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

HYLA.L vs. HYEM.L

Last updated Jul 16, 2026
Documentation

HYLA.L (iShares Global High Yield Corp Bond UCITS ETF) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds - HYLA.L tracks the iShares Global High Yield Corp Bond UCITS ETF while HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, HYLA.L returned 3.15%/yr vs 2.69%/yr for HYEM.L. At a 0.36 correlation, their price movements are largely independent. HYLA.L charges 0.50%/yr vs 0.40%/yr for HYEM.L.

Performance

HYLA.L vs. HYEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global High Yield Corp Bond UCITS ETF (HYLA.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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Returns By Period

In the year-to-date period, HYLA.L achieves a 0.70% return, which is significantly lower than HYEM.L's 3.15% return.

HYLA.L

1D
0.12%
1M
-0.32%
6M
0.56%
YTD
0.70%
1Y
4.54%
3Y*
7.76%
5Y*
3.15%
10Y*
—

HYEM.L

1D
-0.36%
1M
-0.68%
6M
2.60%
YTD
3.15%
1Y
7.88%
3Y*
9.82%
5Y*
2.69%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
HYLA.L
iShares Global High Yield Corp Bond UCITS ETF		0.70%14.45%2.59%13.39%-11.81%-0.14%7.57%11.83%-4.30%
HYEM.L
VanEck Emerging Markets High Yield Bond UCITS ETF		3.15%8.98%11.89%7.56%-12.87%-0.65%5.46%14.61%-1.96%

Correlation

The correlation between HYLA.L and HYEM.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

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

0.32

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

0.36

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

0.36

The correlation between HYLA.L and HYEM.L shifts across timeframes, from 0.22 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

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iShares Global High Yield Corp Bond UCITS ETF

VanEck Emerging Markets High Yield Bond UCITS ETF

Return for Risk

HYLA.L vs. HYEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYLA.L
HYLA.L Risk / Return Rank: 2323
Overall Rank
HYLA.L Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
HYLA.L Sortino Ratio Rank: 2222
Sortino Ratio Rank
HYLA.L Omega Ratio Rank: 2121
Omega Ratio Rank
HYLA.L Calmar Ratio Rank: 2323
Calmar Ratio Rank
HYLA.L Martin Ratio Rank: 2727
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.

HYLA.L vs. HYEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond UCITS ETF (HYLA.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.

HYLA.LHYEM.LDifference
Sharpe ratioReturn per unit of total volatility
0.69
1.50

-0.81

Sortino ratioReturn per unit of downside risk
1.03
2.39

-1.35

Omega ratioGain probability vs. loss probability

1.13

1.34

-0.21

Calmar ratioReturn relative to maximum drawdown

0.88

2.53

-1.66

Martin ratioReturn relative to average drawdown

2.95

9.53

-6.58

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

The current HYLA.L Sharpe Ratio is 0.69, which is lower than the HYEM.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of HYLA.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

HYLA.L vs. HYEM.L - Drawdown Comparison

The maximum HYLA.L drawdown since its inception was -24.42%, smaller than the maximum HYEM.L drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for HYLA.L and HYEM.L.

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Drawdown Indicators

HYLA.LHYEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.42%

-27.28%

+2.86%

Max Drawdown (1Y)

Largest decline over 1 year

-4.62%

-2.94%

-1.68%

Max Drawdown (3Y)

Largest decline over 3 years

-5.65%

-4.27%

-1.38%

Max Drawdown (5Y)

Largest decline over 5 years

-22.93%

-27.28%

+4.35%

Current Drawdown

Current decline from peak

-1.04%

-0.78%

-0.26%

Average Drawdown

Average peak-to-trough decline

-4.11%

-5.09%

+0.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

0.78%

+0.60%

Volatility

HYLA.L vs. HYEM.L - Volatility Comparison

iShares Global High Yield Corp Bond UCITS ETF (HYLA.L) has a higher volatility of 1.39% compared to VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) at 1.28%. This indicates that HYLA.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

HYLA.LHYEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.39%

1.28%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

4.67%

4.14%

+0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

5.86%

4.96%

+0.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.19%

6.98%

+1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.25%

7.24%

+2.01%

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

HYLA.L has a 0.50% expense ratio, which is higher than HYEM.L's 0.40% expense ratio.

Dividends

HYLA.L vs. HYEM.L - Dividend Comparison

Neither HYLA.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%
HYLA.L
iShares Global High Yield Corp Bond UCITS ETF		0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HYLA.L and HYEM.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HYEM.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HYEM.L is cheaper with a 0.40% expense ratio, compared with 0.50% for HYLA.L.

HYLA.L tracks iShares Global High Yield Corp Bond UCITS ETF, while HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.50% for HYLA.L and 0.40% for HYEM.L.

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