SUBD.AX vs. EMKT.AX

Last updated Jul 16, 2026

SUBD.AX (Vaneck Australian Subordinated Debt ETF) and EMKT.AX (VanEck MSCI Multifactor Emerging Markets Equity ETF) are both exchange-traded funds - SUBD.AX is a High Yield Bonds fund tracking the iBoxx AUD Investment Grade Subordinated Debt Mid Price Index, while EMKT.AX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Multi-Factor Select Index. Both are passively managed. Over the past 5 years, SUBD.AX returned 4.63%/yr vs 15.12%/yr for EMKT.AX. At a 0.03 correlation, their price movements are largely independent. SUBD.AX charges 0.29%/yr vs 0.69%/yr for EMKT.AX.

Performance

SUBD.AX vs. EMKT.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vaneck Australian Subordinated Debt ETF (SUBD.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUBD.AX achieves a 3.04% return, which is significantly lower than EMKT.AX's 26.61% return.

SUBD.AX

• 1D: 0.04%
• 1M: 0.80%
• 6M: 2.67%
• YTD: 3.04%
• 1Y: 6.00%
• 3Y*: 6.36%
• 5Y*: 4.63%
• 10Y*: —

EMKT.AX

• 1D: -3.02%
• 1M: -5.25%
• 6M: 18.61%
• YTD: 26.61%
• 1Y: 37.00%
• 3Y*: 25.77%
• 5Y*: 15.12%
• 10Y*: —

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

SUBD.AX vs. EMKT.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SUBD.AX Vaneck Australian Subordinated Debt ETF	3.04%	5.55%	7.13%	7.11%	0.27%	2.12%	2.39%	0.59%
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF	26.61%	21.60%	25.43%	18.32%	-10.53%	12.71%	0.07%	5.33%

Correlation

The correlation between SUBD.AX and EMKT.AX is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 28, 2019	0.03

Return for Risk

SUBD.AX vs. EMKT.AX — Risk / Return Rank

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

SUBD.AX

SUBD.AX Risk / Return Rank: 99
SUBD.AX Sharpe Ratio Rank: 99
SUBD.AX Sortino Ratio Rank: 99
SUBD.AX Omega Ratio Rank: 99
SUBD.AX Calmar Ratio Rank: 99
SUBD.AX Martin Ratio Rank: 99

EMKT.AX

EMKT.AX Risk / Return Rank: 55
EMKT.AX Sharpe Ratio Rank: 51
EMKT.AX Sortino Ratio Rank: 48
EMKT.AX Omega Ratio Rank: 54
EMKT.AX Calmar Ratio Rank: 63
EMKT.AX Martin Ratio Rank: 59

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.

SUBD.AX vs. EMKT.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vaneck Australian Subordinated Debt ETF (SUBD.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). 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.

	SUBD.AX	EMKT.AX	Difference
Sharpe ratio: Return per unit of total volatility	6.73	1.46	+5.28
Sortino ratio: Return per unit of downside risk	12.70	2.01	+10.69
Omega ratio: Gain probability vs. loss probability	3.06	1.28	+1.78
Calmar ratio: Return relative to maximum drawdown	24.82	2.57	+22.25
Martin ratio: Return relative to average drawdown	101.01	8.39	+92.62

SUBD.AX vs. EMKT.AX - Sharpe Ratio Comparison

The current SUBD.AX Sharpe Ratio is 6.73, which is higher than the EMKT.AX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SUBD.AX and EMKT.AX, 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

SUBD.AX vs. EMKT.AX - Drawdown Comparison

The maximum SUBD.AX drawdown since its inception was -10.85%, smaller than the maximum EMKT.AX drawdown of -23.26%. Use the drawdown chart below to compare losses from any high point for SUBD.AX and EMKT.AX.

Drawdown Indicators

	SUBD.AX	EMKT.AX	Difference
Max Drawdown Largest peak-to-trough decline	-10.85%	-23.26%	+12.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.24%	-13.55%	+13.31%
Max Drawdown (3Y) Largest decline over 3 years	-1.19%	-13.55%	+12.36%
Max Drawdown (5Y) Largest decline over 5 years	-2.99%	-18.03%	+15.04%
Current Drawdown Current decline from peak	0.00%	-7.87%	+7.87%
Average Drawdown Average peak-to-trough decline	-0.44%	-5.78%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	4.23%	-4.17%

Volatility

SUBD.AX vs. EMKT.AX - Volatility Comparison

The current volatility for Vaneck Australian Subordinated Debt ETF (SUBD.AX) is 0.27%, while VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) has a volatility of 11.32%. This indicates that SUBD.AX experiences smaller price fluctuations and is considered to be less risky than EMKT.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUBD.AX	EMKT.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	11.32%	-11.05%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	22.45%	-21.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.88%	23.92%	-23.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.35%	16.21%	-14.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	16.18%	-11.42%

SUBD.AX vs. EMKT.AX - Expense Ratio Comparison

SUBD.AX has a 0.29% expense ratio, which is lower than EMKT.AX's 0.69% expense ratio.

Dividends

SUBD.AX vs. EMKT.AX - Dividend Comparison

SUBD.AX's dividend yield for the trailing twelve months is around 5.35%, less than EMKT.AX's 13.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF	13.38%	2.92%	2.48%	5.28%	4.20%	1.67%	2.40%	1.41%	0.52%
SUBD.AX Vaneck Australian Subordinated Debt ETF	5.35%	5.54%	5.85%	5.13%	2.60%	1.90%	2.01%	0.18%	0.00%

Frequently Asked Questions

Can I hold both SUBD.AX and EMKT.AX in my portfolio?

SUBD.AX and EMKT.AX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SUBD.AX or EMKT.AX?

On fees, SUBD.AX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SUBD.AX or EMKT.AX?

SUBD.AX is cheaper with a 0.29% expense ratio, compared with 0.69% for EMKT.AX.

What is the main difference between SUBD.AX and EMKT.AX?

SUBD.AX is categorized as High Yield Bonds, while EMKT.AX is Emerging Markets Equities. SUBD.AX tracks iBoxx AUD Investment Grade Subordinated Debt Mid Price Index, while EMKT.AX tracks MSCI Emerging Markets Multi-Factor Select Index. Their fees differ too: 0.29% for SUBD.AX and 0.69% for EMKT.AX.