IHYU.L vs. HYEM.L
IHYU.L (iShares USD High Yield Corporate Bond UCITS ETF) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds - IHYU.L tracks the Markit iBoxx USD Liquid High Yield Capped Index while HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, IHYU.L returned 3.91%/yr vs 2.69%/yr for HYEM.L. At a 0.37 correlation, their price movements are largely independent. IHYU.L charges 0.50%/yr vs 0.40%/yr for HYEM.L.
Performance
IHYU.L vs. HYEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, IHYU.L achieves a 1.61% return, which is significantly lower than HYEM.L's 3.15% return.
IHYU.L
- 1D
- 0.27%
- 1M
- 0.07%
- 6M
- 1.46%
- YTD
- 1.61%
- 1Y
- 6.48%
- 3Y*
- 7.93%
- 5Y*
- 3.91%
- 10Y*
- 4.75%
HYEM.L
- 1D
- -0.36%
- 1M
- -0.68%
- 6M
- 2.60%
- YTD
- 3.15%
- 1Y
- 7.88%
- 3Y*
- 9.82%
- 5Y*
- 2.69%
- 10Y*
- —
IHYU.L vs. HYEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IHYU.L iShares USD High Yield Corporate Bond UCITS ETF | 1.61% | 9.51% | 6.92% | 10.99% | -9.03% | 3.92% | 4.74% | 12.99% | -0.68% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF | 3.15% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 5.46% | 14.61% | -1.96% |
Correlation
The correlation between IHYU.L and HYEM.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.37 |
The correlation between IHYU.L and HYEM.L shifts across timeframes, from 0.28 (1 year) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IHYU.L vs. HYEM.L — Risk / Return Rank
IHYU.L
HYEM.L
IHYU.L vs. HYEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD High Yield Corporate Bond UCITS ETF (IHYU.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.
| IHYU.L | HYEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.53 | -0.24 |
| Martin ratioReturn relative to average drawdown | 10.98 | 9.53 | +1.45 |
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Drawdowns
IHYU.L vs. HYEM.L - Drawdown Comparison
The maximum IHYU.L drawdown since its inception was -21.83%, smaller than the maximum HYEM.L drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for IHYU.L and HYEM.L.
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Drawdown Indicators
| IHYU.L | HYEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.83% | -27.28% | +5.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -2.94% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -4.27% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -13.74% | -27.28% | +13.54% |
Max Drawdown (10Y)Largest decline over 10 years | -21.83% | — | — |
Current DrawdownCurrent decline from peak | -0.06% | -0.78% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -5.09% | +2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.78% | -0.19% |
Volatility
IHYU.L vs. HYEM.L - Volatility Comparison
The current volatility for iShares USD High Yield Corporate Bond UCITS ETF (IHYU.L) is 0.53%, while VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) has a volatility of 1.28%. This indicates that IHYU.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
| IHYU.L | HYEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.28% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 4.14% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 4.96% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.65% | 6.98% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.69% | 7.24% | +0.45% |
IHYU.L vs. HYEM.L - Expense Ratio Comparison
IHYU.L has a 0.50% expense ratio, which is higher than HYEM.L's 0.40% expense ratio.
Dividends
IHYU.L vs. HYEM.L - Dividend Comparison
IHYU.L's dividend yield for the trailing twelve months is around 6.20%, while HYEM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
IHYU.L iShares USD High Yield Corporate Bond UCITS ETF | 6.20% | 6.14% | 6.39% | 5.62% | 4.81% | 4.35% | 4.79% | 5.42% | 5.68% | 5.54% | 5.61% | 6.06% |
Frequently Asked Questions
IHYU.L and HYEM.L have a correlation of 0.28, 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 0.50% for IHYU.L.
IHYU.L tracks Markit iBoxx USD Liquid High Yield Capped Index, 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: 0.50% for IHYU.L and 0.40% for HYEM.L.
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