RPV vs. HYEM

Last updated Jun 9, 2026

RPV (Invesco S&P 500® Pure Value ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both exchange-traded funds - RPV is a Large Cap Value Equities fund tracking the S&P 500/Citigroup Pure Value Index, 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 10 years, RPV returned 10.82%/yr vs 4.61%/yr for HYEM. At a 0.32 correlation, their price movements are largely independent. RPV charges 0.35%/yr vs 0.40%/yr for HYEM.

Performance

RPV vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® Pure Value ETF (RPV) 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, RPV achieves a 11.02% return, which is significantly higher than HYEM's 3.71% return. Over the past 10 years, RPV has outperformed HYEM with an annualized return of 10.82%, while HYEM has yielded a comparatively lower 4.61% annualized return.

RPV

• 1D: 0.04%
• 1M: 2.97%
• YTD: 11.02%
• 6M: 13.06%
• 1Y: 28.29%
• 3Y*: 17.39%
• 5Y*: 9.71%
• 10Y*: 10.82%

HYEM

• 1D: 0.05%
• 1M: 0.21%
• YTD: 3.71%
• 6M: 4.40%
• 1Y: 9.80%
• 3Y*: 10.72%
• 5Y*: 2.93%
• 10Y*: 4.61%

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

RPV vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPV Invesco S&P 500® Pure Value ETF	11.02%	17.70%	12.41%	7.98%	-1.27%	34.22%	-8.69%	24.80%	-12.31%	17.30%
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF	3.71%	9.24%	12.14%	8.35%	-13.39%	-1.31%	6.87%	12.85%	-3.38%	7.94%

Correlation

The correlation between RPV and HYEM is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 15, 2012	0.32

The correlation between RPV and HYEM shifts across timeframes, from 0.26 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

RPV vs. HYEM - Sectors Allocation Comparison

Sectors	RPV	HYEM
Financial Services	17.9%	-
Healthcare	16.2%	-
Consumer Defensive	15.2%	-
Energy	11.3%	-
Consumer Cyclical	10.2%	-
Basic Materials	9.0%	-
Industrials	6.3%	100.0%
Communication Services	5.7%	-
Utilities	4.0%	-
Technology	2.8%	-
Real Estate	1.4%	-

Return for Risk

RPV vs. HYEM — Risk / Return Rank

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

RPV

RPV Risk / Return Rank: 77
RPV Sharpe Ratio Rank: 78
RPV Sortino Ratio Rank: 82
RPV Omega Ratio Rank: 74
RPV Calmar Ratio Rank: 78
RPV Martin Ratio Rank: 75

HYEM

HYEM Risk / Return Rank: 81
HYEM Sharpe Ratio Rank: 78
HYEM Sortino Ratio Rank: 83
HYEM Omega Ratio Rank: 83
HYEM Calmar Ratio Rank: 78
HYEM Martin Ratio Rank: 82

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.

RPV vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® Pure Value ETF (RPV) 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.

	RPV	HYEM	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.27	-0.01
Sortino ratio: Return per unit of downside risk	3.27	3.33	-0.06
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	3.67	3.61	+0.06
Martin ratio: Return relative to average drawdown	12.85	14.72	-1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPV vs. HYEM - Sharpe Ratio Comparison

The current RPV Sharpe Ratio is 2.26, which is comparable to the HYEM Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of RPV 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

	RPV	HYEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.27	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.39	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.50	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.54	-0.16

Drawdowns

RPV vs. HYEM - Drawdown Comparison

The maximum RPV drawdown since its inception was -75.32%, which is greater than HYEM's maximum drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for RPV and HYEM.

Drawdown Indicators

	RPV	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-75.32%	-30.96%	-44.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-2.73%	-5.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-5.23%	-10.27%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-26.30%	+3.66%
Max Drawdown (10Y) Largest decline over 10 years	-50.67%	-30.96%	-19.71%
Current Drawdown Current decline from peak	-0.43%	-0.30%	-0.13%
Average Drawdown Average peak-to-trough decline	-10.68%	-4.40%	-6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	0.67%	+1.54%

Volatility

RPV vs. HYEM - Volatility Comparison

Invesco S&P 500® Pure Value ETF (RPV) has a higher volatility of 2.50% compared to VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM) at 1.16%. This indicates that RPV'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

	RPV	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.16%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	3.14%	+5.41%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	4.33%	+8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	7.49%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	9.27%	+12.65%

RPV vs. HYEM - Expense Ratio Comparison

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

Dividends

RPV vs. HYEM - Dividend Comparison

RPV's dividend yield for the trailing twelve months is around 2.27%, 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%
RPV Invesco S&P 500® Pure Value ETF	2.27%	2.50%	2.16%	2.38%	2.29%	1.92%	2.11%	2.28%	2.49%	1.73%	1.73%	2.39%

Frequently Asked Questions

Can I hold both RPV and HYEM in my portfolio?

RPV and HYEM have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPV or HYEM?

RPV has higher volatility (2.50%) compared to HYEM (1.16%). In terms of maximum drawdown, RPV dropped -75.32% vs HYEM's -30.96%.

Which ETF is better, RPV or HYEM?

On 10-year performance, RPV leads with 10.82% vs 4.61% for HYEM. On fees, RPV is cheaper at 0.35% per year. On volatility, HYEM has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RPV or HYEM?

Over the 10-year period, RPV has performed better with a 10.82% return vs 4.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RPV or HYEM?

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

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

HYEM has the higher dividend yield at 6.53%, compared with 2.27% for RPV.

What is the main difference between RPV and HYEM?

RPV is categorized as Large Cap Value Equities, while HYEM is High Yield Bonds. RPV tracks S&P 500/Citigroup Pure Value 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 RPV and 0.40% for HYEM.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (2.27 vs 2.26), 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.