IHY vs. ELD
IHY (VanEck Vectors International High Yield Bond ETF) and ELD (WisdomTree Emerging Markets Local Debt Fund) are both exchange-traded funds - IHY is a High Yield Bonds fund tracking the Bank of America Merrill Lynch Global Ex-‐US Issuers High Yield Constrained Index, while ELD is a Emerging Markets Bonds fund actively managed by WisdomTree. IHY is passively managed, while ELD is actively managed. Over the past 10 years, IHY returned 4.06%/yr vs 2.78%/yr for ELD. A 0.50 correlation means they provide meaningful diversification when combined. IHY charges 0.40%/yr vs 0.55%/yr for ELD.
Performance
IHY vs. ELD - Performance Comparison
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Returns By Period
In the year-to-date period, IHY achieves a 1.35% return, which is significantly higher than ELD's 0.84% return. Over the past 10 years, IHY has outperformed ELD with an annualized return of 4.06%, while ELD has yielded a comparatively lower 2.78% annualized return.
IHY
- 1D
- 0.19%
- 1M
- 0.40%
- YTD
- 1.35%
- 6M
- 2.41%
- 1Y
- 6.67%
- 3Y*
- 9.16%
- 5Y*
- 1.76%
- 10Y*
- 4.06%
ELD
- 1D
- 0.10%
- 1M
- 0.51%
- YTD
- 0.84%
- 6M
- 2.40%
- 1Y
- 9.96%
- 3Y*
- 7.84%
- 5Y*
- 2.33%
- 10Y*
- 2.78%
IHY vs. ELD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHY VanEck Vectors International High Yield Bond ETF | 1.35% | 13.39% | 3.55% | 12.11% | -14.34% | -2.82% | 8.65% | 12.77% | -4.52% | 12.54% |
ELD WisdomTree Emerging Markets Local Debt Fund | 0.84% | 21.77% | -4.56% | 14.29% | -9.25% | -9.75% | 1.79% | 12.89% | -7.53% | 12.72% |
Correlation
The correlation between IHY and ELD is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.50 |
The correlation between IHY and ELD has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.
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Return for Risk
IHY vs. ELD — Risk / Return Rank
IHY
ELD
IHY vs. ELD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) and WisdomTree Emerging Markets Local Debt Fund (ELD). 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.
| IHY | ELD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.40 | +0.01 |
| Martin ratioReturn relative to average drawdown | 5.07 | 4.92 | +0.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IHY | ELD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.18 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.21 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.25 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.12 | +0.42 |
Drawdowns
IHY vs. ELD - Drawdown Comparison
The maximum IHY drawdown since its inception was -27.63%, smaller than the maximum ELD drawdown of -31.92%. Use the drawdown chart below to compare losses from any high point for IHY and ELD.
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Drawdown Indicators
| IHY | ELD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.63% | -31.92% | +4.29% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -7.15% | +2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -4.75% | -10.89% | +6.14% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -23.56% | -4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -27.63% | -25.15% | -2.48% |
Current DrawdownCurrent decline from peak | -0.72% | -2.65% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -5.28% | -13.31% | +8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 2.03% | -0.71% |
Volatility
IHY vs. ELD - Volatility Comparison
The current volatility for VanEck Vectors International High Yield Bond ETF (IHY) is 1.32%, while WisdomTree Emerging Markets Local Debt Fund (ELD) has a volatility of 2.72%. This indicates that IHY experiences smaller price fluctuations and is considered to be less risky than ELD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHY | ELD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 2.72% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 3.93% | 7.12% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.39% | 8.50% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.73% | 10.93% | -3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.72% | 11.27% | -3.55% |
IHY vs. ELD - Expense Ratio Comparison
IHY has a 0.40% expense ratio, which is lower than ELD's 0.55% expense ratio.
Dividends
IHY vs. ELD - Dividend Comparison
IHY's dividend yield for the trailing twelve months is around 5.67%, less than ELD's 5.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ELD WisdomTree Emerging Markets Local Debt Fund | 5.81% | 5.38% | 5.75% | 4.85% | 5.29% | 4.98% | 4.70% | 4.92% | 6.30% | 4.68% | 4.86% | 5.57% |
IHY VanEck Vectors International High Yield Bond ETF | 5.67% | 5.31% | 5.60% | 5.26% | 4.97% | 4.55% | 4.65% | 4.86% | 4.70% | 4.36% | 5.11% | 5.79% |
Frequently Asked Questions
IHY and ELD have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ELD has higher volatility (2.72%) compared to IHY (1.32%). In terms of maximum drawdown, IHY dropped -27.63% vs ELD's -31.92%.
On 10-year performance, IHY leads with 4.06% vs 2.78% for ELD. On fees, IHY is cheaper at 0.40% per year. On volatility, IHY has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IHY has performed better with a 4.06% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHY is cheaper with a 0.40% expense ratio, compared with 0.55% for ELD.
ELD has the higher dividend yield at 5.81%, compared with 5.67% for IHY.
IHY is categorized as High Yield Bonds, while ELD is Emerging Markets Bonds. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.40% for IHY and 0.55% for ELD.
IHY currently has the higher Sharpe Ratio (1.24 vs 1.18), 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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