SHYU.L vs. UB32.L
SHYU.L (iShares $ High Yield Corp Bond UCITS ETF) and UB32.L (UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis) are both exchange-traded funds - SHYU.L is a Corporate Bonds fund tracking the Markit iBoxx USD Liquid High Yield Capped Index, while UB32.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, SHYU.L returned 4.84%/yr vs 11.02%/yr for UB32.L. At a 0.35 correlation, their price movements are largely independent. SHYU.L charges 0.50%/yr vs 0.23%/yr for UB32.L.
Performance
SHYU.L vs. UB32.L - Performance Comparison
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Different Trading Currencies
SHYU.L is traded in GBP, while UB32.L is traded in GBp. To make them comparable, the UB32.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SHYU.L achieves a -1.70% return, which is significantly lower than UB32.L's 26.16% return. Over the past 10 years, SHYU.L has underperformed UB32.L with an annualized return of 4.84%, while UB32.L has yielded a comparatively higher 11.02% annualized return.
SHYU.L
- 1D
- 0.16%
- 1M
- -0.19%
- YTD
- -1.70%
- 6M
- -1.85%
- 1Y
- 1.64%
- 3Y*
- 2.26%
- 5Y*
- 3.17%
- 10Y*
- 4.84%
UB32.L
- 1D
- -1.51%
- 1M
- 6.18%
- YTD
- 26.16%
- 6M
- 28.70%
- 1Y
- 54.13%
- 3Y*
- 21.10%
- 5Y*
- 8.64%
- 10Y*
- 11.02%
SHYU.L vs. UB32.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYU.L iShares $ High Yield Corp Bond UCITS ETF | -1.70% | -4.17% | 8.56% | 4.72% | 2.04% | 4.96% | 1.60% | 9.12% | 4.39% | -3.89% |
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis | 26.16% | 26.36% | 8.34% | 3.61% | -10.46% | -1.87% | 13.90% | 13.43% | -9.29% | 24.98% |
Correlation
The correlation between SHYU.L and UB32.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2012 | 0.35 |
Over the past year, the correlation between SHYU.L and UB32.L has dropped to 0.05 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
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Return for Risk
SHYU.L vs. UB32.L — Risk / Return Rank
SHYU.L
UB32.L
SHYU.L vs. UB32.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF (SHYU.L) and UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.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.
| SHYU.L | UB32.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.59 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 5.17 | -4.92 |
| Martin ratioReturn relative to average drawdown | 0.43 | 18.40 | -17.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYU.L | UB32.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 3.25 | -3.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 0.55 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.61 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.50 | +0.09 |
Drawdowns
SHYU.L vs. UB32.L - Drawdown Comparison
The maximum SHYU.L drawdown since its inception was -15.01%, smaller than the maximum UB32.L drawdown of -30.25%. Use the drawdown chart below to compare losses from any high point for SHYU.L and UB32.L.
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Drawdown Indicators
| SHYU.L | UB32.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.01% | -30.25% | +15.24% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -10.68% | +4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -11.08% | -14.80% | +3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -11.08% | -23.87% | +12.79% |
Max Drawdown (10Y)Largest decline over 10 years | -15.01% | -27.71% | +12.70% |
Current DrawdownCurrent decline from peak | -9.14% | -2.44% | -6.70% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -9.93% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 2.98% | +0.85% |
Volatility
SHYU.L vs. UB32.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF (SHYU.L) is 1.72%, while UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) has a volatility of 7.38%. This indicates that SHYU.L experiences smaller price fluctuations and is considered to be less risky than UB32.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYU.L | UB32.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 7.38% | -5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 14.38% | -10.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 17.01% | -10.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.13% | 16.51% | -8.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 18.53% | -8.79% |
SHYU.L vs. UB32.L - Expense Ratio Comparison
SHYU.L has a 0.50% expense ratio, which is higher than UB32.L's 0.23% expense ratio.
Dividends
SHYU.L vs. UB32.L - Dividend Comparison
SHYU.L has not paid dividends to shareholders, while UB32.L's dividend yield for the trailing twelve months is around 1.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHYU.L iShares $ High Yield Corp Bond UCITS ETF | 0.00% | 0.00% | 6.32% | 5.76% | 4.82% | 4.27% | 5.16% | 5.58% | 5.52% | 5.74% | 5.16% | 5.87% |
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis | 1.70% | 2.25% | 2.16% | 2.64% | 2.74% | 1.71% | 1.75% | 2.29% | 1.98% | 1.65% | 2.36% | 2.69% |
Frequently Asked Questions
SHYU.L and UB32.L have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UB32.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UB32.L is cheaper with a 0.23% expense ratio, compared with 0.50% for SHYU.L.
SHYU.L is categorized as Corporate Bonds, while UB32.L is Emerging Markets Equities. SHYU.L tracks Markit iBoxx USD Liquid High Yield Capped Index, while UB32.L tracks MSCI EM NR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.50% for SHYU.L and 0.23% for UB32.L.
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