PEMD.L vs. HYEM

Last updated Jun 5, 2026

PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both exchange-traded funds - PEMD.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while HYEM is a High Yield Bonds fund tracking the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, PEMD.L returned 2.29%/yr vs 3.02%/yr for HYEM. At a 0.38 correlation, their price movements are largely independent. PEMD.L charges 0.25%/yr vs 0.40%/yr for HYEM.

Performance

PEMD.L vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) 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, PEMD.L achieves a 1.58% return, which is significantly lower than HYEM's 3.81% return.

PEMD.L

• 1D: 0.75%
• 1M: 1.05%
• YTD: 1.58%
• 6M: 2.07%
• 1Y: 10.10%
• 3Y*: 9.49%
• 5Y*: 2.29%
• 10Y*: —

HYEM

• 1D: -0.10%
• 1M: 0.91%
• YTD: 3.81%
• 6M: 4.19%
• 1Y: 10.08%
• 3Y*: 10.82%
• 5Y*: 3.02%
• 10Y*: 4.63%

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

PEMD.L vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	1.58%	12.80%	6.20%	10.59%	-16.57%	-2.57%	5.25%	13.26%	-4.53%	1.11%
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	3.81%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	0.28%

Correlation

The correlation between PEMD.L and HYEM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 20, 2017	0.38

Return for Risk

PEMD.L vs. HYEM — Risk / Return Rank

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

PEMD.L

PEMD.L Risk / Return Rank: 51
PEMD.L Sharpe Ratio Rank: 50
PEMD.L Sortino Ratio Rank: 55
PEMD.L Omega Ratio Rank: 53
PEMD.L Calmar Ratio Rank: 46
PEMD.L Martin Ratio Rank: 53

HYEM

HYEM Risk / Return Rank: 77
HYEM Sharpe Ratio Rank: 73
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.

PEMD.L vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) 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.

	PEMD.L	HYEM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.33	-0.64
Sortino ratio: Return per unit of downside risk	2.59	3.42	-0.84
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio: Return relative to maximum drawdown	2.25	3.71	-1.46
Martin ratio: Return relative to average drawdown	8.86	15.14	-6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEMD.L vs. HYEM - Sharpe Ratio Comparison

The current PEMD.L Sharpe Ratio is 1.70, which is comparable to the HYEM Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PEMD.L 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

	PEMD.L	HYEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.33	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.40	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.54	-0.30

Drawdowns

PEMD.L vs. HYEM - Drawdown Comparison

The maximum PEMD.L drawdown since its inception was -26.74%, smaller than the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for PEMD.L and HYEM.

Drawdown Indicators

	PEMD.L	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-26.74%	-30.96%	+4.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-2.73%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-8.00%	-5.23%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-26.30%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.96%	—
Current Drawdown Current decline from peak	-0.36%	-0.20%	-0.16%
Average Drawdown Average peak-to-trough decline	-6.49%	-4.40%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.67%	+0.47%

Volatility

PEMD.L vs. HYEM - Volatility Comparison

Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a higher volatility of 2.41% compared to VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) at 1.32%. This indicates that PEMD.L's price experiences larger fluctuations and is considered to be riskier than HYEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMD.L	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	1.32%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	3.21%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	4.33%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.31%	7.49%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.17%	9.27%	+1.90%

PEMD.L vs. HYEM - Expense Ratio Comparison

PEMD.L has a 0.25% expense ratio, which is lower than HYEM's 0.40% expense ratio.

Dividends

PEMD.L vs. HYEM - Dividend Comparison

PEMD.L's dividend yield for the trailing twelve months is around 5.45%, less than HYEM's 6.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	6.53%	6.67%	6.34%	6.27%	6.47%	5.33%	5.56%	6.14%	5.71%	5.86%	6.25%	7.64%
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist	5.45%	5.49%	5.83%	5.54%	4.94%	3.93%	3.60%	4.99%	5.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PEMD.L and HYEM in my portfolio?

PEMD.L and HYEM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PEMD.L or HYEM?

On fees, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PEMD.L or HYEM?

PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.40% for HYEM.

What is the main difference between PEMD.L and HYEM?

PEMD.L is categorized as Emerging Markets Bonds, while HYEM is High Yield Bonds. PEMD.L tracks JPM EMBI Global Diversified TR USD, 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: 0.25% for PEMD.L and 0.40% for HYEM.