SBEM.L vs. SHYG.L
SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) and SHYG.L (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while SHYG.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR. Both are passively managed. Over the past 10 years, SBEM.L returned 4.93%/yr vs 3.87%/yr for SHYG.L. A 0.52 correlation means they provide meaningful diversification when combined. SBEM.L charges 0.42%/yr vs 0.50%/yr for SHYG.L.
Performance
SBEM.L vs. SHYG.L - Performance Comparison
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Different Trading Currencies
SBEM.L is traded in GBp, while SHYG.L is traded in GBP. To make them comparable, the SHYG.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SBEM.L achieves a 5.05% return, which is significantly higher than SHYG.L's 0.09% return. Over the past 10 years, SBEM.L has outperformed SHYG.L with an annualized return of 4.93%, while SHYG.L has yielded a comparatively lower 3.87% annualized return.
SBEM.L
- 1D
- 0.72%
- 1M
- 4.22%
- YTD
- 5.05%
- 6M
- 5.84%
- 1Y
- 16.49%
- 3Y*
- 9.84%
- 5Y*
- 3.61%
- 10Y*
- 4.93%
SHYG.L
- 1D
- 0.03%
- 1M
- 0.90%
- YTD
- 0.09%
- 6M
- 0.19%
- 1Y
- 4.91%
- 3Y*
- 6.78%
- 5Y*
- 2.84%
- 10Y*
- 3.87%
SBEM.L vs. SHYG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 5.05% | 7.42% | 9.45% | 5.95% | -10.24% | -1.29% | 1.29% | 10.91% | 1.42% | 0.47% |
SHYG.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) | 0.09% | 10.52% | 0.97% | 9.30% | -4.42% | -3.69% | 6.61% | 4.45% | -2.62% | 8.24% |
Correlation
The correlation between SBEM.L and SHYG.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.52 |
The correlation between SBEM.L and SHYG.L shifts across timeframes, from 0.38 (3 years) to 0.53 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SBEM.L vs. SHYG.L — Risk / Return Rank
SBEM.L
SHYG.L
SBEM.L vs. SHYG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) and iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) (SHYG.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.
| SBEM.L | SHYG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.51 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.18 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 4.65 | 1.29 | +3.36 |
| Martin ratioReturn relative to average drawdown | 13.45 | 4.03 | +9.42 |
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Drawdowns
SBEM.L vs. SHYG.L - Drawdown Comparison
The maximum SBEM.L drawdown since its inception was -21.61%, smaller than the maximum SHYG.L drawdown of -22.97%. Use the drawdown chart below to compare losses from any high point for SBEM.L and SHYG.L.
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Drawdown Indicators
| SBEM.L | SHYG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -22.97% | +1.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -3.78% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -9.79% | -3.78% | -6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -17.20% | -15.33% | -1.87% |
Max Drawdown (10Y)Largest decline over 10 years | -21.61% | -22.97% | +1.36% |
Current DrawdownCurrent decline from peak | 0.00% | -0.67% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -7.20% | -5.22% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.22% | 0.00% |
Volatility
SBEM.L vs. SHYG.L - Volatility Comparison
UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) has a higher volatility of 1.75% compared to iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) (SHYG.L) at 1.09%. This indicates that SBEM.L's price experiences larger fluctuations and is considered to be riskier than SHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBEM.L | SHYG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 1.09% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 3.79% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.53% | 4.84% | +1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.12% | 6.93% | +2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.96% | 8.45% | +2.51% |
SBEM.L vs. SHYG.L - Expense Ratio Comparison
SBEM.L has a 0.42% expense ratio, which is lower than SHYG.L's 0.50% expense ratio.
Dividends
SBEM.L vs. SHYG.L - Dividend Comparison
SBEM.L's dividend yield for the trailing twelve months is around 6.37%, less than SHYG.L's 6.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.37% | 7.69% | 6.27% | 6.49% | 5.73% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% | 0.00% |
SHYG.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) | 6.50% | 5.31% | 6.24% | 5.39% | 3.58% | 3.13% | 3.66% | 3.86% | 3.65% | 3.74% | 3.83% | 4.55% |
Frequently Asked Questions
SBEM.L and SHYG.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SBEM.L is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SBEM.L is cheaper with a 0.42% expense ratio, compared with 0.50% for SHYG.L.
SBEM.L is categorized as Emerging Markets Bonds, while SHYG.L is European High Yield Bonds. SBEM.L tracks JPM EMBI Global Diversified TR USD, while SHYG.L tracks Bloomberg Pan Euro HY Euro TR EUR. They also come from different issuers: UBS and iShares. Their fees differ too: 0.42% for SBEM.L and 0.50% for SHYG.L.
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