PGHY vs. HYEM

Last updated Jun 3, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds - PGHY tracks the DB Global Short Maturity High Yield Bond 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, PGHY returned 4.46%/yr vs 4.66%/yr for HYEM. At a 0.30 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.40%/yr for HYEM.

Performance

PGHY vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Short Term High Yield Bond ETF (PGHY) 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, PGHY achieves a 2.80% return, which is significantly lower than HYEM's 4.02% return. Both investments have delivered pretty close results over the past 10 years, with PGHY having a 4.46% annualized return and HYEM not far ahead at 4.66%.

PGHY

• 1D: 0.10%
• 1M: 0.58%
• YTD: 2.80%
• 6M: 3.09%
• 1Y: 8.34%
• 3Y*: 9.05%
• 5Y*: 4.65%
• 10Y*: 4.46%

HYEM

• 1D: 0.05%
• 1M: 0.96%
• YTD: 4.02%
• 6M: 4.56%
• 1Y: 10.47%
• 3Y*: 11.04%
• 5Y*: 3.09%
• 10Y*: 4.66%

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

PGHY vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGHY Invesco Global Short Term High Yield Bond ETF	2.80%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	4.02%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%

Correlation

The correlation between PGHY and HYEM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013	0.30

The correlation between PGHY and HYEM shifts across timeframes, from 0.30 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

PGHY vs. HYEM - Sectors Allocation Comparison

Sectors	PGHY	HYEM
Financial Services	8.8%	-
Communication Services	6.2%	-
Consumer Cyclical	5.7%	-
Basic Materials	5.6%	-
Energy	3.6%	-
Industrials	3.5%	100.0%
Healthcare	2.5%	-
Technology	1.7%	-
Utilities	1.5%	-
Consumer Defensive	1.4%	-
Real Estate	0.5%	-

Return for Risk

PGHY vs. HYEM — Risk / Return Rank

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

PGHY

PGHY Risk / Return Rank: 53
PGHY Sharpe Ratio Rank: 48
PGHY Sortino Ratio Rank: 53
PGHY Omega Ratio Rank: 48
PGHY Calmar Ratio Rank: 56
PGHY Martin Ratio Rank: 61

HYEM

HYEM Risk / Return Rank: 77
HYEM Sharpe Ratio Rank: 74
HYEM Sortino Ratio Rank: 78
HYEM Omega Ratio Rank: 80
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.

PGHY vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Short Term High Yield Bond ETF (PGHY) 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.

	PGHY	HYEM	Difference
Sharpe ratio Return per unit of total volatility	1.68	2.43	-0.75
Sortino ratio Return per unit of downside risk	2.56	3.55	-0.99
Omega ratio Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio Return relative to maximum drawdown	2.84	3.84	-1.00
Martin ratio Return relative to average drawdown	11.08	15.70	-4.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGHY vs. HYEM - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.68, which is lower than the HYEM Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PGHY 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

	PGHY	HYEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.43	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.41	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.50	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.54	+0.07

Drawdowns

PGHY vs. HYEM - Drawdown Comparison

The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for PGHY and HYEM.

Drawdown Indicators

	PGHY	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-30.96%	+10.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-2.73%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-5.23%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-26.30%	+16.88%
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	-30.96%	+10.46%
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-1.64%	-4.40%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.67%	+0.11%

Volatility

PGHY vs. HYEM - Volatility Comparison

Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.96% compared to VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) at 1.40%. This indicates that PGHY'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

	PGHY	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.40%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	3.24%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	4.33%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	7.49%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	9.28%	-2.24%

PGHY vs. HYEM - Expense Ratio Comparison

PGHY has a 0.35% expense ratio, which is lower than HYEM's 0.40% expense ratio.

Dividends

PGHY vs. HYEM - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.07%, more 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%
PGHY Invesco Global Short Term High Yield Bond ETF	7.07%	7.24%	7.49%	7.87%	5.12%	5.17%	5.45%	5.32%	5.45%	5.52%	6.26%	4.60%

Frequently Asked Questions

Can I hold both PGHY and HYEM in my portfolio?

PGHY and HYEM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGHY or HYEM?

PGHY has higher volatility (1.96%) compared to HYEM (1.40%). In terms of maximum drawdown, PGHY dropped -20.50% vs HYEM's -30.96%.

Which ETF is better, PGHY or HYEM?

On 10-year performance, HYEM leads with 4.66% vs 4.46% for PGHY. On fees, PGHY is cheaper at 0.35% per year. On volatility, HYEM has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGHY or HYEM?

Over the 10-year period, HYEM has performed better with a 4.66% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGHY or HYEM?

PGHY is cheaper with a 0.35% expense ratio, compared with 0.40% for HYEM.

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

PGHY has the higher dividend yield at 7.07%, compared with 6.52% for HYEM.

What is the main difference between PGHY and HYEM?

PGHY tracks DB Global Short Maturity High Yield Bond Index, 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: 0.35% for PGHY and 0.40% for HYEM.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.43 vs 1.68), 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.