HYGB.L vs. STHE.L

Last updated Jul 16, 2026

HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF) and STHE.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged) are both High Yield Bonds funds - HYGB.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF while STHE.L tracks the ICE BofA 0-5 Year US High Yield Constrained Index. Both are passively managed. Over the past 5 years, HYGB.L returned 3.23%/yr vs 2.92%/yr for STHE.L. At a 0.23 correlation, their price movements are largely independent. HYGB.L charges 0.40%/yr vs 0.60%/yr for STHE.L.

Performance

HYGB.L vs. STHE.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 PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HYGB.L is traded in GBP, while STHE.L is traded in EUR. To make them comparable, the STHE.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 STHE.L's -1.89% 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*: —

STHE.L

• 1D: -0.36%
• 1M: -1.90%
• 6M: -1.62%
• YTD: -1.89%
• 1Y: 1.87%
• 3Y*: 5.89%
• 5Y*: 2.92%
• 10Y*: 3.26%

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

HYGB.L vs. STHE.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%
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged	-1.89%	12.14%	1.99%	6.78%	-2.17%	-2.62%	7.54%	0.75%	-1.02%

Correlation

The correlation between HYGB.L and STHE.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.23

The correlation between HYGB.L and STHE.L shifts across timeframes, from 0.08 (3 years) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYGB.L vs. STHE.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

STHE.L

STHE.L Risk / Return Rank: 50
STHE.L Sharpe Ratio Rank: 48
STHE.L Sortino Ratio Rank: 53
STHE.L Omega Ratio Rank: 49
STHE.L Calmar Ratio Rank: 45
STHE.L Martin Ratio Rank: 55

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. STHE.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 PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.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	STHE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.39	+0.78
Sortino ratio: Return per unit of downside risk	1.71	0.59	+1.13
Omega ratio: Gain probability vs. loss probability	1.21	1.07	+0.14
Calmar ratio: Return relative to maximum drawdown	2.30	0.68	+1.62
Martin ratio: Return relative to average drawdown	5.91	1.84	+4.07

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

The current HYGB.L Sharpe Ratio is 1.17, which is higher than the STHE.L Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of HYGB.L and STHE.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. STHE.L - Drawdown Comparison

The maximum HYGB.L drawdown since its inception was -26.72%, which is greater than STHE.L's maximum drawdown of -22.78%. Use the drawdown chart below to compare losses from any high point for HYGB.L and STHE.L.

Drawdown Indicators

	HYGB.L	STHE.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.72%	-22.78%	-3.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-2.73%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-3.19%	-5.77%
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	-10.89%	-12.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.78%	—
Current Drawdown Current decline from peak	-2.23%	-2.56%	+0.33%
Average Drawdown Average peak-to-trough decline	-14.29%	-5.18%	-9.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.02%	+0.27%

Volatility

HYGB.L vs. STHE.L - Volatility Comparison

VanEck Emerging Markets High Yield Bond UCITS ETF (HYGB.L) has a higher volatility of 1.95% compared to PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.L) at 1.22%. This indicates that HYGB.L's price experiences larger fluctuations and is considered to be riskier than STHE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGB.L	STHE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	1.22%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	4.98%	3.44%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	4.75%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	7.11%	+11.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.41%	8.77%	+8.64%

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

HYGB.L has a 0.40% expense ratio, which is lower than STHE.L's 0.60% expense ratio.

Dividends

HYGB.L vs. STHE.L - Dividend Comparison

HYGB.L has not paid dividends to shareholders, while STHE.L's dividend yield for the trailing twelve months is around 6.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged	6.99%	7.17%	7.65%	6.27%	4.99%	4.57%	4.88%	5.14%	5.37%	5.18%	5.41%	5.28%

Frequently Asked Questions

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

HYGB.L and STHE.L have a correlation of 0.13, 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 STHE.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 STHE.L?

HYGB.L is cheaper with a 0.40% expense ratio, compared with 0.60% for STHE.L.

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

HYGB.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF, while STHE.L tracks ICE BofA 0-5 Year US High Yield Constrained Index. They also come from different issuers: VanEck and PIMCO. Their fees differ too: 0.40% for HYGB.L and 0.60% for STHE.L.