HYUP vs. HDEF

Last updated Jun 4, 2026

HYUP (Xtrackers High Beta High Yield Bond ETF) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) are both exchange-traded funds - HYUP is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market High Beta Index, while HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 5 years, HYUP returned 4.39%/yr vs 9.83%/yr for HDEF. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

HYUP vs. HDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers High Beta High Yield Bond ETF (HYUP) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYUP achieves a 1.63% return, which is significantly lower than HDEF's 3.99% return.

HYUP

• 1D: -0.33%
• 1M: 0.54%
• YTD: 1.63%
• 6M: 2.12%
• 1Y: 7.43%
• 3Y*: 10.16%
• 5Y*: 4.39%
• 10Y*: —

HDEF

• 1D: -0.96%
• 1M: -1.35%
• YTD: 3.99%
• 6M: 6.18%
• 1Y: 15.90%
• 3Y*: 16.39%
• 5Y*: 9.83%
• 10Y*: 8.59%

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

HYUP vs. HDEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYUP Xtrackers High Beta High Yield Bond ETF	1.63%	8.83%	10.30%	14.56%	-13.30%	5.13%	5.73%	16.54%	-3.90%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.99%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-15.72%

Correlation

The correlation between HYUP and HDEF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.56

The correlation between HYUP and HDEF has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

Return for Risk

HYUP vs. HDEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYUP

HYUP Risk / Return Rank: 54
HYUP Sharpe Ratio Rank: 51
HYUP Sortino Ratio Rank: 55
HYUP Omega Ratio Rank: 54
HYUP Calmar Ratio Rank: 49
HYUP Martin Ratio Rank: 59

HDEF

HDEF Risk / Return Rank: 38
HDEF Sharpe Ratio Rank: 38
HDEF Sortino Ratio Rank: 37
HDEF Omega Ratio Rank: 37
HDEF Calmar Ratio Rank: 40
HDEF 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.

HYUP vs. HDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers High Beta High Yield Bond ETF (HYUP) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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.

	HYUP	HDEF	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.37	+0.39
Sortino ratio Return per unit of downside risk	2.68	1.94	+0.74
Omega ratio Gain probability vs. loss probability	1.34	1.25	+0.09
Calmar ratio Return relative to maximum drawdown	2.45	1.99	+0.46
Martin ratio Return relative to average drawdown	10.46	6.16	+4.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYUP vs. HDEF - Sharpe Ratio Comparison

The current HYUP Sharpe Ratio is 1.76, which is comparable to the HDEF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of HYUP and HDEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYUP	HDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.37	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.70	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.45	+0.07

Drawdowns

HYUP vs. HDEF - Drawdown Comparison

The maximum HYUP drawdown since its inception was -24.79%, smaller than the maximum HDEF drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for HYUP and HDEF.

Drawdown Indicators

	HYUP	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-24.79%	-36.43%	+11.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-8.03%	+4.98%
Max Drawdown (3Y) Largest decline over 3 years	-6.03%	-11.15%	+5.12%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	-23.63%	+5.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.43%	—
Current Drawdown Current decline from peak	-0.36%	-5.69%	+5.33%
Average Drawdown Average peak-to-trough decline	-3.42%	-5.04%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	2.59%	-1.88%

Volatility

HYUP vs. HDEF - Volatility Comparison

The current volatility for Xtrackers High Beta High Yield Bond ETF (HYUP) is 1.35%, while Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) has a volatility of 3.75%. This indicates that HYUP experiences smaller price fluctuations and is considered to be less risky than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYUP	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	3.75%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	9.20%	-5.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.24%	11.67%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.27%	14.14%	-5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	16.24%	-6.49%

HYUP vs. HDEF - Expense Ratio Comparison

Both HYUP and HDEF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HYUP vs. HDEF - Dividend Comparison

HYUP's dividend yield for the trailing twelve months is around 7.33%, more than HDEF's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.65%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%
HYUP Xtrackers High Beta High Yield Bond ETF	7.33%	7.44%	7.78%	7.48%	7.15%	6.19%	6.89%	6.77%	6.98%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYUP and HDEF in my portfolio?

HYUP and HDEF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYUP or HDEF?

HDEF has higher volatility (3.75%) compared to HYUP (1.35%). In terms of maximum drawdown, HYUP dropped -24.79% vs HDEF's -36.43%.

Which ETF is better, HYUP or HDEF?

On 5-year performance, HDEF leads with 9.83% vs 4.39% for HYUP. Both ETFs have the same 0.20% expense ratio. On volatility, HYUP has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYUP or HDEF?

Over the 5-year period, HDEF has performed better with a 9.83% return vs 4.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYUP or HDEF?

HYUP and HDEF have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, HYUP or HDEF?

HYUP has the higher dividend yield at 7.33%, compared with 3.65% for HDEF.

What is the main difference between HYUP and HDEF?

HYUP is categorized as High Yield Bonds, while HDEF is Foreign Large Cap Equities. HYUP tracks Solactive USD High Yield Corporates Total Market High Beta Index, while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index.

Which has better risk-adjusted returns?

HYUP currently has the higher Sharpe Ratio (1.76 vs 1.37), 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.