IHY vs. HYEM

Last updated Jun 3, 2026

IHY (VanEck Vectors International High Yield Bond ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds from VanEck - IHY tracks the Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained 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, IHY returned 4.14%/yr vs 4.65%/yr for HYEM. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

IHY vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors International High Yield Bond ETF (IHY) 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, IHY achieves a 1.45% return, which is significantly lower than HYEM's 3.92% return. Over the past 10 years, IHY has underperformed HYEM with an annualized return of 4.14%, while HYEM has yielded a comparatively higher 4.65% annualized return.

IHY

• 1D: 0.05%
• 1M: 0.40%
• YTD: 1.45%
• 6M: 2.69%
• 1Y: 6.76%
• 3Y*: 9.24%
• 5Y*: 1.85%
• 10Y*: 4.14%

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)

IHY vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHY VanEck Vectors International High Yield Bond ETF	1.45%	13.39%	3.55%	12.11%	-14.34%	-2.82%	8.65%	12.77%	-4.52%	12.54%
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 IHY and HYEM is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.47
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	0.44

The correlation between IHY and HYEM shifts across timeframes, from 0.43 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

IHY vs. HYEM - Sectors Allocation Comparison

Sectors	IHY	HYEM
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	100.0%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IHY vs. HYEM — Risk / Return Rank

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

IHY

IHY Risk / Return Rank: 34
IHY Sharpe Ratio Rank: 35
IHY Sortino Ratio Rank: 36
IHY Omega Ratio Rank: 34
IHY Calmar Ratio Rank: 31
IHY Martin Ratio Rank: 35

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.

IHY vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) 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.

	IHY	HYEM	Difference
Sharpe ratio Return per unit of total volatility	1.26	2.39	-1.12
Sortino ratio Return per unit of downside risk	1.92	3.50	-1.58
Omega ratio Gain probability vs. loss probability	1.23	1.47	-0.25
Calmar ratio Return relative to maximum drawdown	1.53	3.79	-2.26
Martin ratio Return relative to average drawdown	5.52	15.48	-9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHY vs. HYEM - Sharpe Ratio Comparison

The current IHY Sharpe Ratio is 1.26, which is lower than the HYEM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IHY 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

	IHY	HYEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.39	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.41	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.50	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.54	0.00

Drawdowns

IHY vs. HYEM - Drawdown Comparison

The maximum IHY drawdown since its inception was -27.63%, smaller than the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for IHY and HYEM.

Drawdown Indicators

	IHY	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-27.63%	-30.96%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-2.73%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-4.75%	-5.23%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-26.30%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-27.63%	-30.96%	+3.33%
Current Drawdown Current decline from peak	-0.63%	-0.10%	-0.53%
Average Drawdown Average peak-to-trough decline	-5.28%	-4.40%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.67%	+0.65%

Volatility

IHY vs. HYEM - Volatility Comparison

VanEck Vectors International High Yield Bond ETF (IHY) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) have volatilities of 1.34% and 1.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHY	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.33%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	3.24%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.40%	4.33%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	7.49%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	9.27%	-1.55%

IHY vs. HYEM - Expense Ratio Comparison

Both IHY and HYEM have an expense ratio of 0.40%.

Dividends

IHY vs. HYEM - Dividend Comparison

IHY's dividend yield for the trailing twelve months is around 5.66%, 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%
IHY VanEck Vectors International High Yield Bond ETF	5.66%	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

Can I hold both IHY and HYEM in my portfolio?

IHY and HYEM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHY or HYEM?

IHY has higher volatility (1.34%) compared to HYEM (1.33%). In terms of maximum drawdown, IHY dropped -27.63% vs HYEM's -30.96%.

Which ETF is better, IHY or HYEM?

On 10-year performance, HYEM leads with 4.65% vs 4.14% for IHY. Both ETFs have the same 0.40% expense ratio. 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, IHY or HYEM?

Over the 10-year period, HYEM has performed better with a 4.65% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHY or HYEM?

IHY and HYEM have the same expense ratio: 0.40% per year.

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

HYEM has the higher dividend yield at 6.52%, compared with 5.66% for IHY.

What is the main difference between IHY and HYEM?

IHY tracks Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index, while HYEM tracks BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.39 vs 1.26), 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.