HYGB.L vs. VEMT.L

Last updated Jul 18, 2026

HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) and VEMT.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - HYGB.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index while VEMT.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, HYGB.L returned 3.29%/yr vs 2.62%/yr for VEMT.L. A 0.69 correlation means they provide meaningful diversification when combined. HYGB.L charges 0.40%/yr vs 0.25%/yr for VEMT.L.

Performance

HYGB.L vs. VEMT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.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 3.73% return, which is significantly higher than VEMT.L's 1.34% 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*: —

VEMT.L

• 1D: 0.15%
• 1M: -0.99%
• 6M: 1.10%
• YTD: 1.34%
• 1Y: 7.88%
• 3Y*: 6.91%
• 5Y*: 2.62%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	3.73%	1.56%	13.72%	1.66%	-2.52%	0.59%	1.90%	10.99%	-23.28%
VEMT.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing	1.34%	4.08%	8.08%	3.45%	-5.21%	-0.56%	2.53%	9.68%	9.27%

Correlation

The correlation between HYGB.L and VEMT.L is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.69

The correlation between HYGB.L and VEMT.L has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

HYGB.L vs. VEMT.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: 48
HYGB.L Sharpe Ratio Rank: 44
HYGB.L Sortino Ratio Rank: 44
HYGB.L Omega Ratio Rank: 42
HYGB.L Calmar Ratio Rank: 63
HYGB.L Martin Ratio Rank: 47

VEMT.L

VEMT.L Risk / Return Rank: 42
VEMT.L Sharpe Ratio Rank: 43
VEMT.L Sortino Ratio Rank: 44
VEMT.L Omega Ratio Rank: 41
VEMT.L Calmar Ratio Rank: 44
VEMT.L Martin Ratio Rank: 39

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. VEMT.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.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	VEMT.L	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.24	-0.05
Sortino ratio: Return per unit of downside risk	1.74	1.82	-0.08
Omega ratio: Gain probability vs. loss probability	1.21	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	2.33	1.81	+0.52
Martin ratio: Return relative to average drawdown	5.93	4.87	+1.06

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

The current HYGB.L Sharpe Ratio is 1.19, which is comparable to the VEMT.L Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of HYGB.L and VEMT.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. VEMT.L - Drawdown Comparison

The maximum HYGB.L drawdown since its inception was -26.72%, which is greater than VEMT.L's maximum drawdown of -14.62%. Use the drawdown chart below to compare losses from any high point for HYGB.L and VEMT.L.

Drawdown Indicators

	HYGB.L	VEMT.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.72%	-14.62%	-12.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-4.33%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-8.60%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-23.02%	-11.41%	-11.61%
Current Drawdown Current decline from peak	-1.93%	-2.73%	+0.80%
Average Drawdown Average peak-to-trough decline	-14.28%	-5.81%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.62%	-0.32%

Volatility

HYGB.L vs. VEMT.L - Volatility Comparison

The current volatility for VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) is 1.48%, while Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VEMT.L) has a volatility of 1.58%. This indicates that HYGB.L experiences smaller price fluctuations and is considered to be less risky than VEMT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGB.L	VEMT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.58%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	4.96%	4.79%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	6.37%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	8.13%	+10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	9.12%	+8.28%

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

HYGB.L has a 0.40% expense ratio, which is higher than VEMT.L's 0.25% expense ratio.

Dividends

HYGB.L vs. VEMT.L - Dividend Comparison

HYGB.L has not paid dividends to shareholders, while VEMT.L's dividend yield for the trailing twelve months is around 5.88%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEMT.L Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing	5.88%	6.17%	5.74%	5.56%	4.88%	3.81%	4.47%	4.46%	4.45%	4.81%

Frequently Asked Questions

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

HYGB.L and VEMT.L have a correlation of 0.69, 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 VEMT.L?

On fees, VEMT.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VEMT.L is cheaper with a 0.25% expense ratio, compared with 0.40% for HYGB.L.

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

HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index, while VEMT.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.40% for HYGB.L and 0.25% for VEMT.L.