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HYGB.L vs. HYEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYGB.L vs. HYEM.L

Last updated Jul 16, 2026
Documentation

HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds from VanEck tracking the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, HYGB.L returned 3.23%/yr vs 3.12%/yr for HYEM.L. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

HYGB.L vs. HYEM.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 Emerging Markets High Yield Bond UCITS ETF (HYEM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HYGB.L is traded in GBP, while HYEM.L is traded in USD. To make them comparable, the HYEM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HYGB.L achieves a 3.41% return, which is significantly higher than HYEM.L's 3.10% 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*
—

HYEM.L

1D
0.00%
1M
-1.20%
6M
2.35%
YTD
3.10%
1Y
7.12%
3Y*
8.70%
5Y*
3.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%
HYEM.L
VanEck Emerging Markets High Yield Bond UCITS ETF		3.10%1.22%13.85%2.19%-2.51%0.29%2.36%10.25%7.60%

Correlation

The correlation between HYGB.L and HYEM.L is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.72

Correlation (All Time)
Calculated using the full available price history since Mar 20, 2018

0.72

The correlation between HYGB.L and HYEM.L has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

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VanEck Emerging Markets High Yield Bond UCITS ETF

VanEck Emerging Markets High Yield Bond UCITS ETF

Return for Risk

HYGB.L vs. HYEM.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: 4343
Overall Rank
HYGB.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
HYGB.L Sortino Ratio Rank: 3939
Sortino Ratio Rank
HYGB.L Omega Ratio Rank: 3737
Omega Ratio Rank
HYGB.L Calmar Ratio Rank: 5757
Calmar Ratio Rank
HYGB.L Martin Ratio Rank: 4444
Martin Ratio Rank
HYEM.L
HYEM.L Risk / Return Rank: 6464
Overall Rank
HYEM.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
HYEM.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
HYEM.L Omega Ratio Rank: 7272
Omega Ratio Rank
HYEM.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
HYEM.L Martin Ratio Rank: 6767
Martin Ratio Rank
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. HYEM.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 Emerging Markets High Yield Bond UCITS ETF (HYEM.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.LHYEM.LDifference
Sharpe ratioReturn per unit of total volatility
1.17
0.91

+0.26

Sortino ratioReturn per unit of downside risk
1.71
1.33

+0.39

Omega ratioGain probability vs. loss probability

1.21

1.17

+0.04

Calmar ratioReturn relative to maximum drawdown

2.30

1.71

+0.59

Martin ratioReturn relative to average drawdown

5.91

4.63

+1.28

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

The current HYGB.L Sharpe Ratio is 1.17, which is comparable to the HYEM.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of HYGB.L and HYEM.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.

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Drawdowns

HYGB.L vs. HYEM.L - Drawdown Comparison

The maximum HYGB.L drawdown since its inception was -26.72%, which is greater than HYEM.L's maximum drawdown of -15.44%. Use the drawdown chart below to compare losses from any high point for HYGB.L and HYEM.L.

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Drawdown Indicators

HYGB.LHYEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-26.72%

-15.44%

-11.28%

Max Drawdown (1Y)

Largest decline over 1 year

-3.31%

-4.06%

+0.75%

Max Drawdown (3Y)

Largest decline over 3 years

-8.96%

-9.01%

+0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-23.02%

-13.20%

-9.82%

Current Drawdown

Current decline from peak

-2.23%

-2.59%

+0.36%

Average Drawdown

Average peak-to-trough decline

-14.29%

-3.64%

-10.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.29%

1.50%

-0.21%

Volatility

HYGB.L vs. HYEM.L - Volatility Comparison

VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) has a higher volatility of 1.95% compared to VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) at 1.74%. This indicates that HYGB.L's price experiences larger fluctuations and is considered to be riskier than HYEM.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.LHYEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.95%

1.74%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

4.98%

5.85%

-0.87%

Volatility (1Y)

Calculated over the trailing 1-year period

6.52%

7.61%

-1.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.19%

9.99%

+8.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.41%

10.09%

+7.32%

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

Both HYGB.L and HYEM.L have an expense ratio of 0.40%.

Dividends

HYGB.L vs. HYEM.L - Dividend Comparison

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

PositionTTM2025202420232022
HYEM.L
VanEck Emerging Markets High Yield Bond UCITS ETF		0.00%0.00%0.00%0.00%0.09%
HYGB.L
VanEck Emerging Markets High Yield Bond UCITS ETF		0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HYGB.L and HYEM.L have a correlation of 0.67, 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 HYEM.L have the same expense ratio: 0.40% per year.

Both ETFs track VanEck Emerging Markets High Yield Bond UCITS ETF.

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