HYGW vs. VEMY
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and VEMY (Virtus Stone Harbor Emerging Markets High Yield Bond ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while VEMY is a Emerging Markets Bonds fund actively managed by Virtus. HYGW is passively managed, while VEMY is actively managed. Over the past 3 years, HYGW returned 5.70%/yr vs 15.11%/yr for VEMY. A 0.55 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.58%/yr for VEMY.
Performance
HYGW vs. VEMY - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.12% return, which is significantly lower than VEMY's 6.70% return.
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
VEMY
- 1D
- 0.28%
- 1M
- 2.19%
- YTD
- 6.70%
- 6M
- 6.88%
- 1Y
- 18.55%
- 3Y*
- 15.11%
- 5Y*
- —
- 10Y*
- —
HYGW vs. VEMY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.28% |
VEMY Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 6.70% | 15.27% | 13.48% | 14.45% | -1.43% |
Correlation
The correlation between HYGW and VEMY is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022 | 0.55 |
The correlation between HYGW and VEMY has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.
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Return for Risk
HYGW vs. VEMY — Risk / Return Rank
HYGW
VEMY
HYGW vs. VEMY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and Virtus Stone Harbor Emerging Markets High Yield Bond ETF (VEMY). 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.
| HYGW | VEMY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.63 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 4.65 | -1.03 |
| Martin ratioReturn relative to average drawdown | 16.51 | 22.07 | -5.56 |
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Drawdowns
HYGW vs. VEMY - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum VEMY drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for HYGW and VEMY.
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Drawdown Indicators
| HYGW | VEMY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -8.77% | +3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -4.00% | +2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -6.57% | +2.91% |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -1.30% | +0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.84% | -0.44% |
Volatility
HYGW vs. VEMY - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.91%, while Virtus Stone Harbor Emerging Markets High Yield Bond ETF (VEMY) has a volatility of 1.45%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than VEMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | VEMY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 1.45% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 4.73% | -2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 6.08% | -3.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.67% | 7.61% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.67% | 7.61% | -2.94% |
HYGW vs. VEMY - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than VEMY's 0.58% expense ratio.
Dividends
HYGW vs. VEMY - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.52%, more than VEMY's 8.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% |
VEMY Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 8.31% | 8.89% | 10.28% | 9.55% | 0.00% |
Frequently Asked Questions
HYGW and VEMY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEMY has higher volatility (1.45%) compared to HYGW (0.91%). In terms of maximum drawdown, HYGW dropped -5.49% vs VEMY's -8.77%.
On 3-year performance, VEMY leads with 15.11% vs 5.70% for HYGW. On fees, VEMY is cheaper at 0.58% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VEMY has performed better with a 15.11% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEMY is cheaper with a 0.58% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.52%, compared with 8.31% for VEMY.
HYGW is categorized as High Yield Bonds, while VEMY is Emerging Markets Bonds. They also come from different issuers: iShares and Virtus. Their fees differ too: 0.69% for HYGW and 0.58% for VEMY.
VEMY currently has the higher Sharpe Ratio (3.07 vs 2.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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