SSHY.L vs. HYEM.L

Last updated Jul 16, 2026

SSHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF) are both High Yield Bonds funds - SSHY.L tracks the Bloomberg US Corporate High Yield TR USD while HYEM.L tracks the VanEck Emerging Markets High Yield Bond UCITS ETF. Both are passively managed. Over the past 5 years, SSHY.L returned 5.59%/yr vs 3.12%/yr for HYEM.L. A 0.61 correlation means they provide meaningful diversification when combined. SSHY.L charges 0.55%/yr vs 0.40%/yr for HYEM.L.

Performance

SSHY.L vs. HYEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) and VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SSHY.L is traded in GBP, while HYEM.L is traded in USD. To make them comparable, the HYEM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SSHY.L achieves a 1.37% return, which is significantly lower than HYEM.L's 3.10% return.

SSHY.L

• 1D: -0.54%
• 1M: -0.43%
• 6M: 0.80%
• YTD: 1.37%
• 1Y: 5.38%
• 3Y*: 7.23%
• 5Y*: 5.59%
• 10Y*: 5.06%

HYEM.L

• 1D: 0.00%
• 1M: -1.20%
• 6M: 2.35%
• YTD: 3.10%
• 1Y: 7.12%
• 3Y*: 8.70%
• 5Y*: 3.12%
• 10Y*: —

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

SSHY.L vs. HYEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist	1.37%	1.40%	10.17%	5.50%	6.56%	5.71%	0.33%	6.66%	9.00%
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF	3.10%	1.22%	13.85%	2.19%	-2.51%	0.29%	2.36%	10.25%	7.60%

Correlation

The correlation between SSHY.L and HYEM.L is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.61

The correlation between SSHY.L and HYEM.L has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

Return for Risk

SSHY.L vs. HYEM.L — Risk / Return Rank

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

SSHY.L

SSHY.L Risk / Return Rank: 32
SSHY.L Sharpe Ratio Rank: 31
SSHY.L Sortino Ratio Rank: 30
SSHY.L Omega Ratio Rank: 28
SSHY.L Calmar Ratio Rank: 35
SSHY.L Martin Ratio Rank: 35

HYEM.L

HYEM.L Risk / Return Rank: 64
HYEM.L Sharpe Ratio Rank: 54
HYEM.L Sortino Ratio Rank: 64
HYEM.L Omega Ratio Rank: 72
HYEM.L Calmar Ratio Rank: 63
HYEM.L Martin Ratio Rank: 67

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.

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

This table presents a comparison of risk-adjusted performance metrics for PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) and VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.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.

	SSHY.L	HYEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.91	+0.02
Sortino ratio: Return per unit of downside risk	1.39	1.33	+0.07
Omega ratio: Gain probability vs. loss probability	1.16	1.17	0.00
Calmar ratio: Return relative to maximum drawdown	1.47	1.71	-0.24
Martin ratio: Return relative to average drawdown	4.39	4.63	-0.24

SSHY.L vs. HYEM.L - Sharpe Ratio Comparison

The current SSHY.L Sharpe Ratio is 0.93, which is comparable to the HYEM.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of SSHY.L and HYEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSHY.L vs. HYEM.L - Drawdown Comparison

The maximum SSHY.L drawdown since its inception was -38.26%, which is greater than HYEM.L's maximum drawdown of -15.44%. Use the drawdown chart below to compare losses from any high point for SSHY.L and HYEM.L.

Drawdown Indicators

	SSHY.L	HYEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-15.44%	-22.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-4.06%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-9.91%	-9.01%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-10.25%	-13.20%	+2.95%
Max Drawdown (10Y) Largest decline over 10 years	-15.95%	—	—
Current Drawdown Current decline from peak	-2.40%	-2.59%	+0.19%
Average Drawdown Average peak-to-trough decline	-11.52%	-3.64%	-7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.50%	-0.28%

Volatility

SSHY.L vs. HYEM.L - Volatility Comparison

PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) and VanEck Emerging Markets High Yield Bond UCITS ETF (HYEM.L) have volatilities of 1.81% and 1.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSHY.L	HYEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.74%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.13%	5.85%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	7.61%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	9.99%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.71%	10.09%	-1.38%

SSHY.L vs. HYEM.L - Expense Ratio Comparison

SSHY.L has a 0.55% expense ratio, which is higher than HYEM.L's 0.40% expense ratio.

Dividends

SSHY.L vs. HYEM.L - Dividend Comparison

SSHY.L's dividend yield for the trailing twelve months is around 7.01%, while HYEM.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist	7.01%	7.33%	7.48%	6.52%	4.86%	4.47%	5.24%	5.27%	5.10%	5.48%	4.92%	5.11%

Frequently Asked Questions

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

SSHY.L and HYEM.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SSHY.L or HYEM.L?

On fees, HYEM.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SSHY.L or HYEM.L?

HYEM.L is cheaper with a 0.40% expense ratio, compared with 0.55% for SSHY.L.

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

SSHY.L tracks Bloomberg US Corporate High Yield TR USD, while HYEM.L tracks VanEck Emerging Markets High Yield Bond UCITS ETF. They also come from different issuers: PIMCO and VanEck. Their fees differ too: 0.55% for SSHY.L and 0.40% for HYEM.L.