THYF vs. HYEM

Last updated Aug 2, 2026

THYF (T. Rowe Price U.S. High Yield ETF) and HYEM (VanEck Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds. THYF is actively managed, while HYEM is passively managed. Over the past 3 years, THYF returned 7.77%/yr vs 10.21%/yr for HYEM. Their 0.49 correlation means their historical movements had little consistent relationship. THYF charges 0.56%/yr vs 0.40%/yr for HYEM.

Performance

THYF vs. HYEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. High Yield ETF (THYF) and VanEck 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, THYF achieves a 1.74% return, which is significantly lower than HYEM's 4.23% return.

THYF

• 1D: -0.19%
• 1M: -0.46%
• 6M: 1.18%
• YTD: 1.74%
• 1Y: 5.14%
• 3Y*: 7.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.24%

HYEM

• 1D: 0.00%
• 1M: 0.10%
• 6M: 2.68%
• YTD: 4.23%
• 1Y: 7.39%
• 3Y*: 10.21%
• 5Y*: 3.18%
• 10Y*: 4.35%
• ALL TIME*: 4.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYEM VanEck Emerging Markets High Yield Bond ETF	$1.95M	$2.31M	$4.29M
THYF T. Rowe Price U.S. High Yield ETF	$928.42K	$859.02K	$1.06M

THYF vs. HYEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	1.74%	7.77%	8.51%	11.32%	1.69%
HYEM VanEck Emerging Markets High Yield Bond ETF	4.23%	9.24%	12.14%	8.35%	11.79%

Correlation

The correlation between THYF and HYEM is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022	0.49

Return for Risk

THYF vs. HYEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

THYF

THYF Risk / Return Rank: 62
THYF Sharpe Ratio Rank: 62
THYF Sortino Ratio Rank: 67
THYF Omega Ratio Rank: 63
THYF Calmar Ratio Rank: 50
THYF Martin Ratio Rank: 67

HYEM

HYEM Risk / Return Rank: 80
HYEM Sharpe Ratio Rank: 78
HYEM Sortino Ratio Rank: 80
HYEM Omega Ratio Rank: 80
HYEM Calmar Ratio Rank: 80
HYEM Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

THYF vs. HYEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. High Yield ETF (THYF) and VanEck 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.

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.

	THYF	HYEM	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.77	-0.33
Sortino ratio: Return per unit of downside risk	2.19	2.58	-0.39
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	1.83	2.85	-1.02
Martin ratio: Return relative to average drawdown	8.18	11.42	-3.24

THYF vs. HYEM - Sharpe Ratio Comparison

The current THYF Sharpe Ratio is 1.44, which is comparable to the HYEM Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of THYF 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.

Drawdowns

THYF vs. HYEM - Drawdown Comparison

The maximum THYF drawdown since its inception was -5.24%, smaller than the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for THYF and HYEM.

Drawdown Indicators

	THYF	HYEM	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-30.96%	+25.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-2.73%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-5.07%	-5.23%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.96%	—
Current Drawdown Current decline from peak	-0.64%	-0.24%	-0.40%
Average Drawdown Average peak-to-trough decline	-0.79%	-4.35%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.68%	-0.05%

Volatility

THYF vs. HYEM - Volatility Comparison

T. Rowe Price U.S. High Yield ETF (THYF) has a higher volatility of 0.87% compared to VanEck Emerging Markets High Yield Bond ETF (HYEM) at 0.71%. This indicates that THYF'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

	THYF	HYEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.71%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	3.16%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	4.40%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	7.50%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	9.26%	-3.53%

THYF vs. HYEM - Expense Ratio Comparison

THYF has a 0.56% expense ratio, which is higher than HYEM's 0.40% expense ratio.

Dividends

THYF vs. HYEM - Dividend Comparison

THYF's dividend yield for the trailing twelve months is around 6.95%, more than HYEM's 6.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYEM VanEck Emerging Markets High Yield Bond ETF	6.17%	6.67%	6.34%	6.27%	6.47%	5.33%	5.56%	6.14%	5.71%	5.86%	6.25%	7.64%
THYF T. Rowe Price U.S. High Yield ETF	6.95%	7.17%	7.30%	8.02%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYF and HYEM in my portfolio?

THYF and HYEM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYF or HYEM?

THYF has higher volatility (0.87%) compared to HYEM (0.71%). In terms of maximum drawdown, THYF dropped -5.24% vs HYEM's -30.96%.

Which ETF is better, THYF or HYEM?

On 3-year performance, HYEM leads with 10.21% vs 7.77% for THYF. On fees, HYEM is cheaper at 0.40% per year. On volatility, HYEM has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THYF or HYEM?

Over the 3-year period, HYEM has performed better with a 10.21% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THYF or HYEM?

HYEM is cheaper with a 0.40% expense ratio, compared with 0.56% for THYF.

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

THYF has the higher dividend yield at 6.95%, compared with 6.17% for HYEM.

What is the main difference between THYF and HYEM?

They also come from different issuers: T. Rowe Price and VanEck. Their fees differ too: 0.56% for THYF and 0.40% for HYEM.

Which has better risk-adjusted returns?

HYEM currently has the higher Sharpe Ratio (1.77 vs 1.44), 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.