IHHG.L vs. HYEM.L
IHHG.L (iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds - IHHG.L tracks the iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) while HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, IHHG.L returned 3.13%/yr vs 3.12%/yr for HYEM.L. At a correlation of -0.05, they often move in opposite directions. IHHG.L charges 0.55%/yr vs 0.40%/yr for HYEM.L.
Performance
IHHG.L vs. HYEM.L - Performance Comparison
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Different Trading Currencies
IHHG.L is traded in GBP, while HYEM.L is traded in USD. To make them comparable, the HYEM.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IHHG.L achieves a 1.69% return, which is significantly lower than HYEM.L's 3.10% return.
IHHG.L
- 1D
- 0.10%
- 1M
- 0.10%
- 6M
- 1.46%
- YTD
- 1.69%
- 1Y
- 5.89%
- 3Y*
- 7.61%
- 5Y*
- 3.13%
- 10Y*
- —
HYEM.L
- 1D
- 0.00%
- 1M
- -1.20%
- 6M
- 2.35%
- YTD
- 3.10%
- 1Y
- 7.12%
- 3Y*
- 8.70%
- 5Y*
- 3.12%
- 10Y*
- —
IHHG.L vs. HYEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IHHG.L iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.69% | 9.03% | 6.38% | 9.77% | -10.41% | 3.44% | 2.55% | 10.54% | -1.67% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF | 3.10% | 1.22% | 13.85% | 2.19% | -2.51% | 0.29% | 2.36% | 10.25% | 7.60% |
Correlation
The correlation between IHHG.L and HYEM.L is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2018 | -0.05 |
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Return for Risk
IHHG.L vs. HYEM.L — Risk / Return Rank
IHHG.L
HYEM.L
IHHG.L vs. HYEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (IHHG.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.
| IHHG.L | HYEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.17 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.71 | +0.69 |
| Martin ratioReturn relative to average drawdown | 10.74 | 4.63 | +6.11 |
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Drawdowns
IHHG.L vs. HYEM.L - Drawdown Comparison
The maximum IHHG.L drawdown since its inception was -23.51%, which is greater than HYEM.L's maximum drawdown of -15.44%. Use the drawdown chart below to compare losses from any high point for IHHG.L and HYEM.L.
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Drawdown Indicators
| IHHG.L | HYEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -15.44% | -8.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -4.06% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -4.38% | -9.01% | +4.63% |
Max Drawdown (5Y)Largest decline over 5 years | -14.78% | -13.20% | -1.58% |
Current DrawdownCurrent decline from peak | 0.00% | -2.59% | +2.59% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -3.64% | +0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.50% | -0.93% |
Volatility
IHHG.L vs. HYEM.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (IHHG.L) is 0.72%, while VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) has a volatility of 1.74%. This indicates that IHHG.L experiences smaller price fluctuations and is considered to be less risky 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
| IHHG.L | HYEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 1.74% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 5.85% | -3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 7.61% | -3.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 9.99% | -3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.01% | 10.09% | -2.08% |
IHHG.L vs. HYEM.L - Expense Ratio Comparison
IHHG.L has a 0.55% expense ratio, which is higher than HYEM.L's 0.40% expense ratio.
Dividends
IHHG.L vs. HYEM.L - Dividend Comparison
IHHG.L's dividend yield for the trailing twelve months is around 6.15%, while HYEM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% |
IHHG.L iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.15% | 6.06% | 6.23% | 5.55% | 5.21% | 4.25% | 4.89% | 5.47% | 3.58% |
Frequently Asked Questions
IHHG.L and HYEM.L have a correlation of -0.12, 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 0.55% for IHHG.L.
IHHG.L tracks iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist), 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: 0.55% for IHHG.L and 0.40% for HYEM.L.
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