.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.41% | 13.07% | +4.34% |
HYGB.L vs. GFGB.L - Expense Ratio Comparison
Both HYGB.L and GFGB.L have an expense ratio of 0.40%.
Dividends
HYGB.L vs. GFGB.L - Dividend Comparison
Neither HYGB.L nor GFGB.L has paid dividends to shareholders.
Frequently Asked Questions
HYGB.L and GFGB.L have a correlation of 0.70, 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 GFGB.L have the same expense ratio: 0.40% per year.
HYGB.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while GFGB.L tracks ICE BofA Gbl HY Constnd TR USD.
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