IFLN vs. HYEM

Last updated Jun 4, 2026

IFLN (Invesco Bloomberg Enhanced Fallen Angels ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds - IFLN tracks the Bloomberg US High Yield Enhanced Fallen Angels Index while HYEM tracks the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 10 years, IFLN returned 4.60%/yr vs 4.65%/yr for HYEM. At a 0.45 correlation, their price movements are largely independent. IFLN charges 0.23%/yr vs 0.40%/yr for HYEM.

Performance

IFLN vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFLN achieves a 0.57% return, which is significantly lower than HYEM's 3.92% return. Both investments have delivered pretty close results over the past 10 years, with IFLN having a 4.60% annualized return and HYEM not far ahead at 4.65%.

IFLN

• 1D: -0.25%
• 1M: 0.55%
• YTD: 0.57%
• 6M: 0.84%
• 1Y: 5.87%
• 3Y*: 7.32%
• 5Y*: 3.59%
• 10Y*: 4.60%

HYEM

• 1D: -0.10%
• 1M: 1.26%
• YTD: 3.92%
• 6M: 4.87%
• 1Y: 10.30%
• 3Y*: 11.00%
• 5Y*: 3.04%
• 10Y*: 4.65%

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

IFLN vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF	0.57%	8.75%	5.54%	11.19%	-8.77%	3.32%	5.20%	13.59%	-2.69%	5.12%
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	3.92%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%

Correlation

The correlation between IFLN and HYEM 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	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 15, 2012	0.45

The correlation between IFLN and HYEM shifts across timeframes, from 0.45 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IFLN vs. HYEM — Risk / Return Rank

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

IFLN

IFLN Risk / Return Rank: 40
IFLN Sharpe Ratio Rank: 43
IFLN Sortino Ratio Rank: 44
IFLN Omega Ratio Rank: 46
IFLN Calmar Ratio Rank: 30
IFLN Martin Ratio Rank: 38

HYEM

HYEM Risk / Return Rank: 76
HYEM Sharpe Ratio Rank: 72
HYEM Sortino Ratio Rank: 77
HYEM Omega Ratio Rank: 78
HYEM Calmar Ratio Rank: 75
HYEM Martin Ratio Rank: 79

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.

IFLN vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). 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.

	IFLN	HYEM	Difference
Sharpe ratio Return per unit of total volatility	1.52	2.39	-0.87
Sortino ratio Return per unit of downside risk	2.20	3.50	-1.29
Omega ratio Gain probability vs. loss probability	1.29	1.47	-0.18
Calmar ratio Return relative to maximum drawdown	1.44	3.79	-2.35
Martin ratio Return relative to average drawdown	5.93	15.48	-9.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFLN vs. HYEM - Sharpe Ratio Comparison

The current IFLN Sharpe Ratio is 1.52, which is lower than the HYEM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IFLN and HYEM, 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

	IFLN	HYEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.39	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.41	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.50	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.54	-0.25

Drawdowns

IFLN vs. HYEM - Drawdown Comparison

The maximum IFLN drawdown since its inception was -44.79%, which is greater than HYEM's maximum drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for IFLN and HYEM.

Drawdown Indicators

	IFLN	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-44.79%	-30.96%	-13.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-2.73%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-4.08%	-5.23%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-26.30%	+12.54%
Max Drawdown (10Y) Largest decline over 10 years	-21.52%	-30.96%	+9.44%
Current Drawdown Current decline from peak	-0.49%	-0.10%	-0.39%
Average Drawdown Average peak-to-trough decline	-4.33%	-4.40%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.67%	+0.32%

Volatility

IFLN vs. HYEM - Volatility Comparison

The current volatility for Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) is 1.26%, while VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) has a volatility of 1.33%. This indicates that IFLN experiences smaller price fluctuations and is considered to be less risky than HYEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFLN	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.33%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	3.24%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	4.33%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	7.49%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	9.27%	-2.38%

IFLN vs. HYEM - Expense Ratio Comparison

IFLN has a 0.23% expense ratio, which is lower than HYEM's 0.40% expense ratio.

Dividends

IFLN vs. HYEM - Dividend Comparison

IFLN's dividend yield for the trailing twelve months is around 5.82%, less than HYEM's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	6.52%	6.67%	6.34%	6.27%	6.47%	5.33%	5.56%	6.14%	5.71%	5.86%	6.25%	7.64%
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF	5.82%	5.48%	5.69%	4.68%	3.52%	3.37%	3.90%	4.03%	4.44%	4.14%	4.58%	4.69%

Frequently Asked Questions

Can I hold both IFLN and HYEM in my portfolio?

IFLN and HYEM 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.

Which is riskier, IFLN or HYEM?

HYEM has higher volatility (1.33%) compared to IFLN (1.26%). In terms of maximum drawdown, IFLN dropped -44.79% vs HYEM's -30.96%.

Which ETF is better, IFLN or HYEM?

On 10-year performance, HYEM leads with 4.65% vs 4.60% for IFLN. On fees, IFLN is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFLN or HYEM?

Over the 10-year period, HYEM has performed better with a 4.65% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFLN or HYEM?

IFLN is cheaper with a 0.23% expense ratio, compared with 0.40% for HYEM.

Which ETF pays a higher dividend yield, IFLN or HYEM?

HYEM has the higher dividend yield at 6.52%, compared with 5.82% for IFLN.

What is the main difference between IFLN and HYEM?

IFLN tracks Bloomberg US High Yield Enhanced Fallen Angels Index, while HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.23% for IFLN and 0.40% for HYEM.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.39 vs 1.51), 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.